Analyst Note: WHALES Market

Prompt

Points – basically an offchain accounting system for tracking user activity on a given protocol – have become a dominant metagame in crypto over the past 6-9 months.

However, they haven’t been tradable or transferable at all – at least not until the recent emergence of Whales Market, an over-the-counter (OTC) marketplace for points based on Solana.

Does a points marketplace have real legs? Or have we pulled forward the demand to bet on the “points narrative” to unsustainable levels?

Primer

Points – What started as a viable way to incentivize sticky user behavior patterns has turned into a lollapalooza of farmers and meta-farmers trying to stack points at all costs.

That dynamic has culminated in the creation – and massive growth – of Whales Market, the predominant OTC points and pre-airdrop marketplace built on Solana.