Airdrop Farmers Who Did Nothing All Year Still Disappointed with $GRASS Allocations
Despite being asked to do nothing but download a browser extension, the crypto community is again frustrated with free money.
Grass, a Solana-based AI data layer, has finally revealed user token allocations ahead of its upcoming airdrop.
Unlike many previous airdrops, which required capital deposits or financial interactions from users, Grass was completely free. This made Grass farming exceptionally popular, due to its low barrier to entry.
Throughout 2024, Solana’s airdrop farmers have eagerly awaited the launch of $GRASS. However, expectant farmers have once again expressed disappointment with their allocations, despite the simple eligibility conditions.
$GRASS Airdrop Checker Launched
On September 4th, Grass revealed its highly-anticipated airdrop checker. In a bid to decentralize the project, the airdrop coincides with the launch of the Grass Foundation, a collaborative entity committed to the protocol’s long-term success.
Throughout the year, users who ran a Grass node on their computers earned points in exchange for contributing to Grass’s AI data layer. Running a node was completely free, and required no active time commitment from users.
Despite these conditions, $GRASS airdrop farmers have expressed their bitter disappointment with their allocations. Disgruntled commentators took to 𝕏 to air their grievances, with some users remarking that geographic restrictions were not made sufficiently clear.
Rubbing more salt in the wounds, some argue that farmers have been exploited for their data. Crypto community members insinuated that a Grass Node is little more than spyware which users willingly downloaded in exchange for pennies.
However, it should be noted that is yet to include the ongoing bonus epoch or the ‘To Be Announced’ allocations, which collectively make up 15% of the initial airdrop. Allocation weightings also favored early users, with closed alpha and early epoch contributors earning higher rewards.
10% of $GRASS Supply Set Aside For Initial Airdrop
While full details on $GRASS tokenomics are yet to be revealed, the Grass Foundation stipulated that the asset will have a total supply of 1B tokens.
According to the announcement, 10% of the total supply has been allocated to the initial $GRASS airdrop. This is a common trend in the Solana ecosystem, with many popular protocols like Jupiter and Kamino Finance, opting to distribute 10% of the assets’ supply during their respective TGE (Token Generation Event).
Grass has referred to the upcoming TGE as ‘the first airdrop’ suggesting that users will be eligible to earn further rewards in future incentive programs.
$GRASS Pre-Market FDV Set at $445M
Pre-market $GRASS trading has begun in earnest, following the launch of the allocation checker and its subsequent supply reveal. At press time, $GRASS tokens are currently exchanging hands at $0.445 on Whales Market, a popular pre-market trading platform.
With $GRASS currently valued at $0.445 and its total supply set at 1B tokens, pre-market trading suggests that $GRASS has an FDV (Fully Diluted Valuation) of $445M.
Launching at this valuation would make Grass comparable to Hivemapper’s $HONEY token, another Solana DePIN project with an FDV of $428M.
However, it should be noted that pre-market $GRASS trading has only witnessed $60k volume thus far, which may not be sufficient to ascertain fair asset value.
The community’s reaction to their $GRASS airdrops bears similarities to Sanctum’s recent $CLOUD TGE. Participants appear to have higher expectations than airdrops witnessed earlier in the cycle, like $JUP and $JTO.
With users believing they deserve larger allocations and bystanders condemning farmers for complaining about receiving free money, the event has reignited debate around entitlement in the crypto community.
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