Filecoin protocol Glif to distribute 75 million credits ahead of token launch

• Gif launched a points program before the token issuance.

• The Filecoin Liquidity Leasing Protocol will allocate 75 million credits in the program.

• One source noted that Glif plans to convert points into its native token at a 1:1 ratio.

Glif, the Filecoin liquidity leasing platform and the largest protocol in the Filecoin ecosystem, launched a points program before the token launch.

Glif said on Thursday that points are the first step in decentralizing protocol decision-making. Glif said that both parties in the Glif system - Filecoin storage providers (SPs) and liquidity providers (LPs) - are eligible for points, adding that points will be awarded to historical and future SPs and LPs.

As a liquidity leasing protocol, Glif allows Filecoin (FIL) token holders to deposit FIL into the liquidity pool and receive Glif's native liquidity leasing token iFIL in return. SPs rent out the deposited FIL and pay rent to LPs and the protocol. LPs earn corresponding rent after depositing FIL.

According to Filfox data, Glif has a total value locked of over $372 million and is currently the largest protocol in the Filecoin ecosystem.

75 million Gif points

Glif’s points program was launched two days before its first anniversary. The agreement allocates 75 million points for historical (50 million) and future (25 million) SPs and LPs, with each party receiving 50% of the total points.

The start date for historical points distribution is March 30, 2023, when the agreement is launched. Future points distribution starts on March 28 and lasts until September 26, with points being distributed every two weeks.

Glif Token

A source with direct knowledge of the matter noted that Glif plans to convert its points into an upcoming native token at a 1:1 ratio. The token is expected to be launched sometime this summer, the source said. It was recently reported that Glif plans to launch a "governance token" that will work similarly to other "voting custody" governance token models such as veCRV.

According to sources, Glif also plans to launch a mission program, a gamified experience that will give users new ways to earn more points.

Points are becoming increasingly popular in crypto projects as a way to reward loyal users. According to reports, over 40 billion reward points have been issued by cryptocurrency projects to date.