Pichi Finance is the first trustless points trading protocol, enabling users to trade points from their favorite protocols before TGE. Conventionally, points are stored off-chain and tied to wallet addresses, limiting their tradability on an open market.

​

Michi Protocol provides significant design improvements to the process of trading points by leveraging ERC-6551 Accounts (also called Tokenbound Accounts). These are wallets owned by NFTs and selling the NFT entails transferring ownership of the associated wallet along with any accrued points.

​

Users can create a Michi Wallet NFT and deposit tokens that earn points into the associated ERC-6551 wallet. Once points accumulate in the wallet, users can withdraw the points-earning tokens and sell the Michi Wallet NFT, effectively selling the accrued points.

​

This model provides several advantages:

• No collateral is required from the buyer or seller; the sale process mirrors that of trading an NFT.
• The trading process is completely trustless.
• Once the sale is accepted, the trade is guaranteed; the seller cannot retract from the sale and the buyer receives full custody of the points in question.

​

Michi Protocol enables users to earn points securely while gaining access to a liquid market for trading these earned points.