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        <title><![CDATA[Stories by Depointxyz on Medium]]></title>
        <description><![CDATA[Stories by Depointxyz on Medium]]></description>
        <link>https://medium.com/@depointxyz?source=rss-548a55e8dbfd------2</link>
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            <title>Stories by Depointxyz on Medium</title>
            <link>https://medium.com/@depointxyz?source=rss-548a55e8dbfd------2</link>
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            <title><![CDATA[Depoint: Prioritizing Security with Well-designed Framework]]></title>
            <link>https://medium.com/@depointxyz/depoint-prioritizing-security-with-well-designed-framework-9680a84673af?source=rss-548a55e8dbfd------2</link>
            <guid isPermaLink="false">https://medium.com/p/9680a84673af</guid>
            <category><![CDATA[restaking]]></category>
            <category><![CDATA[defi]]></category>
            <category><![CDATA[web3]]></category>
            <category><![CDATA[crypto]]></category>
            <category><![CDATA[btc]]></category>
            <dc:creator><![CDATA[Depointxyz]]></dc:creator>
            <pubDate>Tue, 02 Apr 2024 06:54:12 GMT</pubDate>
            <atom:updated>2024-04-02T06:54:12.194Z</atom:updated>
            <content:encoded><![CDATA[<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*bTf-Um-_zgH9P89vknT_Xg.png" /></figure><p>Depoint emphasizes the security and trust of users. We stick to the commitment of transparency and robustness and proactively prepare to undergo comprehensive audits of our smart contract. Besides, we reach tou to engage with top industry experts to ensure a thorough and rigorous code review. All of our preparations underscore our dedication to delivering a unique, secure, and rewarding DeFi experience to the whole crypto community. We will explain the workings of the Depoint Protocol from a technical perspective. Depoint is a protocol dedicated to build a web3 Points management Platform, turning Points into tradable ERC-20 Tokens and maximizing Points’ value. Imagining turning your centralized Web3 Point into an on-chain ERC-20 Token and you can trade them freely. Therefore, the focus of the protocol is on how to ensure that the off-chain Points obtained by users have the same value as the on-chain ERC20 Point-Tokens through a decentralized and trustless technical architecture, allowing for free circulation. Please read our <a href="https://medium.com/@depointxyz/everything-about-depoint-ab5011d6852b">previous blog</a> for details.</p><p>There are 2 major functions in Depoint Protocol for users to tokenize and liquid their Points, imagine two scenarios:</p><ol><li>Buy Points from others on DEX for future income:</li></ol><p>When you become interested in Protocol X’s Points , because you’ve got everyone reason to believe the project will allocate substantial rewards to X Point holders or grant certain priority rights in the future, but you were not able to accumulate enough X Points by participating early in the project, you can directly buy the corresponding X-Point-Tokens. Because the X-Point-Token has the same value with X-Point itself with Depoint’s Tokenization Pool. For example, you buy tokenized 100 Points, from a DEX or CEX. After a certain period, Project X executes equity distribution for X Points, assuming the equity is distributed based on the quantity of X Points balance, you can redeem the corresponding share of the same rights with the 100 X-Point-Tokens you purchased through the Depoint Protocol, that is, let’s say if the rights rewards is airdrop, receive the airdrop corresponding to 100 X-Points.</p><p>2.Sell​ your Points in advance to lock in profits:</p><p>If you are a fan of Protocol X and manage your position in Protocol X through the Depoint Protocol, and you are pessimistic about the scale of future equity distribution by Protocol X, you can tokenize the corresponding X-Points obtained and sell the X-Point-Tokens on a DEX or CEX. This means you are giving up the potential future earnings of these Points and cashing them out, locking in profits in advance, without affecting the principal you invested in Protocol X.</p><figure><img alt="" src="https://cdn-images-1.medium.com/max/831/0*UDjedgxLf_gluQ_t" /></figure><p>In short, Depoint achieves this feature by focusing on the following two aspects:</p><p>1.<strong>Fairness and Transparency of Point Tokenization</strong>: The Depoint Protocol creates a unique on-chain wallet proxy for each user and simulates a 1:1 ratio of the target project’s Point incentive mechanism set for certain on-chain actions of the user through smart contracts. It issues the corresponding Point-Tokens on-chain as the reward target of the on-chain incentive mechanism, and this incentive mechanism smart contract is the sole source of minting for Point-Tokens. This ensures that the issuance of each Point-Token corresponds to the same number of Points managed by Depoint, and the minting method of Point-Tokens is consistent with Points, with no one able to mint additional Point-Tokens.