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

November 16, 2021 - Around 2 mins mins to read

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.

A New Way to Earn Free Bitcoin - Okcoin cryptocurrency and bitcoin blog - Airdrop

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%.

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%.

Paraswaps Airdrop disappoints merchants as only 0015 of eligible wallets

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

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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.
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.

A New Way to Earn Free Bitcoin - Okcoin cryptocurrency and bitcoin blog - Airdrop

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%.

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%.

Paraswaps Airdrop disappoints merchants as only 0015 of eligible wallets

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

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