Glif, the Filecoin protocol, plans to distribute 75 million points in anticipation of its token launch

Crypto News– Glif, a leading platform within the Filecoin protocol, has introduced its points program in anticipation of the token launch. According to Glif, these points mark the initial phase towards decentralizing decision-making within the protocol, a development announced on Thursday. Both Filecoin storage providers (SPs) and liquidity providers (LPs) are eligible to accrue points, with rewards extended to both historical and future participants in the Glif system.

Glif, the Filecoin protocol, plans to distribute 75 million points in anticipation of its token launch

Functioning as a liquid leasing protocol, Glif facilitates Filecoin (FIL) token holders to deposit FIL into a liquidity pool and receive FIL, its native liquid leasing token, in return. SPs then rent FIL from the deposited pool and pay rental fees back to LPs and the protocol, allowing LPs to earn their share of rental fees proportionate to their FIL deposits.

With a total value locked surpassing $372 million, Glif stands as the predominant protocol in the Filecoin ecosystem, as per Filfox data.

Seventy-five million Glif points

The Glif points program is marking its first anniversary with a significant milestone. A total of 75 million points have been allocated, divided into historical and future points, with 50 million designated for historical points and 25 million for future points. Each party involved receives an equal 50% share of these points.

Historical points, stemming from the inception of the protocol on March 30, 2023, are set to be distributed. On the other hand, future points, initiated on March 28 and continuing until September 26, will also be distributed. The distribution frequency for both historical and future points is once every two weeks.

Glif token

According to a source familiar with the matter, Glif intends to transition its points into its forthcoming native token at a 1:1 ratio. This token launch is anticipated to take place during the summer months. Recently, The Block disclosed Glif’s plans to introduce a governance token, which will operate akin to other governance token models like veCRV, utilizing a vote escrowed mechanism.

Furthermore, Glif is gearing up to unveil a quest program, offering users a gamified experience to earn additional points, as per the same source.

Points have gained traction among various crypto projects as a means to reward loyal users. As reported by The Block, crypto projects have collectively issued over 40 billion reward points thus far.