<img src="https://crypto.news/app/uploads/2024/04/crypto-news-crypto-airdrop-option16.webp” />
Newly launched Grass premarket futures were steady on Tuesday, October 22, as traders awaited the upcoming airdrop.
Grass futures (GRASS) offered by OKX were trading at $1.15, up 52% from last week's low of $0.7330.
The demonstration came after the developers provided more details about the airdrop. In an x post, the Grass Foundation announced that the first airdrop will consist of 100 million GRASS tokens, representing 10% of the total supply.
Of these tokens, 9% will go to users who earned points during the first stage of the network era. Another 1% will be distributed to GigaBuds nft holders and users who have installed the Desktop Node and the Saga app.
The foundation also noted that the network era includes users who earned 500 or more Grass Points during that period. Additionally, 5 million GRASS tokens will be distributed equally among all accounts that have installed Desktop Node or the Saga app and earned at least 500 points.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter“/>
The upcoming GRASS tokens will be used for network governance, including proposing and voting on improvements. They will also facilitate staking and reward distribution. After decentralization, Grass tokens will be used to pay for transactions on the network.
Grass is one of the most popular players in the blockchain industry, with more than 2 million users around the world. These users create accounts on their computers, download the app, and keep it running in the background.
Users receive tokens for contributing their unused Internet to the network. Businesses use the local network for tasks such as checking prices on local products and viewing regional advertisements.
Grass joins other high-profile airdrops
Grass joins several major crypto industry players who have announced plans to launch their airdrops. However, many of these airdrops have not worked as expected.
For example, EigenLayer (EIGEN), the largest cryptocurrency recapitalization player, has fallen 23% from its highest level on October 1. Its fully diluted market capitalization has fallen below $5.7 billion.
Similarly, the Wormhole token (W) has fallen from $1.66 in April to $0.28, while Notcoin (NOT) has fallen from $0.030 to $0.0080. Others like Catizen, Hamster Kombat, and Pixelverse have also fallen sharply from their all-time highs.
One of the reasons for the sell-off is that these new tokens compete with meme coins, which have become very popular among traders.
Additionally, many of these projects have only floated a portion of their tokens, raising the possibility of further dilution in the future. In the case of Grass, the airdrop will represent only 10% of all tokens, meaning the rest will be launched periodically. As a result, there is a chance that the grass token will fall after the airdrop occurs.
