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Shaurya is an analyst/editor for CoinDesk’s markets team in Asia.
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Popular non-fungible token (NFT) marketplace Sudoswap on Monday issued and airdropped its sudo tokens to users based on predetermined criteria.
Airdrops are the unsolicited distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses and are generally used as a tactic to gain users. Sudoswap allows users to instantly swap their NFTs for other tokens on the Ethereum blockchain. It locks over $3.7 million worth of token value as of Tuesday, per DeFiLlama.
Eligible for the airdrop were early liquidity providers on Sudoswap as well as holders of 0xmon NFTs, an NFT collection created by Sudoswap’s founding team. Furthermore, xmon (XMON), is Ethereum-based utility token 0xmons project, can lock up their tokens on Sudoswap to receive sudo tokens after one month.
Some users received over $100,000 worth of the tokens at the time of the airdrop, as per The Block Director of Research Steven Zheng, who compared the valuation to Looks, another NFT project, and based the token values on the 60 million initial sudo supply.
The sudo tokens are initially non-transferable but can be used to vote on governance decisions to determine Sudoswap’s future development and ecosystem strategies, developers said.
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Shaurya is an analyst/editor for CoinDesk’s markets team in Asia.
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Shaurya is an analyst/editor for CoinDesk’s markets team in Asia.