</p><p>2.<strong>Consistency of intrinsic value</strong>: The on-chain wallet proxy of the Depoint Protocol is a “limited free account,” meaning that allowed proxy actions are restricted. For example, users’ deposit or withdrawal requests will be permitted, but other benefits and rights, such as , are restricted. For instance, if Project X allocates airdrop tokens to its X-Point holders based on their share, and the user participates in Project X using the on-chain proxy, then the reward of airdrop tokens will be allocated to the on-chain proxy address. At this point, users will not be able to freely claim these airdrop tokens. These protocols will be uniformly managed by the Depoint Protocol and redistributed according to the holding share of the corresponding X-Point-Tokens. The distribution logic will be strictly designed according to the target project’s settings and implemented through smart contracts. This ensures that Point-Tokens have the same rights as Points.</p><p>As shown in the figure below, it is the technical architecture diagram of Depoint Protocol. Depoint Protocol overall consists of five modules, namely:</p><figure><img alt="" src="https://cdn-images-1.medium.com/max/831/0*73gQyNEeRf9VciYk" /></figure><p>Here are some terms for better understanding,</p><p><strong>Agent Wallet:</strong> Agent Wallet is responsible for the agent user’s operation behavior. Its behavior is similar to Gnosis Safe. The difference is that its behavior is restricted. The operations allowed to be called using Agent Wallet will be strictly restricted by Wallet Manager to avoid any potential risks, and Agent Wallet There is a mapping relationship with the user’s EOA, that is, one EOA can only be bound to one Agent Wallet, which also means that only you can operate the Agent Wallet;</p><p><strong>Wallet Manager:</strong> Responsible for managing the licensing operations of Agent Wallet; The design principle of this module is to allow users’ principal-related operations and to restrict project operations for users’ rights redemption.</p><p><strong>Point-Token:</strong> Point Token is issued by Depoint protocol and is used to map the ERC20 Token of Web3 Point off-chain. Each Web3 Point will issue corresponding Point-Token. The minting of Point Token is only decided by the Point-Token Distributor, ensuring the openness and transparency of the entire process. By holding Point-Token, users have additional liquidity and reduce users’ costs and risks on the basis of ensuring the same rights and interests as origin point.</p><p><strong>Point-Token Distributor:</strong> Point-Token Distributor is responsible for distributing Point-Token to users. The specific distribution logic will be strictly based on the settings of the target protocol to ensure that the amount of Point-Token obtained by the user is basically consistent with the number of original points obtained by the Agent Wallet. It should be clear that there may be certain errors in this process. Taking EtherFi as an example, the accumulation of EtherFi Loyalty Points needs to wait until the ETH deposited by the user officially participates in POS staking as part of the node, and this usually requires waiting for the collection to be full. 32 ETH, and are operated and deployed by EtherFi designated nodes, which usually involves a period of delay. Depoint will take the errors caused by these delays into consideration in the design of Encashment and handle the final exchange process with a certain exchange rate.</p><p><strong>Depoint Tokenization Pool: </strong>Tokenization Pool is responsible for responding to Agent Wallet’s participation in the core business logic of Target Protocol, and extracts information related to Point distribution to notify Point-Token Distributor. Although we use Pool to describe this module, it does not actually store any user assets. It is just a stateless logical contract, similar to a library. We hope that this naming can make it easier for users to understand the protocol. For most users, using Depoint Protocol to participate in the target protocol can not only obtain the protocol’s native on-chain benefits, but also obtain Point-Token on-chain instead of original. point off-chain, this process is similar to participating in a yield pool.</p><p><strong>Encashment Manager:</strong> Encashment Manager is responsible for handling the redemption relationship between Point-Token and Original Point. When the target protocol announces and implements specific point rights, Depoint will collect the rights obtained by all Agent Wallets through the Encashment Manager and map them to Point-Token holders in proportion.