NFT Marketplace Sudoswap Launches SUDO Governance Token
- The majority (41.99%) of the SUDO drop will be distributed through a lockdrop event.
- Liquidity providers on Sudoswap will get 1.5% of the original supply retrospectively.
A new token has been created for use inside the Sudoswap network. Various participants in the decentralized NFT marketplace will get a portion of the first supply of 60M SUDO tokens, which are based on the Ethereum blockchain.
The majority (41.99%) of the SUDO drop will be distributed through a lockdrop event to those who also possess XMON, the utility token backing the widely adopted NFT project 0xmons. In addition, 1.5% of the total SUDO supply will be distributed to those who own the GAN-created 0xmon NFTs.
XMON Holders Can Lock Token
Since 0xmons is also responsible for creating the NFT marketplace, the fact that they have so much in common with Sudoswap is not unexpected. It was also revealed in today’s announcement that liquidity providers on Sudoswap will get 1.5% of the original supply retrospectively.
The post read:
“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.”
The automated market maker (AMM) is used by Sudoswap, making it a one-of-a-kind NFT platform. Similar to how Uniswap pools combined different token pairings, Sudoswap does the same thing except with NFTs.
The design’s main benefit is that it allows NFT traders to dynamically purchase and sell jpegs. Instead of listing all five NFTs at the floor price, holders may form pools that dynamically reflect the demand for the collection and set the prices of the individual NFTs accordingly. Alternatively, investors may use a strategy similar to dollar-cost averaging by establishing “buy-only” pools that only purchase NFTs.
However, the platform is not without its detractors. With the most prevalent complaint being that artists are not paid their fair share. But it hasn’t prevented others from using it.
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