$CYPR Airdrop, TGE & What’s Coming Next 🔥

The Spaces highlighted key updates from Cipher regarding its upcoming protocol and token distribution. Central to the discussion was Cipher's plan to transition to a new decentralized financial model, rewarding users for card usage and referrals with Cipher tokens. The founder Cube explained the intricacies of the protocol, its long-term vision and mechanisms like veCYPHER tokens for voting, influencing reward distribution. They also addressed community concerns on TGE delays, emphasizing strategic moves for better protocol launch impact. Questions around marketing budgets, investor cliffs, and the choice to build on Base blockchain were thoroughly explored.

Twitter Spaces Summary about Cipher Protocol

Introduction

The session began with general introductions and acknowledgment of community participation. The speakers, Stephania and Cube, noted this was the second community gathering and emphasized their excitement in hosting it. They introduced Cube, founder of Cipher Protocol, who explained the purpose of the session as addressing community questions and providing updates about Cipher Protocol.

Cipher Protocol Overview

What is Cipher Protocol?

Cube provided an overview of Cipher Protocol, which aims to revolutionize credit card rewards by building an open protocol on the blockchain. This approach seeks to bring transparency to reward management that is typically controlled by credit card companies, such as the conversion of reward points into airline miles.

Cipher Protocol Mechanism

Cipher Protocol establishes a transparent model where token ownership and rewards are decentralized, benefiting the users rather than companies. Every user with Cipher tokens (VE Cipher) can vote on reward allocations for various brands, mimicking advertisement networks but with blockchain transparency.

Updates and Announcements

Token Generation Event (TGE)

The token generation event was postponed to September due to strategic adjustments aiming for a larger opening. The delay was attributed to legal arrangements and partnership finalizations, ensuring the event's success for long-term rewards.

Airdrop and Community Engagement

Cube discussed allocations from past airdrops, explaining the additional locked VE Cipher tokens to foster engagement and voting in protocol rewards. Participants received an allocation based on their past spending.

Marketing Strategy and Protocol Bootstrapping

The network's first six months will focus on community engagement rather than onboarding brands immediately. Cipher plans to kickstart the network by enacting protocol emissions and referring new users, thus incentivizing engagement with specific brands.

Q&A Session

Circulating Supply and Investor Details

• Circulating supply is projected at 10-15% at TGE.
• Investor tokens have a 12-month cliff followed by quarterly releases over three years.

Brand Interaction and Enterprise Value

Brands and enterprises will be encouraged to hold Cipher tokens as an asset, shifting traditional marketing expenditure to long-term investment.

Technical Choices and Platform Decisions

Cube clarified their choice of the Base chain, citing Ethereum's trustworthiness and significant developer activity as key reasons.

Future Plans

Cipher Protocol will enhance its financial services with features like credit facilitation and fiat account support. Collaborative engagement with DeFi protocols will expand Cipher's lending services.

Testnet Preview

A test campaign is planned before the TGE, allowing users to experience protocol operations on a test network, converting rewards into USDC.

Cube concluded by inviting ongoing community involvement and looking forward to more interactive sessions, reinforcing the importance of community feedback in shaping the protocol's future.