Sudoswap, a decentralized NFT marketplace, is releasing its new governance token to community members via an airdrop, according to a blog post published Thursday.
The Ethereum-based SUDO token’s initial supply of 60 million will be mainly distributed to holders of XMON, the native token behind the 0xmon NFT collection, created by the founders of Sudoswap. Holders of XMON will participate in a lockup to receive 41.9% of the total SUDO supply.
XMON holders can receive 10,000 SUDO per XMON token locked during the three-month lockup period.
According to CoinGecko data, the price of XMON has increased 38% after Sudoswap announcement.
According to the blog post, 1.5% of the SUDO supply will be distributed to holders of 0xmon NFTs. In comparison, Sudoswap liquidity providers will receive 1.5% of the supply via a retroactive liquidity provider airdrop.
The remaining 55.1% of tokens will be distributed among treasury members, founding team members, and SudoRandom labs, the primary contributor to the Sudoswap protocol.
According to the post, SUDO will initially be non-transferable. “This is done as a precaution to ensure that SUDO does not enter circulation unless and until there is assurance that SUDO holders will participate sufficiently in governance,” the post stated.
Sudoswap is a self-regulated automated market maker NFT platform that employs autonomous trading mechanisms.
