Sudoswap, a decentralized NFT marketplace, on Friday announced Token to help transition the digital marketplace of crypto collectibles and other non-fungible tokens, NFTs, to a decentralized autonomous entity.
Normally, a decentralized autonomous organization is an entity with no central leadership – it is a structure in which a community of users who have entered into a contract with one another to make collective business decisions.
The Sudoswap team explains that the new Ethereum airdrop token, called the SUDO token, will be used to decentralize governance of the market, reward its active users, as well as raise awareness about its native tokens.
The team stated that it is decentralizing its protocol to its community. This typically involves distributing a governance token to decentralize control over a blockchain project to the user groups.
Sudoswap team announced that 60 million SUDO tokens are available. A portion of these tokens will be distributed to NFT market participants as well as holders XMON tokens. Sudoswap also has a governance token called XMON.
The report states that the Sudoswap team allocated 60 million SUDO tokens to be given as gifts to different categories of users based upon certain criteria.
The largest share of the SUDO tokens will go to users who lock Sudoswap’s governance token, XMON, previously founded by the Sudoswap team.
The distribution details show that 25.12 million SUDO tokens (or 41.9%) of Ether’s supply will be available for grabs to XMON token owners who have their XMON locked in smart contracts. This will enable them to receive the Ether Airdrop tokens. Token holders of XMON tokens are expected to lock funds for three months. After that, they will be able to withdraw the tokens and receive their rewards.
According to the company, those who own 0xmons will get a 1.5% supply of Sudoswap NFT Collections utility token or 900,000. SUDO tokens.
Sudoswap also stated that its liquidity providers, which are users who have deposited NFTs or ether to its pools will receive a 1.5% supply SUDO tokens. They will be split equally.
For its initial team members, the company provided a 15% supply SUDO Tokes and 9 million SUDO tokens.
The firm also gave 15% of the SUDO tokens out to SudoRandom Labs team members, who are the core development company for the Sudoswap NFT Project.
Sudoswap also allocated 25,1%, or 15.08 millions tokens, to its project Treasury. Community members will oversee the expansion and growth activities funded by Sudoswap.
Further details will be provided about how users can access and claim their SUDO coins. This will be subject to a future governance vote.
Sudoswap, a rapidly growing decentralized marketplace, was launched in July 2018. It offers swaps between Ethereum NFTs and Sudoswap.
Sudoswap continues a trend where multiple crypto projects are launching airdrops. Other projects, such as Optimism (CowSwap), Connext (Connext), and Hop Bridge have launched their airdrops.
According to Blockchain.News, a cryptocurrency airdrop allows developers of specific blockchain projects (such as the mentioned protocols) to give away tokens free of charge to users. This strategy is used by crypto projects to promote their project before an official launch, and to raise awareness about the non-fungible token (NFT), or cryptocurrency.