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.
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.
SudoSwap Governance “SUDO” Token Goes Live
The popular NFT marketplace began airdropping its native tokens SUDO on Monday. The airdrop is only available to NFT investors holding 0xmon NFTs and early liquidity providers on the SudoSwap NFT marketplace.
It's time >s<$SUDO governance will be launched later today, along with the lockdrop and airdrop.
SUDO is initially non-transferable. Transferability can be enabled by a standard governance vote.
Read below for more details
— sudoswap (@sudoswap) January 30, 2023
By description, an airdrop is an unsolicited distribution of utility crypto tokens or coins to multiple wallet addresses. The airdrop is usually free and particularly used to attract users. The tactic is mainly used by various projects while introducing a new product.
In a short statement, Steven Zheng, the Director of Research at The Block, has confirmed that the SudoSwap NFT marketplace has already disbursed more than $3.7 million worth of tokens as of Tuesday. Some eligible users have claimed to receive even over $100,000 worth of Sudo tokens.
Use Cases Of The New SUDO Tokens
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.
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