NFT marketplace SudoSwap said it debuted its native governance token called SUDO with an airdrop of coins to early supporters.
The move comes amid a recent resurgence in NFT trading volume after a lull that was part of a broader downturn in crypto activity.
SUDO Tokens to Be Airdropped to SudoSwap LPs
SudoSwap announced the launch of its SUDO token on Monday, Jan. 30. The token release, updated earlier today, included an airdrop for early supporters of the project.
The SUDO airdrop will reward liquidity providers (LPs) on the platform. SudoSwap is a different kind of NFT marketplace from the likes of OpenSea. It resembles more of an automated market-making platform like Uniswap but for NFTs.
SudoSwap enables the creation of liquidity pools for NFTs. As such, there are liquidity providers, users who supply liquidity in the form of NFTs and crypto tokens to enable trading, and the airdrop is designed to reward them.
LPs are not the only ones who will benefit from the airdrop, as XMON holders can qualify for the airdrop as well. XMON is the native token of the 0xmons ecosystem, which was created by the SudoSwap founders, and it includes an NFT collection.
XMON holders can lock their tokens for one month to receive the SUDO airdrop. Those who do so will receive 10,000 SUDO tokens for every XMON coin locked, according to the announcement.
SudoSwap stated that the initial airdrop distribution will be non-transferable. The decentralized autonomous organization (DAO) created by virtue of the token launch will vote to unlock the ability to transfer these tokens. As such, SUDO will act as the governance token of the SudoSwap DAO. Participants who hold up to 300,000 tokens will be able to publish governance proposals to the DAO forum.
NFT Volumes Starting to Pick up
SudoSwap’s token launch and airdrop is the first major similar event of the year. The announcement comes at a time when the NFT market seems to have reversed the downtrend that characterized most of 2022. CryptoPotato previously reported that NFT trading volume on Ethereum has been on the up for five weeks in a row.
This uptick in NFT volume has also come amid a general resurgence in the crypto market as the total capitalization has crossed the $1 trillion mark. Crypto prices have also gained ground since the start of the year.
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