</p><p>The solid orange line describes the operation process of users participating in the target protocol through Depoint:</p><ul><li>1.The user initiates a call request to Agent Wallet;</li><li>2. Agent Wallet verifies with Wallet Manager whether the called target protocol and related interfaces are allowed;</li><li>3. If the calling protocol is allowed, Agent Wallet will call the relevant interface in the Depoint Tokenization Pool;</li><li>4. Depoint Tokenization Pool will extract key information related to the motivated behavior and notify Point-Token Distributor;</li><li>5. Point-Token Distributor records the user’s key behaviors and issues Point-Token to the User based on specific distribution logic;</li><li>6. Depoint Tokenization Pool completes the user-initiated call request to the target protocol;</li><li>7. Target protocol usually issues original points to Agent Wallet in a centralized database;</li></ul><p>The orange dashed line describes Depoint-related asset flows:</p><ul><li>1.User obtains Point-Token on-chain by using Depoint;</li><li>2.Agent Wallet is responsible for receiving the original point issued by the target protocol;</li></ul><p>The blue solid line describes the process of Point-Token holders cashing out Point interests from the target protocol:</p><ul><li>1.Encashment Manager collects the basic information of corresponding Point-Token holders. This process depends on how the target protocol sets the rights of Point;</li><li>2.Gather the rights and interests corresponding to the original points of all Agent Wallets;</li></ul><p>Allocate corresponding rights and interests to Point-Token holders;</p><p>Depoint is strategically designed to enchance the development of the LRT virticals , as well as broaden the offerings within the whole crypto ecosystem. We look forward to boosting user involvement, enhancing rewards, and encouraging interaction with relevant nfrastructure. Depoint is dedicated to optimizing the user experience by offering a refined range of passive income options within a streamlined and cohesive DeFi ecosystem.</p><img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=9680a84673af" width="1" height="1" alt="">]]></content:encoded>
        </item>
        <item>
            <title><![CDATA[Everything about Depoint]]></title>
            <link>https://medium.com/@depointxyz/everything-about-depoint-ab5011d6852b?source=rss-548a55e8dbfd------2</link>
            <guid isPermaLink="false">https://medium.com/p/ab5011d6852b</guid>
            <category><![CDATA[points]]></category>
            <category><![CDATA[btc]]></category>
            <category><![CDATA[restaking]]></category>
            <category><![CDATA[crypto]]></category>
            <category><![CDATA[defi]]></category>
            <dc:creator><![CDATA[Depointxyz]]></dc:creator>
            <pubDate>Thu, 28 Mar 2024 09:37:19 GMT</pubDate>
            <atom:updated>2024-03-29T04:26:15.126Z</atom:updated>
            <content:encoded><![CDATA[<p>Depoint is where you can maximize your Points’ Value.</p><h3>Would you summarize why I should use Depoint?</h3><ul><li>Tokenize points and sell them directly before TGE to gain profits, locking in profits in advance</li><li>Encash points rights guaranteed by contract</li><li>One-stop web3 points management to facilitate your operation</li></ul><h3>What is Depoint?</h3><p>First Point SubDAO focusing on web3 Points management Platform, turning Points into tradable ERC-20 Tokens and maximizing Points’ value.</p><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*evN662Urkh1fktccxty4cw.png" /></figure><h3><strong>What can I do using Depoint?</strong></h3><p>For all crypto users, Depoint is where you can earn, manage and encash your Points’ Value, include but not limited to;</p><ul><li>1. Earn Points through Depoint.</li></ul><p>You can regard Depoint as a tool or agent, which will automatically help you earn targeted Web3 Points in a totally decentralized and trustless way. For example, if you want to earn Renzo and Swell Points, just Deposit ETH to Renzo and Swell Pool on Depoint Dapp (https://app.depoint.xyz/pools)</p><ul><li>2. Turn Points into Tradable ERC-20 Tokens.</li></ul><p>The process of precisely tokenizing the earned points into tradable ERC-20 FT (Ethereum standard tokens) is called Point Tokenization. The points that have been tokenized are referred to as **Point-Tokens**, and users have complete control over their own Point-Tokens, allowing them to freely manage them.</p><ul><li>3 Manage your Point-Tokens at disposal.