Summary
TLDR: Stack launched as a points chain on mainnet, aiming to bring off-chain points systems onto the blockchain as a layer-3 solution. DeFi projects are using points to incentivize users, but not everyone sees the need for a points chain. Stack raised $3 million in funding and hopes to make on-chain points attestations a standard in crypto.
Key Points
1. Stack went to mainnet Monday as a so-called points chain, built as a layer-3 on top of Base.
2. DeFi projects have lately been incentivizing usage on their platforms through “points,” or participation tallies that determine allocation in a future token airdrop.
3. Crypto is adjusting to points mania. Users are gaining leveraged exposure to points on Pendle and trading points on Whales Market. DeFi-focused hedge funds are accumulating currently-valueless points on behalf of liquidity providers.