Pichi Finance

Pichi Finance is a decentralized, trustless points trading protocol that enables users to buy and sell points from various blockchain projects before their official token generation event (TGE). Founded in February 2024 by David Zhu, Eric Zhu, and Wesley Tang, the company aims to solve the problem of illiquid, off-chain loyalty points that are traditionally tied to specific wallet addresses. The founders bring over a decade of combined experience in Web2, Web3, GameFi, and development to the project.

The core of Pichi Finance's service is its use of the ERC-6551 standard, which allows non-fungible tokens (NFTs) to function as self-custodial wallets. Users can deposit point-earning tokens into a "Michi Wallet" NFT. The accrued points are tied to this NFT, which can then be sold on the Pichi marketplace. This process transfers full ownership of the wallet and its accumulated points to the buyer in a trustless manner, requiring no collateral from either party. This model provides early liquidity for point holders and facilitates price discovery for yet-to-be-released tokens.

The company operates in the decentralized finance (DeFi) market, serving users of protocols like EigenLayer, Ether.Fi, and HyperLiquid. Its revenue model is based on transaction fees from its marketplace and integrations with other DeFi protocols. In August 2024, Pichi Finance announced it had raised $2.5 million in a seed funding round led by UOB Venture Management, Signum Capital, and Mantle Network, with participation from DWF Ventures, Wise3 Ventures, and Genesis Block Ventures. The protocol operates on the Arbitrum and Mantle networks.

Keywords: points trading, trustless protocol, decentralized finance, DeFi, ERC-6551, pre-TGE, token generation event, crypto points, blockchain rewards, NFT wallet, tokenbound accounts, airdrop farming, Web3, EigenLayer, crypto liquidity, digital assets, cryptocurrency, PCH token, Michi Wallet, yield farming