Sudoswap Is Getting a New Governance Token

XMON holders will be the major shareholders of Sudoswap’s latest governance token

article-image

Source: DALL·E

share

key takeaways

  • Although announcements have been made, the SUDO token has not yet been deployed
  • The Ethereum-based token will initially be non-transferable until a governance vote determines otherwise

Decentralized NFT marketplace Sudoswap is laying the groundwork for a massive airdrop of 60 million SUDO tokens, an up-and-coming governance token built on the protocol.

At its core, Sudoswap allows users to use liquidity pools to buy and sell NFTs (non-fungible tokens) — similar to how Uniswap participants provide liquidity to pools and earn money from trading fees. The SUDO governance token will allow holders to participate in protocol governance and ensure the organization moves in the right direction.

The Ethereum-based token will initially be non-transferable, a blog post by Sudoswap said. This is to ensure that SUDO will not be circulated unless there is sufficient governance participation from SUDO holders.

“A governance proposal to initiate transferability may be put forward through the standard governance process for the sudoAMM protocol, which will be addressed at a later time,” the blog said.

Loading Tweet..

The plurality of SUDO tokens (41.9%) will be available for distribution to XMON holders — a utility token behind NFT project 0xmons — a scarce digital collectible inspired by a mix of Pokemon, SCP and Lovecraft that lives on the Ethereum blockchain.

XMON holders will have a one-month window to decide if they want to receive SUDO. Those who wish to hold the governance token must lock away their XMON tokens for three months before withdrawal — a necessary step, as it will indicate their willingness to participate in sudoAMM governance. 

“XMON will retain 100% of its functionality and will in no way be altered by the locking mechanism, except that the locked XMON will not be transferable during the locking period,” the blog post said. “The SUDO distributed is pro-rata to the amount of XMON locked, at a rate of 10,000 SUDO per 1 XMON locked.”

Of the remaining 58.1% of SUDO tokens, 15% will be given to the initial founding team of Sudoswap; another 15% will be distributed to SudoRandom Labs, a primary contributor to the sudoAMM protocol; and 25% will be given to the treasury governed by SUDO holders.

0xmons NFT holders and retroactive liquidity providers will each receive 1.5% of the initial SUDO supply.


Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.


Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.


Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


Tags

upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Curve's Stablecoin and Lending Market

Research

AMMs are at the root of everything elegant and useful in DeFi.That's why Curve put LLAMMA at the center of its lending protocol.

/

article-image

All NFTs on Ethereum, from CryptoKitties to the latest projects, can hold other tokens

article-image

The certification initiative is set to counter mining’s “pariah” status by some environmentalists by offering transparency into firms’ decarbonization initiatives

article-image

With this move, South Korea leap frogs the US and UK, both of which don’t require their high-ranking leaders to disclose crypto holdings

article-image

Given the impressive growth trajectory and unpredictable future of crypto markets, the potential systemic risks cannot be dismissed, the board said

article-image

Five years after the ICO boom and bust, the notion of traditional finance assets existing on the blockchain is not nearly as far fetched

article-image

The Fahrenheit Consortium beat out competing offers from Novawulf and BRIC