Checkpoint Exchange

The Points Exchange is Checkpoint’s core trading platform where users can buy and sell points before they become official tokens. Some markets mint escrow tokens 1:1 against points, while non-custodial markets use USDC collateral to determine weighted minting on fill.

Checkpoint Exchange is running at the moment on testnet

Checkpoint Exchange alpha version application screenshot, light theme

Checkpoint Exchange alpha version application screenshot, dark theme

An important part of Checkpoint is that trades can be secured with collateral. The collateral is held in escrow until settlement, cancellation, or overdue handling. In practice this is USDC, and non-custodial markets can define an ideal USDC collateral-per-point target that influences weighted minting.

Market Trading

Learn more about the Exchange inner workings.

Creating and Filling Offers

The market part of the exchange is a decentralized orderbook where users can either create or fill offers.

Creating a Sell Offer

Selling points requires users to have points to sell. For this, the user needs to have points on a platform that has been integrated to the Checkpoint Ecosystem and a market needs to be available for points to be traded.

Deposit Points

Users that want to sell points need to deposit their offchain points to be onchain. For this, the user needs to interact with the Deposit contract and verify that they have points to deposit.When a user deposits points, they receive a non-transferable NFT that represents the deposit onchain. This NFT becomes a record for users that they have onchain points to trade.A user needs to have enough available points to be able to make an offer.Learn more about Checkpoint NFTs →

Create a Sell Offer

After the user has deposited points, they can place a sell offer. A sell offer requires:

Amount of points to sell
Price of the points sold
Collateral backing the sell offer

The collateral amount is separate from the price and acts as a security deposit. On non-custodial markets it also influences the escrow mint weight buyers receive when filling the offer. Those markets can enforce a minimum weight and define an ideal collateral-per-point target.Offer StatusOffers have different statuses and behaviors depending on their state.

Created: Your offer is live and available for buyers to fill
Filled: Your offer has been completely filled by buyers
Partially Filled: Some buyers have filled part of your offer
Settled: The offer has been settled
Cancelled: You have cancelled the offer

Offer ManagementOnce you have created a sell offer, you can manage it through the UI.

You can only cancel offers that are in “Created” status
Partially filled offers cannot be cancelled, they must be settled
When you cancel an offer, you pay a cancellation fee

When cancelling your collateral is returned minus protocol fees and your points become available again for new offers.

Balance change can trigger Shortfall Event, enabling buyers to cancel offers within a time frame

Seller Settlement

Settlement is the final phase where you receive payment for your sold points. Settlement occurs when a protocol’s token launches and becomes available for distribution.When Settlement begins

Settlement is triggered when a protocol’s token launches
No new offers can be created once settlement is active
Your existing offers must be settled according to their terms

Settlement Process for Sellers

You must transfer the protocol tokens to the settlement contract
Your collateral is returned to you
You receive payment for the points you sold
A settlement fee is deducted from your payment

If you miss the settlement deadline, your pending USDC and collateral are redistributed to escrow token holders.

Learn more about settlement →

Filling a Buy Offer

Buying points on Checkpoint Exchange means filling existing sell offers created by other users. You can either fill an entire offer or partially fill it with any amount you choose.

Finding Offers

Browse the orderbook to find offers for the points you want to buy. In the UI some of the elements you will see are

How many points are available
Price per point or total in USDC
How much has already been filled (if any)

You cannot fill your own offers, you can only buy from other users’ offers

Choosing Fill Type

After choosing an offer, you will be able to fill partially or the entire offer. This is based on how much USDC you are committing to fill. A 50% fill warrants 50% of that offer’s escrow issuance, whether that market mints 1:1 or uses collateral weighting.This system allows for flexible trading where you can buy exactly the amount of points you want, regardless of the offer size.

Checkpoint does not currently have a secondary market for escrow tokens (chXXX)

What you receive

After filling an offer, the market mints escrow tokens (chXXX). On escrowable markets the mint is 1:1 with points. On non-custodial markets the mint amount depends on the offer’s collateral weight.Escrow tokens are not TGE TokenschXXX represents a user’s escrow-side share in the market, not a guaranteed 1:1 amount of future TGE tokens.The protocol can also mint fillExtra to the treasury on every fill. This is a small inflation at the escrow layer and is used for seeding secondary market liquidity.

chXXX can mint 1:1 or via collateral weighting depending on the market, but it is never a fixed promise of an equal number of TGE tokens.

Learn more about escrow settlement conversion →

Buyer Settlement

Settlement is the final phase where you receive the actual protocol tokens for your purchased points. Settlement occurs when a protocol’s token launches and becomes available for distribution.Settlement Process for Buyers

You can claim your protocol tokens using your escrow tokens
The system calculates your share from the global settlement snapshot for that market
You receive the actual protocol tokens and may also receive a pro-rata share of any pooled USDC from overdue offers
Your escrow tokens are transferred into settlement as part of the claim flow

Overdue Settlement

If a seller fails to provide their protocol tokens during settlement, the offer enters the overdue stage
The offer’s filled USDC and collateral are added to the program-wide USDC pool

Cross-Chain Settlement

Settlement can occur on different chains than where you bought the points
You’ll receive your protocol tokens on the appropriate chain
You may need to claim tokens on a different chain than where you made the purchase

Learn more about settlement →