KoinlyticsBetween 2023 and 2025 nearly every major DeFi launch used points instead of tokens. Points are a promise: use the protocol now, receive a future airdrop of the token proportional to your points. This let protocols bootstrap deposits without immediately issuing tokens.
Why points instead of tokens
- Regulatory ambiguity — points aren't yet-securities.
- Delayed liquidity — no immediate sell pressure at launch.
- Flexibility — protocol can adjust point weights, categories, multipliers.
- Data collection — see which users actually contribute value.
Major point programs and their airdrops
- Blast. Points from deposits + gold from referrals. Airdrop June 2024, BLAST token.
- Ether.fi. ETHFI airdrop March 2024 based on points from restaked deposits.
- Ethena. ENA airdrop April 2024 based on shard points.
- Symbiotic. Points from restaked deposits, future airdrop.
- Puffer, Renzo, Kelp, EigenPie. LRT points programs, most airdropped in 2024.
Farmer patterns
- Whales earn most points (linear scale).
- Multipliers reward specific actions (LP more than hold).
- Delegators earn less than operators.
- Referrals compound.
The fatigue
By late 2024, users had earned points across 10+ protocols. Airdrop conversion rates varied wildly ($500 to $50k per wallet). Many airdrops underperformed expectations. Users developed skepticism.
What points actually mean
- A speculative bet on future protocol success.
- A snapshot bookkeeping system (subject to change).
- Not a guarantee of anything.
Rules for participants
- Never deploy capital you can't afford to lose to a points program.
- Read the eligibility criteria before farming.
- Diversify across 5-10 protocols, not 50.
- Track Sybil-detection risk (labeled wallets get zero).