What is Cypher?

Cypher is a blockchain protocol established on the Base Chain, aimed at creating an open economic model for a global alternative to conventional loyalty programs like credit card points and airline miles. The system integrates brands, influencers, AI agents, and users of crypto cards, moving away from traditional closed loyalty systems.

The native token of the Cypher ecosystem is $CYPR, which serves as a utility token. Users can stake $CYPR for up to two years to receive veCYPR NFTs, granting them governance rights within the protocol. Every two weeks, veCYPR holders vote for specific merchants, earning rewards funded by those merchants. This governance model draws inspiration from established designs in decentralized finance but focuses on real-world merchant rewards.