</li></ul><p>Free circulation &amp; transfer. For example, you can trade your Point-Tokens before TGE to lock in profits (discount) in advance, while preserving the independence of the account itself. Token can be freely circulated and traded on DEX, and can be stacked with others as defi Lego.</p><p>If you choose not to trade, you can redeem or what we call encash, the corresponding rights and interests in the future through DePoint with Target Projects. For example, if you deposit ETH through Depoint’s Renzo Pool and earn Eigenlayer and Renzo points at the same time, and can convert the points into tokens at any time. In the future, Renzo and Eigenlayer will give users corresponding rewards based on points, such as airdrops, token distribution and other incentives. Depoint will give users corresponding hard rewards according to the corresponding Point-token held by the user at contract level.</p><ul><li>4. SubDAO governance function based on the loyal user community formed by the points system</li></ul><p>The governance of the web3 project is inseparable from DAO. There are sufficient cases to prove that subDAO is the best supplement and improvement to DAO governance. The loyal user community of the project party based on the points system is naturally a subDAO. Through Depoint’s subDAO governance, Depoint can influence and promote the project party to be more decentralized and maximize the interests of Point-Token users. Capturing governance can extract value.</p><figure><img alt="" src="https://cdn-images-1.medium.com/max/912/0*-kuI03NUvd3TXbj7" /></figure><h3>Why Depoint ?</h3><p>Reason: In the current crypto world, the points given to users by projects do not have liquidity and clear profitability, which creates a pain point. Users have to worry about their expected benefits while bearing high time costs and opportunity costs. There is no accuracy or even guarantee that there will be a profit.</p><ul><li>Fuzzy rights and interests: Web3 Projects based on Point usually do not give precise value promises, but only choose some vague soft promises, such as there may be expected airdrops, which may correspond to certain boosting effects, etc</li><li>Opaque incentives: A large number of project parties do not even provide precise explanations of their Point’s incentive mechanism. Since Point exists in a centralized server, its incentive mechanism is a black box for users, without knowing the reasons and calculations for obtaining that number makes it difficult to explore whether it is fair and accurate.</li><li>Lack of liquidity: When users earnLoyalty Points, they are usually not tradable. In order to realize the benefits, they can only wait until the project party actively fulfills its soft promise. However, this process is usually long and full of variables.</li></ul><p>In such a situation, users who earn points need to find a suitable path to ensure the certainty of their income. For example, you can redeem your rights in advance and convert points into tokens to sell them to lock in profits before TGE. That’s why we built Depoint.</p><h3><strong>How did Depoint maximize Points’ value for users</strong></h3><ul><li>Convert points tokens into tradable ERC-20 tokens, which have better liquidity and allow point users to have greater initiative and free control.</li><li>Realize future rights and interests at the contract level. Depoint can realize future rights and interests through tokenized points in a completely decentralized and on-chain manner.</li><li>Utilize subDAO governance to influence and promote the project side to be more decentralized and maximize the interests of Point-Token users.</li></ul><h3><strong>What’s Depoint’s present and future ?</strong></h3><p>Depoint is at its start line, while the future steps are already well-planned and yet to be executed. Depoint Just needs some time to prove its value and influence in the web3 world. Here is a roadmap by the core contributors. It may change due to the fast changing market conditions.</p><ul><li>Phase 1: Genesis Airdrop and DAO construction in Q2 2024</li><li>Phase2: subDAO Establishment , TGE, Airdrop Wave 2, Dapp live on mainnet, the tokenization and Encashment, Q2~Q3 2024</li><li>Phase3: Proposal to set up core value capture from target LRT projects, Q3~Q4 2024</li><li>Phase4: Yield Optimizer for LRT Projects</li></ul><h3><strong>What can I expect to earn at Depoint right now?</strong></h3><p>Since Depoint is still Alpha Test, currently you can’t earn immediately by Depositing ETH, but you can check how many Airdrop(https://app.depoint.xyz/airdrop) you can claim at TGE.</p><p>The cherry on top is that if you complete Early DAO Contribution Tasks, you can double your airdrop amout, remember it’s early come early served.</p><p>Meanwhile, you can read our blogs, docs and share the exciting news with your friends.</p><h3><strong>What’s the team behind Depoint？