✨ Arthur Hayes Advocates Points Over ICO and Yield Farming
posted 9 Feb 2024
BitMEX co-founder Arthur Hayes champions a points system as a superior fundraising and community engagement tool, in contrast to ICOs and yield farming, as detailed in his new essay "Points Guard."
He believes this method is safer from a regulatory standpoint, posing less risk of attracting unwanted attention from entities like the U.S. Securities and Exchange Commission, as ICOs have. Hayes criticizes yield farming for gradually increasing token supply and thereby devaluing them.
According to Hayes, a points system is a savvy marketing strategy, allowing users to earn points for project involvement or service usage, which can then be exchanged for tokens at their discretion, avoiding direct monetary rewards.
However, he cautions that the success of such programs hinges on trust between projects and users, warning against potential abuses by unscrupulous players.
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