- Decentralized NFT marketplace, Sudoswap announces a new governance token, SUDO, for its community.
- The tokens will be Ethereum-based, and a total of 60 Million tokens will be initially distributed to various members of the project.
- XMON token holders will have the major amount of share(41.9%) of SUDO.
Decentralized NFT marketplace, Sudoswap recently revealed getting a new token for its community. The platform has mentioned that an initial supply of 60 Million Ethereum-based SUDO tokens would be distributed to the project’s participants.
Also, a major amount of share (41.9%) of the SUDO drop will be allocated to the XMON holders, the utility token powering the well-known NFT project known as 0xmons. The allocation process will be through a lockdrop event.
The holders of GAN-generated oxmon NFTs will also be awarded 1.5% of the SUDO supply.
Holders of XMON will also have the option to lock their XMON as proof of their allegiance to take part in the governance of the sudoAMM protocol and earn SUDO. For every XMON locked, the user will be earning 10,000 SUDO tokens.
This post outlines the distribution of SUDO, the governance token of the sudoAMM protocol. https://t.co/aGwNWSDaB6— sudoswap (@sudoswap) September 2, 2022
NOTE THAT THE SUDO TOKEN GOVERNING THE SUDOSWAP PROTOCOL HAS NOT YET BEEN DEPLOYED. PLEASE EXERCISE CAUTION
Considering the fact that the 0xmons team is also responsible for developing the NFT market, the considerable overlap between Sudoswap and them is not shocking.
The recent announcement also clarified that liquidity providers on Sudoswap would receive a retroactive distribution of 1.5% of the initial supply.
Sudoswap is an automated market maker NFT platform that uses self-regulatory and autonomous trading methods. Imagine how Uniswap pools different token pairs, whereas Sudoswap offers the same services for NFTs rather than tokens.
This design has an advantage as it provides NFT traders the opportunity to firmly buy and sell various jpegs.