Over the past 12 months, five large projects have distributed digital assets worth hundreds of millions of dollars among their users. One of them did it by mistake
On November 15, the decentralized exchange ParaSwap issued its own PSP token and distributed 7.5% of its emission among the 20 thousand first users of the trading platform. The total supply of altcoins is 2 billion. The first users of the site received coins worth about $ 270 million (an average of $ 13.5 thousand for each). Over the past year, several more projects have given away cryptocurrency for free.
At the end of September, the Compound DeFi protocol paid out 280,000 COMP tokens worth more than $ 80 million to borrowers and liquidity providers for free. However, this happened as a result of an error in updating the smart contract that is responsible for the distribution of funds. The error caused the contract to increase the amount of funds that were paid to users.
One of the users withdrew COMP tokens for $ 27 million (at the end of September exchange rate). On November 15, the cost of these tokens is $ 31.9 million.
In August, the dYdX decentralized crypto exchange issued its own token and distributed 50% of the issued digital coins of the user of the trading platform. 7.5% of the issued tokens (75 million) were received by users who made at least one transaction on dYdX before July 26, provided that they made at least one transaction on the exchange in August.
In early September, the dYdX token was listed on the trading platforms MEXC Global, OKEx, Gate.io, Poloniex, Huobi, Uniswap and Sushiswap. After the start of trading, the price of dYdX instantly rose by more than 1100% and exceeded $ 30. On November 15, the token is trading at $ 14.6, and its capitalization is $ 909 million, according to CoinGecko.
On February 25, ZKSwap decentralized exchange distributed 80 million of its own ZKS tokens to its users. Coins in a 1: 1 ratio were received by all users who hold ZKS on exchanges, wallets, in the ZKSwap network or on the ZKSwap Proof-of-staking contract.
At the time of the distribution, the cost of ZKS tokens reached an all-time high of $ 11.2. After that, the price of the cryptocurrency began to decline. On November 15, the token is trading at $ 0.75 (down 93% from the high).
At the end of December last year, the 1inch decentralized exchange issued its token and distributed coins to users. Traders who have fulfilled one of the following conditions have received the right to collect the reward in cryptocurrency:
- made at least one transaction before September 15, 2020;
- made at least four transactions;
- made transactions for a total amount of at least $ 20.
The exact amount of airdrop per user in 1inch was not disclosed. But it is probably 600 tokens. This is the minimum number of coins that traders withdrew from the wallet from which the cryptocurrency was distributed. At the time of distribution, the cost of 600 1inch tokens was approximately $ 1.5 thousand.On November 15, this amount is $ 2.55 thousand (taking into account the current 1inch rate of $ 4.25).
At the end of October, the price of the 1inch token set an all-time high at $ 8.6. Then the cost of tokens received during the free distribution increased to $ 5.1 thousand.