Sudoswap, a well-known non-fungible token (NFT) marketplace, gave away its sudo tokens to users on Monday based on rules that had already been set.
Airdrops are the uninvited, usually free, distribution of a cryptocurrency token or coin to a large number of wallet addresses. They are usually used to get new users. Users can use SudoSwap to trade their NFTs for other Ethereum-based tokens right away. DeFiLlama says that as of Tuesday, it has more than $3.7 million worth of tokens.
The airdrop was open to early liquidity providers on SudoSwap and people who owned 0xmon NFTs, a collection of NFTs made by SudoSwap’s founding team. Also, xmon (XMON), which is an Ethereum-based utility token 0xmons project, can lock their tokens on SudoSwap to get sudo tokens one month later.
Steven Zheng, who is in charge of research at The Block, says that some users got more than $100,000 worth of tokens during the airdrop. Zheng compared the value to that of Looks, another NFT project, and used the initial supply of 60 million sudo tokens to figure out how much each token was worth.
Developers said that the sudo tokens can’t be traded at first, but they can be used to vote on governance decisions that will affect how SudoSwap grows and how its ecosystem works in the future.