Problem - Points are being adopted by many apps and protocols but users have little assurance they’ll ever lead to an airdrop. We need a trust system.

Enter ptsETH - Projects lock up some amount of stETH, enter a claim date, and the contract issues a non-transferable $POINTS ERC20. The project has authority on the $POINTS contract to mass mint tokens (but not burn) to distribute points. Should be on a cheap L3. The project continues to build and grow its loyal user base.

Before the claim date, the Project can call the `runAirdrop” function to convert all the points balances into a separate transferable ERC20 token and auto-creates an AMM market with the deposited ETH for liquidity.

If the claim date passes, a majority of points holders can vote and trigger a redemption of the deposited ETH, plus interest, proportionally to all points holders. So users can’t get rugged any less than the deposited stETH. 🤝

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