Original | Odaily Planet Daily
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Author | Nan Zhi

With Blast triggering a wave of points system, the vast majority of unreleased coin projects on the market have set up a points system as a future reward certificate for users. With the rapid rise of the Whales Market's points trading market, it has now launched points markets for more than ten projects. What is the value of points for each project? How to settle points under non-linear exchange conditions? Is there a security issue with the double pledge mechanism? Odaily will answer these questions in this article.

Data Summary

This section summarizes the total points held by users for each protocol and the price of points in the Whales Market points market. It is sorted in ascending order according to the total trading volume in the Whales Market. In theory, the higher the total trading volume, the closer the price is to the reasonable value.

For some protocols, the total number of points officially disclosed is not available, and Odaily directly summarizes and counts the rankings. For detailed statistics, please refer to the notes in the table. Due to the long-tail effect of points, for example, the top 100 points of marginfi account for 54% of the top 1000, and the top 100 points of Parcl account for 93% of the top 500. Therefore, the total value of points for all users is expected to be not significantly different from the statistics 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 is still some time away from airdrops or other token incentives. Users can decide whether to participate based on the project background and the speed of obtaining points. If the total points are high and the financing amount is low, there may be an overestimation risk.

Points Settlement Issues

Regarding how points are settled, there are several questions that are not clearly addressed in the white paper, and the answers are provided after consulting the project personnel.

Question: How to settle when the relationship between token rewards and points is non-linear? For example, if an address holds 100 points, and the airdrop rules do not distribute airdrops to addresses with 100 points, but the address has sold 100 points separately on the Whales Market, how is it settled?

Answer: For each project, after the project starts a points-based airdrop, the Whales Market team will calculate a conversion factor specifically for this project. Regardless of how many points are involved in the sale on the points market, it will be calculated according to a uniform conversion factor, and the seller will settle the sales order based on the converted tokens to be delivered. (Original text: Our team will calculate the average conversion rate and move according to that)

Question: When a project ultimately decides not to use points for airdrops, how are settled the points orders that have already been executed in the market?

Answer: All executed orders will be canceled, and refunds will be issued to all users.

Question: If a project has announced an airdrop and the buy and sell orders have been executed, but the tokens have not been distributed for a long time, can the executed orders be canceled?

Answer: Executed orders cannot be canceled and must wait for TGE to start settlement.

(For more details on the functions, mechanisms, operation process, and token interpretation of Whales Market, please refer to the following article: "Too many points-based protocols, difficult to price and choose? How Whales Market solves this")

Security Issues

In addition, Whales Market adopts a double pledge model, where both buyers and sellers need to pledge funds in the platform contract, which raises concerns about security. For some questions, Odaily consulted relevant personnel from the security team Beosin, and the questions and answers are as follows.

Question: Does the fund contract for the double pledge by both buyers and sellers have a backdoor, and does the project team have the right to transfer?

Answer: Currently, there is no backdoor in the fund contract for the double pledge by both buyers and sellers, but since this contract is an upgradable contract, the risk lies in the fact that the project team or the person who controls the ProxyAdmin contract (0xeB5E772919661F455619A4cABd9B2b64715505E6) can maliciously attack by upgrading the contract.

Question: If the platform becomes inaccessible, can the delivery be canceled through the contract?

Answer: If the platform is inaccessible, the administrator of the contract can currently call forceCancelOrder() to cancel the order and return the assets to both the buyer and seller. The contract code is as follows: https://etherscan.io/address/0x0e57fff83ae53b22c5b656745168b21a9d2ac3da#code#F19#L279

Conclusion

Whales Market's points market greatly solves the pricing and profit locking needs of the points market, but there are flaws such as high capital occupation and the project team still having super permissions. Users can choose to use it based on their actual needs.

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