Categories: Market

Paraswap’s Airdrop disappoints merchants as only 0.015% of eligible wallets drop the PSP price by more than 25%

The Airdrop has once again excited crypto enthusiasts who are hoping for the next “crypto stimulus check” after the recent five-digit token drop from the Ethereum Name Service protocol.

Paraswap is the latest project to award early adopters, although they announced in early October that the project had no intentions of airdropping. A decentralized transaction aggregator designed to help Defi and Dapp traders find the best rates available on the market.

This airdrop attempt was likely made to prevent Hodlers from trying to fool the system by launching a Sybil attack in which an account uses multiple fake addresses to interact with Paraswap’s interface.

Unfortunately, ParaSwap’s efforts to weed out the nefarious appear to have gone too far for many honest DeFi users, as data shows that of the 1.3 million addresses that interact with the protocol, only 20,000 addresses are eligible for PSP to obtain. A sad user share:

I have 6 paraswap wallets, but only received the airdrop in one of my least used wallets. OLDIt seems that a lot of early and engaged users do not qualify for the claim PSP. The conditions are too restrictive and disappoint the community. “

The increased oversight resulted in only 0.015% of total wallets interacting with the Airdrop-enabled platform, which was a bargain for those who qualified as they could get more tokens.

Users in the low airdrop tier received 5,200 PSP, while the mid-tier received 7,800 PSP and the high-tier 10,400 PSP.

Despite the turmoil for the DeFi community, most new PSP receivers have APYs up to 643%.

https://twitter.com/paraswap/status/1460296306182836229?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
Data from CoinGecko shows that on the first day of trading, PSP price ranged from a high of $ 2.1 shortly after launch to a low of $ 1.18 at noon, and at a price of $ 1.43 at the time of writing is traded. In the past 24 hours it has decreased by more than 25%.

PSP / USD 10 minute chart. Source: CoinGecko

Assuming PSP prices stay at current levels, this could lead to another five-digit stimulus check for Defi users who will continue to be rewarded for their willingness to interact with new protocols and develop the cryptocurrency ecosystem.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

24 minutes ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

31 minutes ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

55 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

2 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

4 hours ago

This website uses cookies.