Sunday, July 21, 2024

Sudoswap prepares to airdrop 60 million SUDO tokens.

Decentralized NFT marketplace Sudoswap is getting ready for a massive airdrop of 60 million SUDO tokens. Users can utilize the liquid pools to buy and sell NFTs in the same manner Uniswap participants provide liquidity to pools and earn money from trading fees.

Owners of the SUDO tokens, also called the governance token, can participate in protocol governance and ensure the organization moves in the right direction. The token will initially be non-transferable ensuring that SUDO will not be circulated unless there is sufficient governance participation from SUDO holders.

The governance proposal to initiate transferability would be put forth through the standard governance process for the sudo AMM protocol which will be addressed at a later time. However, it should be noted that the SUDO token governing the Sudoswap protocol has not yet been deployed. Around 41.9% of SUDO tokens will be available for distribution to XMON (a utility token behind NFT project Oxmons) holders. This is a scarce digital collectible that has drawn inspiration from a mix of Pokemon, SCP, and Lovecraft that lives on the Ethereum blockchain. XMON holders have a month-long window to determine if they want to receive SUDO. Those wanting to hold the governance token must lock away the XMON tokens for three months before withdrawal. This is a necessary step if they want to participate in sudoAMM governance.

XMON, as per a blog post, will retain 100% of its functionality. It will not be altered by the locking mechanism – the locked XMON token will not be transferable during the locking period. 15% of the remaining 58.1% of SUDO tokens will be given to the initial founding team of Sudoswap, another 15% will be given to SudoRandom Labs, and 25% to the treasury governed by SUDO holders. Furthermore, Oxmons NFT holders and retroactive liquidity providers will receive 1.5% of the initial SUDO supply.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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