NFT marketplace SudoSwap said it gave early supporters an airdrop of its native governance token, SUDO.
The move comes as cryptocurrency trading volume has been experiencing a resurgence after cooling off in the first half of 2018.
SudoSwap Investors to Receive Airdrop of SUDO Tokens
SudoSwap announced the launch of its SUDO token on Monday, Jan. 30th, and updated early supporters today with an airdrop to mark the occasion.
SudoSwap is a decentralized liquidity network for non-fungible tokens (NFTs). It offers NFT traders everything from escrow to community trading. This will reward LPs with SUDO—Sudo’s ERC20 token that acts as payment for providing price support on the platform.
SudoSwap is a blockchain-based platform that provides liquidity to NFTs by enabling users to join pools and share their tokens with others.
Those who lock up XMON tokens to receive the SUDO airdrop will be rewarded with 10,000 SUDO tokens for every XMON coin locked.
The airdrop will benefit all holders of LPs and XMON token holders. XMON is the native token of the 0xmons ecosystem and includes an NFT collection created by SudoSwap founders.
SudoSwap stated in their white paper that the initial airdrop distribution would be non-transferable. If and when tokens are unlocked for transfer by a vote taken by the decentralized autonomous organization (DAO) created to govern SUDO, holders will then be able to sell whatever number of coins they want or keep them all.SUDO, the governance token of the SudoSwap DAO, will allow its holders to publish proposals for consideration by other members.
NFT Volumes on the Rise
SudoSwap’s token launch and airdrop is the first major similar event of 2019. The announcement comes at a time when the NFT market seems to have reversed its trend toward decline, which began in early 2022.NFT trading volume on Ethereum has risen for five weeks in a row, according to CryptoPotato.
The rise in NFT volume also comes as the cryptocurrency market has begun to recover, with total capitalization rising above $1 trillion and crypto prices gaining ground since January.
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