The Western meme invasion: What is $POINTS that surged over 2000%?

23-12-15 18:50
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Table of Contents:
· Farcaster members discuss the popularity of "spamming" and $POINTS.
· What is $POINTS that has increased by over 2000% in just one day and is being hotly debated in the community?
·"Cryptocurrency Entertainment Summit": Founder destroys 75% of $POINTS during live broadcast.

Today, if you don't know $POINTS, you may have missed another hot topic. This token, which currently doesn't even have a logo, is causing a "POINTS craze" on Farcaster.

Farcaster team discusses "spamming", how popular is $POINTS?

If you open Farcaster, you will see a plethora of discussion posts about $POINTS.

Meanwhile, Linda Xie, co-founder and managing director of Scalar Capital and founder of Farcaster integrated application Bountycaster, (@ljxie) also posted on social media that support for $POINTS has been added to Bountycaster today because "people have requested it and we are currently handling a 30,000 $POINTS bounty."

One day after launch, the increase of $POINTS exceeded 2000%. What is $POINTS that the community is discussing?

According to Tradingview data, $POINTS has experienced a continuous upward trend since its launch yesterday. As of the time of writing, the price of $POINTS is 0.0000323401 WETH (approximately $0.07), an increase of 2898.062% from its initial launch price of 0.0000010787 WETH (approximately $0.0024). According to dexscreener data, the current circulating supply of $POINTS is $866,000, with 1310 holders.

In fact, $POINTS is the native memecoin of the decentralized social protocol Farcaster, and can also be seen as a kind of off-chain derivative. Jonwu.eth (@jonwu_), from the L2 Rollup project Aztec.Network, pointed out that $POINTS is a new incentive primitive that can significantly improve the scalability and practicality of ERC-20, and "will be a key innovation in this bull market".

$POINTS essentially has the right to exchange a certain amount of ERC-20 tokens at a future date, but does not have the obligation to do so. Meanwhile, $POINTS relies on a high-performance off-chain database system for storing and verifying individual point balances: "Although the server requires a slightly higher trust assumption, its performance is about 10 billion times that of Ethereum L1."

In addition, $POINTS also has scalability. Users can acquire $POINTS using L2 wallets such as Rainbow and Blast. However, $POINTS can also be used for non-blockchain use cases. "Imagine a payment card that rewards users in $POINTS, which can later be exchanged for airline tickets, hotel stays, and even meals!"

Many people in the community believe that $POINTS is a huge opportunity to connect Web2 and Web3, with use cases including incentivizing consumer loyalty, mining user behavior data, and rating and ranking posts in forums.

"Crypto Entertainment Summit": Founder Destroys 75% of $POINTS During Live Stream

The founder of $POINTS is Matthias Jordan, an OG in the cryptocurrency industry. Two days ago, he airdropped 1,000,000 $POINTS to the "degen" who had previously replied to his message.

Source: etherscan

Meanwhile, Matthias pointed out on Farcaster here that the plan is to destroy 80% of the maximum supply of $POINTS, reducing the potential total supply to 200,000,000: "Users will be allowed to mint the rest."

And in a live broadcast around 3am this morning, Matthias publicly demonstrated the process of destroying 75% of the $POINTS supply, which was jokingly referred to as the "peak of crypto entertainment" by community members. Matthias also provided proof of the destruction through this destruction certificate, stating that "the maximum supply of $POINTS is $1 billion. Once all $POINTS are minted, no more $POINTS can be created. Currently, the maximum supply of 750 million $POINTS has been destroyed to reduce the number of tokens."

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