The tokens are initially non-transferable, and SUDO holders can vote on proposals for on-chain governance.
Sudoswap, a popular non-fungible token (NFT) marketplace, went live on Monday, dropping sudo tokens to users based on predetermined criteria.
Airdrops, the unsolicited distribution of cryptocurrency tokens or coins, usually for free, to a large number of wallet addresses, are commonly used as a tactic to attract users. Sudoswap allows users to instantly exchange her NFTs for other tokens on her Ethereum blockchain. As of Tuesday, we have secured over $3.7 million in token value per DeFiLlama.
Eligible for the airdrop were Sudoswap’s early liquidity provider and the owner of his 0xmon NFT, an NFT collection created by Sudoswap’s founding team. Additionally, xmon (XMON), an Ethereum-based utility token 0xmons project, allows you to lock your tokens on sudoswap and get your sudo tokens after a month.
According to The Block Director of Research Steven Zheng, some users received $100,000 worth of tokens during the airdrop. He compared the valuation to another of his NFT projects, Lux, valuing the token at $60 million for his first-Sudo supply base.
The sudo tokens are initially non-transferable, but the developers claim that users can use them to vote on governance decisions to determine how Sudoswap will advance in the future and how its ecosystem will operate.