- On January 30th, SudoSwap announced the release of its native SUDO token.
- Liquidity providers on the SUDO network will be rewarded with an airdrop of SUDO.
With an airdrop of coins to early backers, NFT marketplace SudoSwap announced the launch of its native governance token, SUDO. This shift coincides with a recent uptick in NFT trading volume, after a pause that was part of a larger decline in crypto activity.
On January 30th, SudoSwap announced the release of its native SUDO token. There was an airdrop for early backers of the project as part of the token release, which was updated earlier today.
Rewarding Liquidity Providers
Liquidity providers (LPs) on the SUDO network will be rewarded with an airdrop of SUDO tokens. When compared to other NFT marketplaces like OpenSea, SudoSwap offers a unique experience. It’s similar to Uniswap in that it facilitates trading via an automated market-making mechanism but for NFTs.
SudoSwap makes it possible to set up pools of liquid assets specifically for NFTs. Therefore, the airdrop is meant to reward liquidity providers, users that give liquidity in the form of NFTs and crypto tokens to facilitate trading.
The airdrop is not limited to LPs; anybody who has XMON is also eligible to get free tokens. The XMON token is the ecosystem’s native token; its NFT collection was developed by the team behind SudoSwap. For the SUDO airdrop, XMON holders may lock their tokens for a month. According to the release, anyone who does so will earn 10,000 SUDO tokens for each XMON coin locked.
The first airdrop distribution, SudoSwap has announced, would be non-transferable. In order to enable token transfers, the DAO formed by the token sale must vote to do so. Thus, SUDO will serve as the token used to manage the SudoSwap DAO. Token holders with up to 300,000 tokens will have the right to submit governance suggestions to the DAO forum.
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