Pichi Finance is the first trustless points trading protocol, enabling users to trade points from their favorite protocols before TGE. Conventionally, points are stored off-chain and tied to wallet addresses, limiting their tradability on an open market.

Michi Protocol provides significant design improvements to the process of trading points by leveraging ERC-6551 Accounts (also called Tokenbound Accounts). These are wallets owned by NFTs and selling the NFT entails transferring ownership of the associated wallet along with any accrued points.

Users can create a Michi Wallet NFT and deposit tokens that earn points into the associated ERC-6551 wallet. Once points accumulate in the wallet, users can withdraw the points-earning tokens and sell the Michi Wallet NFT, effectively selling the accrued points.

This model provides several advantages:
- No collateral is required from the buyer or seller; the sale process mirrors that of trading an NFT.
- The trading process is completely trustless.
- Once the sale is accepted, the trade is guaranteed; the seller cannot retract from the sale and the buyer receives full custody of the points in question.

Michi Protocol enables users to earn points securely while gaining access to a liquid market for trading these earned points.