Point Trading
Why on-chain points
Most point markets are collateral-based: they synthesize a trade around an off-chain promise. Jitter doesn't - points are native on-chain objects, so the whole margin-lock model becomes unnecessary.
The margin-lock problem
On most pre-market and point-trading venues, the "points" are just an off-chain promise until the token launches. To trade them, both sides must lock margin as a settlement guarantee. Platforms such as Whale Market work this way. That collateral sits idle, ties up capital, and pushes counterparty and settlement risk onto users - if a seller fails to deliver at TGE, the trade unwinds against forfeited margin instead of delivering the asset.
Jitter's model: native objects
On Jitter, points are native on-chain objects tracked by the LiquidLink scoreboard. The position you hold is the point exposure, so there is nothing to escrow and no margin to lock. When the project settles at TGE, the on-chain balance redeems directly against the TGE pool - no delivery promise, no counterparty default to insure against.
Early pricing and early exit
Point exposure lives inside YT, so its value is priced into the YT quote continuously - the market discovers a price for future points long before TGE. And because YT trades on the AMM, you can exit early at any time by selling it, rather than waiting for settlement or hunting for an OTC counterparty.
Side by side
| Margin-based point markets | Jitter · on-chain points | |
|---|---|---|
| Collateral | Both buyer and seller lock margin as a settlement guarantee. | None - you hold the point object itself. Nothing to escrow. |
| Settlement | Seller must deliver at TGE; collateral is forfeited on default. | On-chain redemption against the TGE pool. No counterparty to trust. |
| Pricing | OTC / orderbook quotes that are often thin before TGE. | Priced continuously inside YT by the AMM. |
| Exit before TGE | Hard - you must find someone to unwind the order with. | Sell YT on the AMM at any time. |
| Custody of points | An off-chain claim recorded by the venue. | A native Sui object, verifiable on-chain. |
- Points are native Sui objects - no posted collateral.
- Settlement is on-chain redemption, not a delivery promise.
- Future point value is priced into YT continuously.
- Exit any time by selling YT on the AMM.