As a seasoned analyst with over two decades of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the latest development in Grass (GRASS). Having witnessed numerous airdrops and their impact on various projects, I’m cautiously optimistic about this one.
On October 22nd, the newly introduced Grass pre-market futures maintained their position steadily, with traders keeping a watchful eye for the forthcoming airdrop event.
Grass (GRASS) futures offered by OKX were trading at $1.15, 52% higher than last week’s low of $0.7330.
The event took place following the developers sharing additional information regarding the airdrop. In a subsequent post on platform X, the Grass Foundation disclosed that the initial airdrop would include 100 million GRASS tokens, which equates to 10% of the total stockpile.
Among these allocated tokens, approximately 9% are earmarked for users who accumulated points during the initial phase of the network’s operation. Additionally, about 1% will be distributed among GigaBuds NFT owners and individuals who have installed both the Desktop Node and the Saga Application.
1) The foundation pointed out that individuals accruing 500 or more Grass Points within a specified timeframe are part of the network epoch. Furthermore, an equal distribution of 5 million GRASS tokens will be allocated to each account that has both the Desktop Node or Saga app installed and has accumulated at least 500 points.
— Grass Foundation (@grassfdn) October 21, 2024
In simple terms, the soon-to-be-released GRASS tokens will play a crucial role in managing our network. This involves suggesting and voting on enhancements, as well as streamlining staking and reward distribution processes. Post-decentralization, these GRASS tokens will serve as the currency for conducting transactions within our network.
“Grass is widely recognized as one of the leading figures in the blockchain sector, boasting more than 2 million global users. These users establish accounts on their personal computers, download the software, and then allow it to run continuously in the background.
Contributing idle internet connections earns users tokens within the network, which companies leverage for tasks like verifying local product costs or displaying area-specific advertisements using the local network infrastructure.
Grass joins other high-profile airdrops
In simple terms, similar to numerous other significant entities in the cryptocurrency sector, grass (symbolizing newcomers) has disclosed intentions to distribute its own airdrop. Yet, it’s worth noting that quite a few of these airdrops didn’t live up to their projected performance levels.
Example: EIGEN, the most significant re-staking entity in cryptocurrency, has experienced a decrease of about 23% since reaching its peak on October 1st. Now, its total market capitalization (when fully diluted) is less than $5.7 billion.
Just as the Wormhole (W) token plummeted from its April price of $1.66 down to $0.28, Notcoin (NOT) experienced a similar decline, going from $0.030 to $0.0080. Various other cryptocurrencies such as Catizen, Hamster Kombat, and Pixelverse have also seen steep drops from their peak values.
One reason for the sell-off is that these new tokens are competing with meme coins, which have become highly popular among traders.
Furthermore, several of these projects have distributed only part of their total tokens in an airdrop, which might cause further token dilution in the future. For instance, Grass’s airdrop accounts for only 10% of all its tokens, with the remaining 90% to be dispersed progressively. Consequently, it is possible that the value of the Grass token may decrease following the airdrop event.
Read More
Sorry. No data so far.
2024-10-22 16:32