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CoinDesk Podcast Network
UNCHAINED: Crypto Points Systems Are a 100x Opportunity, But Founders, Be Wary
Dec 22, 2023
Li Jin, partner at Variant Fund and expert in crypto points systems, discusses the trend of points in crypto, their advantages over tokens, and the potential pitfalls. Topics include popular projects implementing points systems, why points mechanisms are gaining traction, and the implications of moving points on-chain.
42:48
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Quick takeaways
- Points programs in crypto can incentivize user engagement and reward behaviors, but they require thoughtful design to avoid inorganic behavior and promote loyalty.
- Points programs should focus on creating value beyond financial aspects, such as exclusive access or personalized services, to foster loyalty and prevent users from purely seeking financial gain.
Deep dives
Points programs in crypto incentivize user engagement and loyalty
Points programs are becoming popular in the crypto application layer as a way to incentivize user engagement and reward users for using an application. These points are off-chain and are given to users as a number to reward certain behaviors like engagement or retention. While points are not unique to crypto and have been used in various consumer applications, they have gained traction in the crypto space recently. Popular projects like Rainbow Wallet, Blackbird, and Blur have implemented points programs. Points programs are seen as an alternative to issuing tokens, as they provide benefits similar to tokens without the downsides of regulatory risks or economic ownership. However, points programs should be designed strategically to avoid incentivizing inorganic behavior and to target specific goals of increasing user loyalty and engagement.
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