Airdrops is back in vogue after the recent fall of a five-digit token from the Ethereum Name Service protocol triggered a host of protocol commitments from encouraging crypto enthusiasts who want to pass the next “crypto incentive check.”
Paraswap is the latest project to reward early users, despite announcing in early October that the project would not be released. The decentralized exchange aggregator is designed to help traders in decentralized finance and decentralized applications find the best prices available on the market.
Most likely, this is an attempt to get rid of airdrop hunters to prevent cryptocurrency holders from trying to “manipulate the system” by carrying out the Sybil attack, where an account uses multiple fake addresses to interact with the Paraswap interface to get a bigger airdrop.
Unfortunately for many honest DeFi users, it seems that ParaSwap’s attempts to weed out malicious players have gone too far, as data shows that of the 1.3 million addresses that have interacted with the protocol, only 20,000 are eligible for free PSP gifts.
The improved validation, which resulted in only 0.015% of the total wallets interacting with an appropriate giveaway platform, was a boon for those who qualified as a smaller group of contributors, resulting in a larger distribution of PSP tokens to each qualified. Pocket wallet.
Users at the lowest level of airdrop received 5,200 PSP tokens, while the middle level received 7,800 PSP tokens and the most active sellers received 10,400 PSP tokens.
Despite the buzz caused by qualifying standards in the DeFi community, most recipients hoard their new PSP tokens at 643% APY.
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CoinGecko data shows that on the first trading day, the PSP price ranged from $ 2.10 shortly after launch to $ 1.18 at noon, to $ 1.43 at the time of writing.
10-minute PSP / USD chart. Source: CoinGecko
Provided that the PSP price remains stable at current levels, this could mean another five-digit test of the incentive for DeFi users who continue to benefit from their willingness to interact with new protocols and promote the cryptocurrency ecosystem.