Grass crypto pre-market futures steady as airdrop details emerge

The newly launched Grass (GRASS) pre-market futures remained stable on Tuesday, Oct. 22, as traders awaited details surrounding the upcoming airdrop.

Grass futures on OKX were trading at $1.15, marking a 52% increase from last week’s low of $0.7330.

This rally followed an announcement from the Grass Foundation, which shared more specifics about the upcoming airdrop. According to an X post, the first airdrop will involve 100 million GRASS tokens, constituting 10% of the total supply.

Of these 100 million tokens, 9% will be distributed to users who earned points during the first stage of the network epoch, while 1% will go to GigaBuds NFT holders and users who have installed the Desktop Node and Saga Application.

Additionally, the foundation clarified that users who earned 500 or more Grass Points during the epoch are eligible. Furthermore, 5 million GRASS tokens will be evenly distributed to accounts that have installed the Desktop Node or Saga app and earned at least 500 points.

The upcoming GRASS tokens will play a crucial role in the network’s governance, allowing users to propose and vote on improvements. In addition, these tokens will be utilized for staking and reward distribution. Once the network becomes fully decentralized, GRASS tokens will also serve as a means of paying transaction fees within the ecosystem.

Grass has become one of the most prominent players in the blockchain space, boasting over 2 million users globally. These users create accounts on their computers, download the application, and keep it running in the background.

In return, users earn GRASS tokens by contributing their unused internet bandwidth to the network. The network is leveraged by companies for various tasks, such as checking local product prices and displaying regional advertisements, benefiting both users and businesses within the Grass ecosystem.

Grass joins other high-profile airdrops

Grass joins a growing list of major players in the crypto industry that have announced plans to launch their own airdrops. However, many of these airdrops have not lived up to expectations.

For instance, EigenLayer (EIGEN), the largest restaking project in the crypto space, has experienced a 23% decline from its peak on Oct. 1. Its fully diluted market cap has fallen below $5.7 billion.

Similarly, the Wormhole (WORM) token has dropped from $1.66 in April to just $0.28, while Notcoin (NOT) has seen a decrease from $0.030 to $0.0080. Other projects like Catizen, Hamster Kombat, and Pixelverse have also seen sharp declines from their all-time highs.

A key factor behind this sell-off is the fierce competition these new tokens face from meme coins, which have become highly popular among traders. Additionally, many of these projects have only airdropped a small portion of their tokens, leaving the rest to be gradually released, which could lead to future token dilution.

In the case of Grass, only 10% of the total token supply will be distributed during the airdrop, meaning the remaining tokens will be released over time. As a result, there’s a possibility that Grass tokens may experience a decline in value following the airdrop.