</strong></h3><p>Depoint is a community driven projects, I just list 3 core contributors</p><ul><li>Joaquin Callen</li></ul><p>Been involved in the crypto space since 2019 and mainly work as a blockchain analyst and quantitative researcher Venture Capital and for 5 years.</p><p>Skills: Product Management Business Development Tokenomics</p><ul><li>Glenn Fleshler</li></ul><p>Senior full stack engineer and Dapp Architect, proficient in different software languages, solidity, python, Java,React.js, Next.js, TypeScript, Tailwind, Redux and dev tools as well. Passionate about crypto and DApps, transitioning into Web3 development.</p><ul><li>Gary Naranjo</li></ul><p>Product Manager who has been working in the Web3 space for over 5 years now. Built and launched both DeFi and NFT products, former KuCoin Employee . Write smart contracts and like to build with web3 technologies.</p><h3><strong>About Depoint</strong></h3><p>Depoint is a next-generation DeFi Point SubDAO to provide users with yield, Gov, veTokenomics boosting and eth PoS income capture services. Depoint focuses on obtaining governance rights and enhanced yield benefits within LRT Projects and beyond. Depoin revolutionizes the way users can maximize their returns on project participants and monetize their points’ governance power.</p><img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=ab5011d6852b" width="1" height="1" alt="">]]></content:encoded>
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        <item>
            <title><![CDATA[Depoint]]></title>
            <link>https://medium.com/@depointxyz/airdrop-c7eb0774eb45?source=rss-548a55e8dbfd------2</link>
            <guid isPermaLink="false">https://medium.com/p/c7eb0774eb45</guid>
            <dc:creator><![CDATA[Depointxyz]]></dc:creator>
            <pubDate>Thu, 14 Mar 2024 03:14:42 GMT</pubDate>
            <atom:updated>2024-03-29T10:07:32.137Z</atom:updated>
            <content:encoded><![CDATA[<h3>Depoint: Airdrop 1, Genesis</h3><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*uhNA4VN9sjiW76y2WLa0hg.png" /></figure><p>Airdrops are probably one of the most exciting yet extremely controversial events in the crypto community. While some users are satisfied, others may lack understanding of how compatibility works behind the scenes. Adhering to the spirit of transparency and fairness , Depoint hopes to distribute DAO gov token $DP to encourage relevant stakeholders and web3 users who are willing to participate in DAO governance and accomplish the goals together. Target contributions can be used to gain the right to vote in the DAO and beyond.</p><p>Depoint’s goal is to make itself the most influential one in the Restake sub-DAO community and allow all DAO participants to directly enjoy the various benefits of Restake Verticals. The governance token of Depoint’s DAO is Depoint Governance Token, the symbol is $DP, and the max supply is 10 billion. For details, please refer to Depoint’s <a href="https://docs.depoint.xyz/tokenomics">Tokenomics</a>. Depoint DAO plans to allocate 12% of the max supply to community members to reach consensus in a fair way as follows.</p><p>12% $DP Allocation will be divided into 3 tranches,<strong><em> 6%Genesis Airdrop, 4% Depoint Kick-off Airdrop</em></strong> , and<strong><em> 2% DAO Establishment Airdrop</em></strong>.</p><h3>6% Genesis Airdrop</h3><p><strong>Starting &amp; Ending Time:</strong> Lasting 2 months from March 18th to May 18th</p><p><strong>Clam Time:</strong> To be announced</p><p>In line with the principle of fairness and openness, Depoint will distribute the Genesis Airdrop, 6% of the Max supply, to core Restaking users and <a href="https://port3.io/">early DAO contributors</a> in 2 part, <strong><em>Retrospective Airdrop and Early DAO Contribution Airdrop</em></strong>. ( <a href="https://port3.io/">Click</a> and complete restriction-free contribution tasks to become an early <a href="https://port3.io/">DAO </a>contributor.) Depoint already took a snapshot on 00:00:00 AM UTC March 1st, 2024. Please visit the airdrop page, <a href="https://depoint.xyz/airdrop">View and type in</a> any wallet address to check the available amount . (<a href="https://depoint.xyz/airdrop">https://depoint.xyz/airdrop</a>).</p><ul><li><strong>2% ： Retrospective Restaking Interaction Airdrop</strong></li></ul><p>As long as your wallet address has previously interacted with any of the following Liquidi Restaking Projects before snapshot timestamp at 00:00:00 AM UTC Mar 1st, 2024., you are eligible for a<strong><em> 5,000 $DP token</em></strong>. Keep in mind that, it’s early come early severed on after TGE. The Restaking Projects mentioned above are, <em>Renzo, EtherFi, Swell, Puffer.fi, Bedrock unieth, Eigenpie and KelpDAO</em>. It means you’re racing with 40k restaking users, please set up your alarm. Or Join the <a href="https://discord.com/invite/Zm3xxQH4X8">DAO community </a>for the official timely reminder.