Glif To Dish Out 75 Million Points In Anticipation Of Token Launch For Filecoin Protocol

• Glif has introduced its points program ahead of its token launch.
• The Filecoin liquid leasing protocol is set to allocate 75 million points through the program.
• According to a source cited by CoinNerd, Glif intends to convert points to its native token at a 1:1 ratio.

Glif, the primary protocol in the Filecoin ecosystem and a liquid leasing platform for FIL tokens, has initiated its points program preceding the token launch.

Glif declared on Thursday that points represent the initial stride towards decentralizing protocol decision-making. Both Filecoin storage providers (SPs) and liquidity providers (LPs) within the Glif system qualify for earning points, the company added, noting that points are bestowed upon historical and prospective SPs and LPs.

Functioning as a liquid leasing protocol, Glif facilitates FIL token holders to deposit FIL into a liquidity pool and receive iFIL, Glif’s native liquid leasing token, in return. SPs utilize deposited FIL for renting purposes and remit rental fees back to LPs and the protocol. LPs, in turn, earn their share of rental fees post-FIL deposit.

With a total value locked exceeding $372 million, Glif presently stands as the largest protocol within the Filecoin ecosystem, as per Filfox data.

75 Million Points Issued By Glif

Glif’s points program debuts just two days prior to its first anniversary. The protocol has earmarked 75 million points for distribution among historical (50 million) and future (25 million) SPs and LPs, with each group receiving an equal 50% portion of the total points.

Historical points distribution commenced on March 30, 2023, coinciding with the protocol’s launch. Future points distribution began on March 28 and will continue until September 26, occurring bi-weekly.

Glif Token

According to a source familiar with the matter, Glif intends to convert its points into its forthcoming native token at a 1:1 ratio, with the token launch anticipated this summer. Recent reports from CoinNerd suggest that Glif is preparing to introduce a “governance token,” modeled after other “vote escrowed” governance tokens such as veCRV.

Additionally, Glif is planning to roll out a quest program, introducing a gamified experience aimed at offering users novel opportunities to accumulate more points, as outlined by the source.

Points are gaining traction among cryptocurrency projects as a means to reward dedicated users. Recent reports from CoinNerd indicate that crypto projects have distributed over 40 billion reward points to date.

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