ParaSwap airdrop PSP token, is PSP like UNI or 1inch?

Airdrops became popular as ParaSwap progressed into rewarding PSP tokens for early users of the protocol.

DEX ParaSwap has launched its native PSP token and airdropped 150 million PSP tokens to 20,000 early users of the protocol.

150 million PSP tokens distributed to first users

Recently, decentralized exchange (DEX) ParaSwap announced the launch of its own token. It is called PSP and is developed on the blockchain of Ethereum. Approximately 2 billion PSP tokens will be released to the market.

In fact, it is not too new for projects to issue their own tokens. What caught the attention of investors and users is the fact that ParaSwap will conduct an airdrop for the users of the protocol. Accordingly, the first users of ParaSwap (approximately 20,000 people) will receive about 150 million PSP tokens through this airdrop. These tokens will represent 7.5% of the total supply of the protocol.

According to another statistic, up to now, there are about 1.3 million wallet addresses trading on ParaSwap. However, this number of 20,000 people is filtered out based on how many times they transacted on ParaSwap during the last 6 months to 8/10/2021. In addition, ParaSwap also considers that user’s on-chain activities to make a decision on the ranking of this airdrop.

Will the PSP token grow like UNI or 1INCH?

You may remember the Uniswap airdrop in 2020. Each user of the protocol received 400 UNIs for free after that airdrop. At the current exchange rate, a UNI token is currently worth around 24.11 USD. Thus, 400 UNIs after the airdrop are now worth about 9,644 USD, a pretty impressive number. Most recently, Ethereum Name Service (ENS) also launched an ENS token airdrop program for users. Although there is no specific number of recipients, but with the current ENS rate at 60 USD, it seems that this is not a small number.

Some parameters about ParaSwap. Source: Dune.

ParaSwap was launched in September 2019. According to Dune Analytics, ParaSwap has a transaction volume of nearly 12 billion USD, this figure of 1 inch is about 95 billion USD. 1inch also launched its native token last year, which has more than doubled in price since launch and is currently trading at around $4.20.

Data from CoinGecko shows that in the first day of trading, the PSP price has ranged from a high of $2.10 shortly after its launch to a low of $1.18 at midday and is trading at a price of 1.43 USD at the time of writing.

PSP/USD 10 Minute Chart. Source: CoinGecko.

Channel to update Crypto information: Financial Investment Academy

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