The SudoSwap decentralized NFT exchange team announced the initial distribution of the SUDO governance token in their upcoming airdrop.
Initial issuance will be 60 million SUDO. Its distribution will look like this:
- XMON platform utility token holders — 25.12 million (41.9%);
- 0xmons NFT holders — 0.9 million (1.5%);
- sudoAMM protocol liquidity providers as retrospective airdrop — 0.9M (1.5%);
- project treasury – 15.08 million (25.1%);
- original team members – 9 million (15%);
- SudoRandom Labs as the main developer of the protocol – 9 million (15%).
The last two categories have a three-year vesting period with a one-year cliff.
XMON holders are required to lock up their assets for three months to participate in the airdrop. During this period, the token will fully retain its functionality, with the exception of the possibility of transfer. In this case, the distribution will be carried out at the rate of 10,000 SUDO for each blocked XMON.
Tokens unclaimed by this group of participants will go to the treasury. This structure will be managed by SUDO holders. It is assumed that the initial option for its use will be initiatives such as grants for future participants, integrations, tools, support for the bounty program, liquidity, and more.
If necessary, the board will be able to issue an additional 10% of the total to the treasury SUDO emissions per year.
Initially, the control token will not be transferable. To open this possibility, a corresponding proposal may be put to a vote later. SudoSwap explained the limitation by the need to ensure that token holders are «sufficient» participate in project governance.
«Note that the SudoSwap protocol governance token has not yet been deployed. Please be careful»,” the user team warned.
Amid the announcement, the price of XMON skyrocketed from around $28,700 to $44,289 — more than 50%. Following a correction, the asset is trading near $38,300 (Uniswap).
Uniswap decentralized exchange XMON/USDC hourly chart. Data: Trading View.
In July, Uniswap announced the launch of an NFT trading platform with full support for SudoSwap.
Recall that the DeFi platform is also interested in the segment of lending secured by collectible assets.
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