Original - Odaily
Author - Nan Zhi
As Blast triggered the point-based system craze, most of the unissued currency projects on the market have set up point systems as future reward certificates for users. Whales Market has rapidly emerged as a points trading market and has now launched points markets for more than ten projects. What is the value of points for each project? How to settle the situation when points are non-linearly redeemed? Are there security issues with the double-deposit mechanism? Odaily will answer these questions in this article.
Data summary
This section summarizes the total points held by users of each agreement and the market price of Whales Market points as follows, in ascending order of the total transaction volume (Total Volume) in Whales Market.Theoretically, the higher the total trading volume, the closer the price will be to a reasonable value.
inSome protocols do not have officially disclosed total points, and Odaily directly compiles statistics on the rankings., please see the notes in the table for the total statistics. Since points have a long-tail effect, for example, the top 100 points in marginfi account for 54% of the 1000 points, and the top 100 points in Parcl account for 93% of the 500 points, the total value of points for all users is not expected to be significantly different from the statistical results in the table.
According to the table below, if the total points are low and the financing amount is high, it means that the project still has a certain amount of time before airdrops or other token incentives. Users can decide whether to participate based on the project background and the point acquisition speed; if the total points are high and the financing amount is low, There may be a risk of overestimation.
Points settlement issue
In terms of how points are settled, there are several questions that are not clarified in the white paper. After consulting the project staff, the answers are as follows.
question:When token rewards and points are combinednon-linear relationshipHow to settle the payment? For example, an address owns 100 points. According to the airdrop rules, the 100-point address does not issue airdrops, but it sells 100 points separately on Whales Market. How to settle the settlement?
answer:For each project, after the project starts airdrops based on points, Whales Market will officiallyCalculate a separate exchange factor, no matter how many points are sold in the points market, the orders will be processed according toUnified conversion factor calculation, the seller settles the sell order based on the converted tokens that should be delivered. (Original text: Our team will calculate the average conversion rate and move according to that)
question:When a project finally decides to conduct airdrops without reference to points, how will the points orders that have been traded on the market be settled at this time?
answer:All transaction orders will be canceled and refunds will be issued to all users.
question:The project has announced an airdrop and the purchase and sale order has been completed, but the tokens have not been issued for a long time. Can the transaction order be cancelled?
answer:The completed order cannot be canceled and settlement must be started after TGE.
(For details on Whales Market functions, mechanisms, operating procedures and token interpretation, please see below: There are too many point-based system agreements, making it difficult to set prices and make decisions? Whales Market solves this problem》）
Security Question
In addition, Whales Market adopts a dual pledge model. Both buyers and sellers need to pledge funds in the platform contract, so there are concerns about security. For some issues, Odaily consulted relevant people from the security team Beosin. The questions and answers are as follows.
question:Is there a backdoor in the capital contract where the buyer and seller make double pledges? Does the project party have the right to transfer it?
answer:There is currently no backdoor in the capital contract for double staking between buyers and sellers, but since the contract is an upgradeable contract, the risk is that the project party or those who control the ProxyAdmin contract (0xeB5E772919661F455619A4cABd9B2b64715505E6) can conduct malicious attacks by upgrading the contract.
question:If the platform is unable to log in, can the delivery be canceled through the contract?
answer:If the platform cannot be logged in, the administrator of the contract can currently call forceCancelOrder() to cancel the order and return the assets to the buyer and seller. The contract code is as follows:https://etherscan.io/address/0x0e57fff83ae53b22c5b656745168b21a9d2ac3da#code#F 19 #L2 79
in conclusion
The points market of Whales Market has greatly solved the pricing and profit locking needs of the points market. However, it has flaws such as high capital usage and project parties still having super permissions. Users can choose to use it according to actual needs.
