diff --git a/bun.lockb b/bun.lockb
new file mode 100755
index 0000000..cbaa428
Binary files /dev/null and b/bun.lockb differ
diff --git a/contracts/script/PointTokenVault.s.sol b/contracts/script/PointTokenVault.s.sol
index 57b7a9d..1d96b8a 100644
--- a/contracts/script/PointTokenVault.s.sol
+++ b/contracts/script/PointTokenVault.s.sol
@@ -124,10 +124,10 @@ contract PointTokenVaultScripts is BatchScript {
 
         bytes32 POINTS_ID_ETHENA_SATS_S2 = LibString.packTwo("Rumpel kPt: Ethena S2", "kpSATS-2");
         ERC20 ENA = ERC20(0x57e114B691Db790C35207b2e685D4A43181e6061);
-        uint256 EXCHANGE_RATE = 2e18;
+        uint256 REWARDS_PER_P_TOKEN = 63381137368827226;
         bool REDEMPTION_RIGHTS = true;
 
-        pointTokenVault.setRedemption(POINTS_ID_ETHENA_SATS_S2, ENA, EXCHANGE_RATE, REDEMPTION_RIGHTS);
+        pointTokenVault.setRedemption(POINTS_ID_ETHENA_SATS_S2, ENA, REWARDS_PER_P_TOKEN, REDEMPTION_RIGHTS);
 
         // bytes32 MERKLE_ROOT_WIT_REDEMPTION_RIGHTS = 0x882aaf07b6b16e5f021a498e1a8c5de540e6ffe9345fdc48b51dd79dc894a059;
 
