Grass crypto pre-market futures steady as airdrop details emerge

Newly launched Grass premarket futures were flat on Tuesday, October 22, as investors awaited the upcoming airdrop.

Grass (GRASS) futures offered by OKX traded at $1.15, 52% higher than last week’s low of $0.7330.

The rally took place after the developers offered more details about the airdrop. Grass Foundation announced in post X that the first airdrop will consist of 100 million GRASS tokens, representing 10% of the total supply.

9% of these tokens will go to users who earned points in the first phase of the network era. The other 1% will be distributed to GigaBuds NFT holders and users who have installed the Desktop Node and Saga App.

The Foundation also noted that the network era includes users who earned 500 or more Grass Points during that period. Additionally, 5 million GRASS tokens will be distributed equally to all accounts that install the Desktop Node or Saga application and earn at least 500 points.

The upcoming GRASS tokens will be used for network management, including proposing and voting on improvements. They will also facilitate staking and reward distribution. After centralization, Grass tokens will be used to pay for transactions on the network.

Grass is one of the most popular players in the blockchain industry, with more than 2 million users worldwide. These users create accounts on their computers, download the app, and keep it running in the background.

Users receive tokens for contributing their unused internet to the network. Companies use the local network for tasks such as checking local product prices and displaying regional advertisements.

Grass joins other high-profile airdrops

Grass joins several major players in the crypto industry who have announced plans to launch their airdrops. However, most of these airdrops did not perform as expected.

For example, EigenLayer (EIGEN), the crypto world’s largest re-stock player, is down 23% from its October 1 high. Its fully diluted market capitalization fell below $5.7 billion.

Similarly, Wormhole (W) token fell from $1.66 in April to $0.28, while Notcoin (NOT) fell from $0.030 to $0.0080. Others, such as Catizen, Hamster Kombat, and Pixelverse, have also fallen sharply from their all-time highs.

One reason for the sell-off is that these new tokens compete with meme coins, which have become quite popular among traders.

Additionally, many of these projects airdropped only a portion of their tokens, leading to the potential for further dilution in the future. In Grass’ case, the airdrop will represent only 10% of all tokens, meaning the rest will be released periodically. As a result, there is a possibility that the grass token will drop after the airdrop takes place.