</p><ul><li><strong>3.5%：Retrospective ETH Restaking Amount Airdrop</strong></li></ul><p>Based on the Restaking amount till snapshot time at 00:00:00 AM UTC Mar 1st, 2024, each qualified wallet address is eligible for another <strong><em>10k~50k $DP</em></strong> airdrop. The cherry on top is that if you complete <a href="https://port3.io">DAO Early Contribution Tasks</a> and you can earn an<strong><em> extra 50%</em></strong> of the whole amount based on the snapshot. Again, $DP airdrop is early come early served after TGE. Set an alarm or Join the DAO community for the official timely reminder.</p><p>Apart from Retrospective Airdrop, Depoint set aside <strong><em>50 million $DP</em></strong> for first <strong><em>10k</em></strong> users who haven’t restaked previously, yet are interested to become DAO members. Depoint got your covered, earn this share by completing <a href="https://port3.io">DAO Contribution Tasks</a><strong> (</strong><a href="https://port3.io"><strong>https://port3.io</strong></a><strong>) . </strong>Remember the rule,” first come first served” .</p><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*j_Odg0S5VW66Woi-HtArfw.png" /></figure><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*E2AntRKnSYS_epA5gCbASQ.png" /></figure><h3>4% Depoint Kick-off Airdrop</h3><p><strong>Depoint will launch mainnet, and live Phase 1 core DAO function modular, </strong><a href="http://depoint.xyz/tokenization"><strong>the Tokenization Pool.</strong></a><strong> The airdrop rules will be announced by then, please keep following us or feedback on </strong><a href="https://discord.gg/fsVr9gUj"><strong>Community</strong></a><strong>.</strong></p><h3>2% DAO Establishment Airdrop</h3><p>Rules To be announced after kick off airdrop distributed</p><h3>Airdrop FAQ</h3><p><strong>Q: Where can I read details about the airdrop?</strong></p><p><strong>A: Details of the airdrop can be found in this blog post.</strong></p><p><strong>Q: Where can I check if I am eligible for this airdrop?</strong></p><p><strong>A: Please check all your wallets airdrop checker airdrop </strong><a href="https://depoint.xyz/airdrop"><strong>https://depoint.xyz/airdrop</strong></a></p><p><strong>Q: Will there be more airdrops in the future?</strong></p><p><strong>A: Please join the DePoint Discord and follow DePoint on Twitter and other social channels for any news on future community events.</strong></p><h3>About Depoint</h3><p>Depoint is a next-generation DeFi Point SubDAO to provide users with yield, Gov, veTokenomics boosting and eth PoS income capture services. Depoint focuses on obtaining governance rights and enhanced yield benefits within LRT Projects and beyond. Depoin revolutionizes the way users can maximize their returns on project participants and monetize their points’ governance power.</p><img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=c7eb0774eb45" width="1" height="1" alt="">]]></content:encoded>
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            <title><![CDATA[Depoint Protocol: First Point SubDAO focusing on maximizing web3 Points Management]]></title>
            <link>https://medium.com/@depointxyz/why-all-points-not-tokens-5028ce3a02a7?source=rss-548a55e8dbfd------2</link>
            <guid isPermaLink="false">https://medium.com/p/5028ce3a02a7</guid>
            <dc:creator><![CDATA[Depointxyz]]></dc:creator>
            <pubDate>Thu, 01 Feb 2024 03:09:01 GMT</pubDate>
            <atom:updated>2024-03-29T04:19:44.348Z</atom:updated>
            <content:encoded><![CDATA[<h3>Before Reading</h3><h4>Turn Points into tradable ERC-20 Tokens and maximize Points’ value.</h4><p><strong>As the Book of Ecclesiastes says:</strong></p><p><strong>“What has been will be again; what has been done will be done again; there is nothing new under the sun.”</strong></p><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*Xdi5ZiX_1M2fY8wpsZnaFQ.png" /><figcaption>Turn Points into tradable ERC-20 Tokens and maximize Points’ value.</figcaption></figure><h3>The prevailing Points phenomenons in web3 world</h3><p>From Curve/Convex to Pendle/Magpie (Penpie) to Radiant/(Radpie), the development history of these important projects in the crypto world proves that sudDAO is indispensable. From the end of 2023 to the present, thanks to the new narrative involving underlying income, promising expectations for the Dencun Upgrade, and the current recovery of the crypto world, the LRT （Liquid Restaking ）track has suddenly emerged, and the track’s TVL growth has been in less than two months. The growth rate at the power exponential level has exceeded 10 billion, and the leading project Eigenlayer has grown into the Top-3 projects by TVL in the crypto world. LRT track projects are springing up one after another, and a new wave of prosperity and growth seems to have arrived.