diff --git a/js-scripts/generateRedemptionRights.ts b/js-scripts/generateRedemptionRights.ts
new file mode 100644
index 0000000..0c1fb0e
--- /dev/null
+++ b/js-scripts/generateRedemptionRights.ts
@@ -0,0 +1,171 @@
+import * as fs from "fs";
+import * as dotenv from "dotenv";
+import {
+  keccak256,
+  encodePacked,
+  createPublicClient,
+  http,
+  parseAbiItem,
+  Address,
+  zeroAddress,
+} from "viem";
+import { mainnet } from "viem/chains";
+import { MerkleTree } from "merkletreejs";
+
+function solidityKeccak256(types: string[], values: any[]) {
+  return keccak256(encodePacked(types, values));
+}
+
+dotenv.config({ path: "./scripts/.env" });
+
+const MAINNET_RPC_URL = process.env.MAINNET_RPC_URL;
+const PTOKEN_ADDRESSES = (process.env.PTOKEN_ADDRESSES as string).split(
+  ","
+) as Address[];
+const POINTS_IDS = (process.env.POINTS_IDS as string).split(
+  ","
+) as `0x${string}`[];
+
+const REDEMPTION_RIGHTS_PREFIX = solidityKeccak256(
+  ["string"],
+  ["REDEMPTION_RIGHTS"]
+);
+
+if (
+  !MAINNET_RPC_URL ||
+  PTOKEN_ADDRESSES.length === 0 ||
+  POINTS_IDS.length === 0
+) {
+  console.error(
+    "Please set MAINNET_RPC_URL, PTOKEN_ADDRESSES, and POINTS_IDS in your .env file"
+  );
+  process.exit(1);
+}
+
+if (PTOKEN_ADDRESSES.length !== POINTS_IDS.length) {
+  console.error(
+    "The number of PTOKEN_ADDRESSES must match the number of POINTS_IDS"
+  );
+  process.exit(1);
+}
+
+async function generateMerkleTree() {
+  const publicClient = createPublicClient({
+    chain: mainnet,
+    transport: http(MAINNET_RPC_URL),
+  });
+
+  const latestBlock = await publicClient.getBlockNumber();
+  console.log(`latest block #: ${latestBlock}`);
+
+  const allHolders = new Map<string, Map<string, bigint>>();
+
+  for (let i = 0; i < PTOKEN_ADDRESSES.length; i++) {
+    const pTokenAddress = PTOKEN_ADDRESSES[i];
+    const pointsId = POINTS_IDS[i];
+
+    console.log(
+      `Processing pToken: ${pTokenAddress} with Points ID: ${pointsId}`
+    );
+
+    const logs = await publicClient.getLogs({
+      address: pTokenAddress,
+      event: parseAbiItem(
+        "event Transfer(address indexed from, address indexed to, uint256)"
+      ),
+      fromBlock: 0n,
+      toBlock: "latest",
+    });
+
+    const holders = new Map<string, bigint>();
+
+    for (const log of logs) {
+      const [from, to, value] = log.args as [Address, Address, bigint];
+      if (!from || !to || value === undefined) {
+        throw new Error("Transfer event args are undefined");
+      }
+
+      if (from !== zeroAddress) {
+        const fromBalance = (holders.get(from) || 0n) - value;
+        holders.set(from, fromBalance);
+      }
+
+      if (to !== zeroAddress) {
+        const toBalance = (holders.get(to) || 0n) + value;
+        holders.set(to, toBalance);
+      }
+    }
+
+    for (const [address, balance] of holders.entries()) {
+      if (balance > 0n) {
+        if (!allHolders.has(address)) {
+          allHolders.set(address, new Map());
+        }
+        allHolders.get(address)!.set(pointsId, balance);
+      }
+    }
+  }
+
+  // TODO: for ptokens being LP'd in Uni, give the redemption rights to the LPs themselves rather than the pool address
+
+  console.log("Generating Merkle tree...");
+
+  const leaves = Array.from(allHolders.entries()).flatMap(
+    ([address, balances]) =>
+      Array.from(balances.entries()).map(([pointsId, balance]) =>
+        solidityKeccak256(
+          ["bytes32", "address", "bytes32", "uint256"],
+          [REDEMPTION_RIGHTS_PREFIX, address, pointsId, balance.toString()]
+        )
+      )
+  );
+
+  const sortedLeaves = leaves.sort((a, b) => a.localeCompare(b));
+  const tree = new MerkleTree(sortedLeaves, keccak256, { sortPairs: true });
+  const root = tree.getHexRoot();
+
+  const merklizedPointsData = {
+    wallets: Object.fromEntries(
+      Array.from(allHolders.entries()).map(([userAddress, balances]) => [
+        userAddress,
+        Object.fromEntries(
+          Array.from(balances.entries()).map(([pointsId, balance]) => {
+            const leaf = solidityKeccak256(
+              ["bytes32", "address", "bytes32", "uint256"],
+              [
+                REDEMPTION_RIGHTS_PREFIX,
+                userAddress,
+                pointsId,
+                balance.toString(),
+              ]
+            );
+            return [
+              pointsId,
+              {
+                amount: balance.toString(),
+                proof: tree.getHexProof(leaf),
+              },
+            ];
+          })
+        ),
+      ])
+    ),
+    root,
+  };
+
+  console.log("Merkle tree generated successfully.");
+  console.log("Root:", root);
+  console.log(
+    "Total number of holders:",
+    Object.keys(merklizedPointsData.wallets).length
+  );
+
+  // Save the merklizedPointsData to a JSON file
+  fs.writeFileSync(
+    "merklizedPointsData.json",
+    JSON.stringify(merklizedPointsData, null, 2)
+  );
+  console.log("Merkle data saved to merklizedPointsData.json");
+}
+
+generateMerkleTree().catch(console.error);
diff --git a/package.json b/package.json
new file mode 100644
index 0000000..82ff711
--- /dev/null
+++ b/package.json
@@ -0,0 +1,19 @@
+{
+  "name": "point-tokenization-vault-scripts",
+  "module": "index.ts",
+  "type": "module",
+  "scripts": {
+    "generate-merkle-tree": "bun run js-scripts/generateRedemptionRights.ts"
+  },
+  "devDependencies": {
+    "bun-types": "latest"
+  },
+  "peerDependencies": {
+    "typescript": "^5.0.0"
+  },
+  "dependencies": {
+    "dotenv": "^16.3.1",
+    "merkletreejs": "^0.4.0",
+    "viem": "^2.21.25"
+  }
+}