The people who use Sudoswap now have a new coin. The decentralized NFT marketplace said that people who took part in the project would get a total of 60 million SUDO tokens based on Ethereum.
Those who also have XMON, the utility token that supports the popular NFT project 0xmons, will get most (41.9%) of the SUDO drop through a lockdrop event. People who have 0xmon NFTs made by GAN will also get 1.5% of the SUDO supply.
According to today’s post, “XMON holders will be able to lock their XMON as an indication of their commitment to participate in the governance of the sudoAMM protocol and receive SUDO.” For each XMON they get, users will get 10,000 SUDO tokens.
Sudoswap and 0xmons have a lot in common, which is not surprising since 0xmons also works on the NFT marketplace. Today’s statement said that Sudoswap liquidity providers would get backdated 1.5% of the initial supply.
What is Sudoswap?
Sudoswap is a unique NFT platform because it uses an automated market maker to find deals and pay for them (AMM). Think about how Uniswap pairs up different tokens. Sudoswap does the same thing, but with NFTs instead of tokens. The good thing about this design is that it lets NFT traders buy and sell a lot of jpegs quickly.
Instead of presenting five unique NFTs at the collection’s floor price, holders can make pools that change the price of each NFT when the collection is bought. On the other hand, traders can set up “buy-only” pools that automatically buy NFTs. This is similar to dollar-cost-averaging.
But there are some people who don’t like it. The biggest complaint is that the site doesn’t pay artists royalties. Users have not been put off by this, though. A Dune Analytics dashboard made by 0xRob shows that over 135,000 NFTs have been traded on the Sudoswap. This is worth more than $34 million.