</p><h3>The pain points of Points represented by LRT verticals</h3><p>Behind this seemingly prosperous growth, many problems have also emerged. The first one to bear the brunt is the income expectation of restaking. Putting aside the native staking income of eth restaking, the current expectations of users participating in all LRT projects cannot be avoided by one word, Point. It seems that the LRT project team is very inclined to use a web2 points method to measure users’ participation and contribution as they claimed. The degree of interaction and treating this integral as a dimension of a user’s contribution to the protocol. What we see is that from the NFT trading market, Blur, to the social dark horse, Friend Tech, to the new outlet, Eigenlayer, many projects have taken the initiative in their own hands in order not to release their tokens prematurely, and have launched points gameplay to give users an expectation for future rewards, through which projects stimulating protocol interaction and increase the protocol TVL and many more.</p><p>However, this set of points rules is relatively centralized and there are no common industry standards. The project side has a lot of room to write blank checks to users. The user experience is poor and there are several pain points. Due to the characteristics of rules and decentralization, users have vague expectations for points, are extremely uncertain about the benefits brought by interacting with protocols, and are also worried that they will end up with nothing. In addition, the current project points system has no chance of turning back. It must use DAO and subDAO for better management, and Depoint came into being. As a Service DA, Depoint brings new opportunities to the LRT industry just like a catfish.</p><h3>Solution, Innovation, Mission and Vision</h3><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*X_CsDo-S7spa0Tz_" /></figure><p><strong>Solution:</strong> The solution is Point Tokenization and Encashment.</p><p><strong>The mission and vision</strong> of DePoint DAO is to Decentralize your Earned Points. The goal is to tokenize the points earned by users through project interactions in a completely decentralized manner, directly returning the ownership of users’ revenue expectations and governance expectations into the hands of users, allowing users to obtain points that can be freely released, circulated and traded in the way of web3. This is Depoint’s disruptive <strong>innovation and </strong>revolution to the web3 track points system.</p><h3>Depoint Introduction: Empowering users by tokenizing Points and Encash official rights and benefits.</h3><p>Depoint’s 1st service product is decentralized Web3 point tokenization protocol that aims to tokenize centralized Web3 Point on the chain through a decentralized solution, release the liquidity of Point, and better reflect Point through price discovery of the intrinsic value.</p><ul><li><strong>Tokenize web3 earned Points</strong></li></ul><p>Any user can convert the Web3 Points they wish to obtain into a tradable ERC-20 Token through the Depoint Protocol. We call this process <strong>point tokenization</strong>, which gives liquidity to the non-tradable and centralized Points. With this feature, Point’s future income can be discounted in advance through transactions, which greatly reduces the user’s time cost. At the same time, with the circulation of<strong> Point-Token</strong>, we can better evaluate the target project in the process of price discovery. Intrinsic value provides users with a more accurate basis for their investment decisions.</p><p>For example, Richard speaks highly of EigenLayer and believes that EigenLayer Point will have great value in the future. However, since EigenLayer Point is only a number that exists in its centralized database and does not have any liquidity, Richard can only silently wait for EigenLayer to fulfill its promise and actually give Point rights or benefits, but unfortunately, this is a long and untrustworthy process.</p><p>With Depoint, Richard has another choice. Richard can participate in EigenLayer through Depoint Protocol. Depoint Protocol will strictly follow the point distribution logic of EigenLayer and issue the corresponding EigenLayer Point-Token for Richard on the chain. Please note that this is a liquid ERC20 token. Richard can now choose to trade the accumulated EigenLayer Point-Token at the right price any time, locking in profits in advance and reducing the time cost of hsi funds. And with more and more transactions, the price discovery ability of EigenLayer Point-Token is becoming more and more accurate, better reflecting the community’s assessment of the value of EigenLayer Point. Since a large number of users’ main motivation for participating in the current EigenLayer is in addition to ETH PoS income. In addition, it is the future expected income of Point, so this price will better evaluate the current APY of EigenLayer Restaking, which will help users more conveniently choose restaking products with higher expected yields.