- A new cohort of crypto projects is preparing to launch their tokens.
- Among them are several conclusion point campaigns lasting several months.
Airdrops have experienced difficulties in recent months.
The summer lull in the crypto market, combined with the perception among traders that many new tokens were launching at unsustainable valuations, caused many to fail.
But with the Federal Reserve cutting interest rates by 0.5%, economic recovery in China, and U.S. politicians embracing crypto ahead of the November election, interest in crypto is picking up.
Several crypto projects are preparing to capitalize on this momentum by launching tokens under favorable market conditions.
Here are some of the biggest.
Hyperliquid
Hyperliquide is a decentralized perpetual exchange. Simply put, it allows users to bet on crypto assets, sometimes even before their launch.
On Monday, Hyperliquid launched a separate company called Hyper Foundation and announced that it would soon launch Hyperliquid’s native token, called HYPE.
The platform offers a long-running campaign in which users can earn “points” by making trades and depositing money into trading vaults. These points will determine the number of HYPE tokens users will receive.
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Hyperliquide is the first decentralized perpetual exchange, with $744 million in deposits and daily trading volumes of over $1 billion, according to data from DefiLlama.
The hyperliquid points are trading at $7.32 before the airdrop on the Whales Market points trading platform.
Swell
Swell started as a competitor to Lido’s Ether liquid staking protocol. It has since launched Ether staking, Bitcoin staking and plans to launch its own Ethereum layer 2.
Like Hyperliquid, Swell also offers a long-running campaign where users can earn points using the protocol’s services.
Earlier this month, Swell announced that it would airdrop 8.5% of its supply of 10 billion SWELL tokens to points holders. The release date has not yet been revealed.
With $1.4 billion in deposits across all of its products, Swell has secured a place in the hyper-competitive DeFi staking industry.
Pre-launch trading on Bitget places SWELL at a value of $0.05 per token.
Grass
Grass is an application that allows users to monetize their Internet connection by helping to train artificial intelligence.
Over the past year, it has incentivized users to join its AI training network through a points campaign. Grass also plans to launch a Solana Layer 2 network in the future to make its data collection more transparent.
In August, Wynd Network, the company behind Grass, launched a separate entity called Grass Foundation which will launch its GRASS token. He has not yet revealed a date for the drop.
Why do crypto projects launch foundations? Regulation around crypto tokens – particularly in the United States – is unclear, to say the least. To avoid running afoul of these regulations, projects create separate, often non-profit companies through which they launch tokens for their protocols.
Grass says 2.5 million users contribute to its network. Almost all of these users are eligible for tokens, so it is likely that the airdrop will be one of the most widely distributed in history.
The GRASS token is trading at $1.11 before the airdrop on Whales Market.
Roll
Scroll is a layer 2 network – a blockchain built on Ethereum offering faster and cheaper transactions.
DeFi natives have long speculated that Scroll could follow its competitors, like ZKsync, and launch a token.
These speculations were validated in April when Scroll launched a points campaign.
Then, in early October, Scroll confirmed plans to launch a token, called SCR. It will airdrop 7% of its billion tokens provided to early adopters, with another 8% reserved for a future airdrop.
Eligible users will be able to claim SCRs starting October 22.
The SCR token is trading at around $1.45 on Hyperliquide’s pre-launch market, giving it a fully diluted valuation of nearly $1.5 billion.
Magical Eden
Magic Eden is the largest NFT marketplace on Solana.
In August, it launched the ME Foundation and announced plans to launch a token called ME.
The foundation says ME will be used to incentivize people to use its associated protocols as Magic Eden expands beyond NFTs and adds support for other blockchains.
Specific details on when the token will launch and how much of the supply will be dedicated to an airdrop have not yet been revealed.
The ME token is trading at $0.18 before the airdrop on Whales Market.
Tim Craig is DL News’ DeFi correspondent based in Edinburgh. Contact us with advice at tim@dlnews.com.
