How does Rumpel compare to others?

While we’re excited about market diversity, and respect the builders in this space, we see a few structural limitations that will prevent the onchain points ecosystem from flourishing:

• Whales & Bubbly requires additional collateral from the seller & caps the maximum payout for point buyers

• Fixed-rate protocols, such as Pendle, Spectra, and Hourglass, don’t allow YT holders to resell earned points. Moreover, their point sellers’ principal is subject to liquidity if they want to withdraw early [1]

• Pichi & Agent markets aren't designed to trade singular point exposures, limiting user preference and flexibility

Rumpel solves all of these issues by allowing users to wrap each point they’ve earned into a Rumpel Point Token, unlocking:

• Deeper liquidity - Single Univ3 pool serving all point token volume and price discovery

• Maximum flexibility - All point boosts are supported; any points a user can earn can be tokenized. Single point token markets for fine-tuned risk management

• Uncapped upside - Point buyers get exposure to the point’s full airdrop payout

• Highly capital efficient - Sellers need not pledge any capital to sell their point exposure earned through Rumpel

• No lock ups - Sellers need not lockup their capital to sell point exposure, like on fixed-rate protocols (via PTs)

Footnotes

1. *While both Rumpel & Fixed-rate protocols enable point trading in a general sense, they’re actually quite synergistic. Since one can buy future point streams via fixed-rate YTs and then sell historical point streams with Rumpel, fixed rate protocols and Rumpel can live in harmony. Imagine the following example with Pendle, where YT holders have greater optionality with their points

   1. User buys Pendle YTs through Rumpel to fix their purchase price of points

   2. E.g. 10,000 points accrue via YTs over the next 100 days. Because they accrue to the user's personal Rumpel Wallet, the user can mint Point Tokens against these points

   3. Now that the points are in liquid form, they can sell them on Rumpel's secondary market if (1) they need liquidity or (2) the market trades at a premium to Pendle, opening an arbitrage opportunity