Points Guard

The author argues that points programs are a natural next step in crypto's history of engaging users, following Bitcoin mining, ICOs and yield farming. The essay contrasts Web 2 startups, where VC funding subsidized users and retail investors were largely excluded from early ownership, with Web 3 projects, where participants can earn ownership through activity. It describes ICOs as rewarding capital rather than usage, and yield farming as rewarding activity that often lost money, with token emissions growing faster than demand for many projects.