Michi Wallet

Michi Protocol is a blockchain-based platform facilitating the trading of points earned through various DeFi (Decentralized Finance) protocols. Notably, Michi focuses on enabling users to trade these points before their official launch (TGE - Token Generation Event). Traditionally, points earned within DeFi protocols are stored outside the blockchain and linked to specific user wallets. This restricts their ability to be freely traded on an open marketplace. Michi Protocol tackles this limitation by leveraging Tokenbound Accounts (TBAs). TBAs are essentially wallets controlled by NFTs (non-fungible tokens). When users deposit point-earning tokens into a Michi Chest NFT (their TBA), the points generated are linked to the NFT itself. This allows users to trade the NFT, effectively selling the accrued points within the Michi marketplace. This innovative approach unlocks liquidity for users and potentially fosters a more dynamic points ecosystem within DeFi. It's important to note that Michi Protocol is not a points program itself; it provides the infrastructure for users to trade points earned through existing DeFi protocols. Their focus lies on creating a more open and efficient market for loyalty points within the Web3 space.