</p><ul><li><strong>Encash Rights and Benefits</strong></li></ul><p>In order to ensure that Point-Token on-chain and Point off-chain have the same value, we need to handle the mapping relationship between the two. In the above introduction, we already have a rough idea of how Depoint tokenizes Web3 Point, that is, users participate in the projrct through agent wallet, and Depoint simulates the point distribution logic to issue Point-Token to users in smart contract level, and at this time the original point is issued by the agent. The wallet is responsible for accumulation, and theoretically the two quantities remain the same. Because most projects give Point some vague rights or revenue expectations, such as obtaining an airdrop of a certain token, or obtaining a portion of IDO shares, etc. When the project party determines the accurate rights of Point and is open to redeem the rights, Depoint will collect some or all of the rights owned by the agent wallet according to specific rules, and implement the logic of Point-Token holders redeeming these rights through smart contracts. This ensures that holding Point-Token on-chain and Point off-chain have exactly the same value.</p><p>Again let’s take EigenLayer as an example, assume that there are two agent wallets in Depoint Protocol, and their owners are users A and B respectively. User A staked 1 stETH to EigenLayer through agent wallet, and user B staked 2 stETH to EigenLayer through agent wallet. stETH, user A’s agent wallet has accumulated 5,000 EigenLayer Points, and user B’s agent wallet has accumulated 10,000 EigenLayer Points. At the same time, users A and B have obtained the corresponding 5,000 and 10,000 EigenLayer Point-Tokens respectively. At this time, EigenLayer announced the issuance of a Token called EL, and airdropped EL Token to holders at a fixed exchange rate of 1:1 based on Point holdings. Then these two agent wallets will receive a total of 15,000 EL Tokens, and Depoint Protocol will collect 15,000 EL Tokens and distribute them to Point Token holders through smart contracts at the same exchange rate.</p><h3>Team Building Depoints</h3><p>DePoint is a completely community-driven project created by the web3 digital nomad. It will airdrop to all LRT project participating users during the creation period to better realize the governance participation of the LRT track user project and the realization of revenue expectations. A depoint that can be used by all restaking users, a subDAO that meets the needs of making restaking more decentralized and in line with the spirit of web3.</p><h3>Present and Future</h3><p>Depoint is at its start line, while the future steps are already well-planned and yet to be executed. Depoint Just needs some time to prove its value and influence in the web3 world. Here is a roadmap by the core contributors. It may change due to the fast changing market conditions and LRT projects’ major decision, because Depoint aims to sync up with LRT Projects to facilitate DAO governance and value capture.</p><ul><li>Phase 1: Genesis Airdrop and DAO construction in Q2 2024</li><li>Phase2: DAO Establishment , TGE, Airdrop Wave 2, Dapp live on mainnet, the tokenization and Encashment, Q2~Q3 2024</li><li>Phase3: Proposal to set up core value capture from target LRT projects, Q2~Q3 2024</li><li>Phase4: Yield Optimizer for LRT Projects</li></ul><h3><strong>About ​​Depoint</strong></h3><p><strong>Depoint </strong>is a next-generation DeFi services SubDAO to provide restaking users with yield, Gov, veTokenomics boosting and eth PoS income capture services. Depoint focuses on obtaining governance rights and enhanced yield benefits within LRT Projects and beyond. Depoin revolutionizes the way users can maximize their returns on project participants and monetize their governance power.</p><p>Homepage: <a href="https://depoint.xyz">https://depoint.xyz</a></p><p>X: <a href="https://twitter.com/depointxyz">https://twitter.com/depointxyz</a></p><p>Blog: <a href="https://medium.com/@depointxyz">https://medium.com/@depointxyz</a></p><p>Doc: <a href="https://docs.depoint.xyz">https://docs.depoint.xyz</a></p><p>Discord: <a href="https://discord.gg/fsVr9gUj">https://discord.gg/fsVr9gUj</a></p><p>Dapp: <a href="https://app.depoint.xyz">https://app.depoint.xyz</a></p><img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=5028ce3a02a7" width="1" height="1" alt="">]]></content:encoded>
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