Decentralized NFT marketplace Sudoswap has announced its plans to airdrop 60 million SUDO tokens to members of the community. SUDO will serve as Sudoswap’s governance token.
The Ethereum-based SUDO tokens will be distributed to members holding XMON, the native token of the 0xmon NFT collection created by the Sudoswap founders.
Holders of XMON will participate in a lockup to collectively receive 41.9% of the total SUDO supply.
During the three-month lockup period, XMON holders can receive up to 10,000 SUDO tokens per XMON locked.
They also announced that 1.5% of the SUDO token supply will be distributed to 0xmon NFT holders.
Sudoswap liquidity providers will also receive another 1.5% of the total SUDO tokens supply.
The remaining 55.1% of SUDO tokens will be allocated to the founding team members, treasury, and SudoRandom labs – the primary contributors to the Sudoswap protocol.
SUDO tokens will be non-transferable in the early stages “unless and until there can be an assurance that there will be sufficient participation in governance,” according to the post.
As of the time of writing XMON was trading at $36,548.49 with a total market cap of over $54 million. It has appreciated by over 33% over the last 24 hours according to Coinmarketcap.
Sudoswap is an automated NFT marketplace that works like a traditional decentralized exchange. They were recently some debates back in August over their decision to remove creator royalties coming from the sales of NFTs on their marketplace.