Points farming — accumulating on-chain or exchange-issued loyalty points that may convert into future token airdrops — has become the dominant engagement mechanic for DeFi and CEX protocols in 2025-2026. A protocol launches, issues points for every dollar of TVL deposited or trade executed, runs a leaderboard for 3-6 months, and converts top earners' points into the TGE token allocation at a rate disclosed only at the end. CRR evaluates points-farming opportunities through a lens of speculative return: how many points can you earn per $1 of capital locked or per hour of effort, what is the implied token value if the protocol hits a realistic FDV, and how credible is the TGE signal (public backers, verifiable testnet, working product)? We explicitly flag campaigns where the team is anonymous, there is no verifiable funding, or the implied valuation needed for points to be worthwhile exceeds $5B with no comparable comps. Common risks: points have no guaranteed value — the TGE may never happen, the token may launch at a price that makes your points worth less than gas fees, or the protocol may allocate 60% of supply to insiders and leave retail participants with a 2% slice. Sybil filters are another hazard: many protocols retroactively disqualify wallets identified as coordinated farming accounts. Sub-types in this category: single-protocol farming (deposit to one platform), multi-protocol season farming (coordinated across an ecosystem's partner list), CEX points campaigns (trade volume → exchange points → monthly token conversion), and social/referral multiplier programs. Referral multipliers can dramatically increase your expected return but require an existing audience to be meaningful. CRR flags any points campaign where the team has not disclosed a TGE date, target FDV, or vesting schedule as "speculative." Check the detail page risk score before allocating capital.