February 6, 2023
By Sharan Kaur Phillora
The decentralized non-fungible token marketplace SudoSwap has launched its highly-awaited SUDO utility tokens. The NFT marketplace revealed its plans to launch its governance token in September 2022.
Here’s what we know:
Launched in May 2022, SudoSwap is a decentralized exchange (DEX) protocol that enables the trustless swapping of NFTs on the Ethereum blockchain. The protocol uses an Automated Market Maker (AMM) based model, similar to traditional decentralized exchanges, but for NFTs.
The marketplace began airdropping its native tokens SUDO last week. The airdrop is only available to NFT investors holding 0xmon NFTs and early liquidity providers on the SudoSwap NFT marketplace.
XMON holders can lock up their tokens for a month to receive SUDO airdrops. According to the announcement, those who do so will receive 10,000 SUDO tokens for each XMON coin they lock.
The newly launched utility crypto tokens are initially non-transferable. However, the new coins will allow holders to participate in decisions that determine the future development of SudoSwap and its ecosystem strategies.
The new crypto tokens will give holders an exclusive chance in administrative voting. In this case, addresses with at least 300,000 SUDO delegates can create an online proposal for the admin module.
Under the admin module, proposals with no less than 2.4 million SUDOs and a majority of votes can be implemented after a 2-day voting delay and a 3-day voting period. To start participating in sudoAMM governance, XMON NFT holders must lock their tokens for 1 month.
SudoSwap’s token launch and airdrop is the first big event of the year. The announcement comes when the NFT market appears to have reversed the downtrend that characterized most of 2022.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.