Sudoswap gets a new governance token

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

Decentralized NFT marketplace Sudoswap is laying the groundwork for a massive airdrop of 60 million SUDO tokens, an emerging governance token built on top of 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 pools of liquidity and make money from trading fees. The SUDO governance token allows holders to participate in protocol governance and ensure the organization is moving in the right direction.

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

“A governance proposal to initiate portability can be submitted through the standard governance process for the sudoAMM protocol, which will be addressed at a later date,” the blog reads.

This post describes the distribution of SUDO, the governance token of the sudoAMM protocol. https://t.co/aGwNWSDaB6

NOTE THAT THE SUDO TOKEN FOR THE SUDOSWAP PROTOCOL HAS NOT YET BEEN PROVIDED. PLEASE BE CAREFUL

— sudoswap (@sudoswap) September 2, 2022

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

XMON owners have a one month window to decide if they want to get SUDO. Those wishing to hold the governance token must lock away their XMON tokens for three months prior to withdrawal – a necessary step as it indicates their willingness to participate in sudoAMM governance.

“XMON retains 100% of its functionality and is not modified in any way by the locking mechanism, except that the locked XMON is non-transferrable during the lock period,” the blog post reads. “The distributed SUDO is proportionate 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 handed over to the original founding team of Sudoswap; another 15% is distributed to SudoRandom Labs, a major contributor to the sudoAMM protocol; and 25% is given to the treasury managed by SUDO holders.

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

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• Bessie Liu

  blocks

  reporter

  Bessie is a New York-based crypto reporter who previously worked as a tech journalist for The Org. She received her Masters in Journalism from New York University after working as a management consultant for over two years. Bessie is originally from Melbourne, Australia. You can contact Bessie at [email protected]

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