Sudoswap unveils native governance token
Will be airdropped to community members
Decentralized NFT marketplace Sudoswap is releasing its new governance token via an airdrop to community members.
Sudoswap uses an automated market maker (AMM) to enable users to trade and swap NFTs through liquidity pools. The SUDO governance token will allow holders to participate in protocol governance.
Holders of XMON, the native token behind the 0xmon NFT collection, will receive 41.9% of the Ethereum-based SUDO token’s initial supply of 60 million via a lockdrop event.
“XMON holders will be able to lock their XMON as an indication of their commitment to participate in the governance of the sudoAMM protocol and receive SUDO,” a blog post read. For every XMON locked up, users will receive 10,000 SUDO tokens.
0xmons NFT holders and retroactive liquidity providers will each receive 1.5% of the initial SUDO supply.
With the remaining 55.1% of SUDO tokens, 25% will be allocated to the Sudoswap treasury; 15% will be given to the initial team members of Sudoswap; and an additional 15% will be distributed to SudoRandom Labs, the primary contributor to the sudoAMM protocol.
The token will be non-transferable at first. According to the post, this is done as a measure to ensure SUDO does not go into circulation unless there is sufficient governance participation from SUDO holders.
For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