Home News ParaSwap launches an airdrop of management tokens

ParaSwap launches an airdrop of management tokens


Decentralized exchange aggregator ParaSwap has issued a PSP management token, moreover, launched an airdrop of 150 million coins to create a community.

Thus, the total PSP issue will amount to 2 billion tokens. ParaSwap will distribute 7.5% of the offer among approximately 20,000 early accounts on the platform. Therefore, coin owners will be able to use them in staking, to generate additional income. Or to vote on project management issues.

“More than half of the PSP issue is intended for the development of the ecosystem and the community through the initial distribution, stimulation and financing of the future development of the project,” the blog says.

The vast majority are farmers

With the exception of tokens received during the airdrop, all other categories of asset owners are subject to a two- to three-and-a-half-year blocking period. At the time of writing, according to Etherscan, more than 5,580 users have become token holders. In addition, total transactions with the coin exceeded 28,230.

In its blog, the ParaSwap team warned about the prohibition of making transactions with PSP to residents of some jurisdictions, including the United States and China.

The founder of ParaSwap, Mounir Benchemled, confirmed in an interview with CoinDesk that the team resisted attempts to get a disproportionate share of management tokens through the opening of multiple accounts. Over two years, 1.3 million addresses interacted with the protocol.

A snapshot of balances

“The vast majority are farmers, and some of them are quite sophisticated. They use bots, sending tokens to thousands of wallets. Sometimes tens of thousands of wallets – and they’re not real, active users,” he explained. For airdrop, the team selected only 0.015% of the total number of addresses according to its criteria.

According to Benchemled, they took a snapshot of the balances for the distribution of tokens on October 8.

ParaSwap noted that during the distribution of coins, “they received not quite the usual traffic”. Which caused problems with obtaining tokens by selected addresses. The team urged to treat the problems “with understanding”.

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