1,5 million addresses have already left applications

DePin project Grass token airdrop becomes the largest in the Solana ecosystem

31.10.2024 - 12:30

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4 min

What’s new? The GRASS airdrop has become the largest token distribution event in the Solana ecosystem, 1,5 million addresses have left applications to participate. The previous record in terms of the number of addresses that received coins as a result of airdrop belongs to the decentralized exchange (DEX) Jupiter with its token JUP, 639 000 applicants.

Material by The Block

What else is known? In total, about 2,8 million participant wallets are eligible to receive free GRASS coins. However, according to the CEO of Wynd Labs, Andrej Radonjic, eventually, about 5 million addresses will be given the opportunity to participate in the airdrop. Applications will be accepted until mid-January 2025.

It is important to note that a single user can have multiple blockchain addresses and wallets, so GRASS is not necessarily the leader in terms of the number of holders at the end of the airdrop.

The start of the distribution on October 28 led to a malfunction of one of the leading Solana wallets, Phantom, which had an estimated 7 million users as of April. Phantom started displaying balances incorrectly and did not process requests for three hours. After the recovery, the team promised to take steps to prevent similar problems in the future.

As for Grass, it is a decentralized physical infrastructure network (DePin) that rewards users with GRASS tokens for providing access to its unused internet connection throughput, which is used to improve various online services.

Additional rewards are also provided through a referral program. To participate in the project, you need to download the desktop application.

The developers guarantee that the application does not view personal information or track the user’s Internet activity, and is recognized as safe by leading antivirus providers.

100 million GRASS or 10% of the total supply has been allocated for the first season of airdrop, and users who have earned more than 500 Grass Points will receive them.

In total, the community has been allocated 30% of the supply volume, of which 10% is for the first airdrop, 17% is for future initiatives, and 3% is for stimulating validators.

Also according to tokenomics, the distribution includes investors and developers who will receive 25,2% and 22% of the total supply, respectively. Another 22,8% is reserved to support the growth of the ecosystem.

GRASS’ linear unlocking process will last until 2028. Until October 28, 2025, 0,01% of the total supply or 146 200 GRASS will be taken out of the blockchain every day, which could put pressure on the price in the long run.

GRASS is currently trading at $1,09 and has a fully diluted valuation (FDV) of $1,08 billion, compared to its market capitalization of $264,2 million.

In the ranking of DePin projects from aggregator CoinGecko, GRASS is the most trending token with a 37,8% increase in rate per day and is ranked 21st in terms of capitalization.

Borderless Capital launches its third $100 million fund to invest in DePIN projects

Borderless Capital launches its third $100 million fund to invest in DePIN projects

One of the fund’s investors was the Solana Foundation

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In general, DePin projects are rapidly gaining popularity. Borderless Capital has already launched its third fund to support such startups, including Solana Foundation. In Solana, the most popular representatives of the segment are Render (RDNR) and Helium (HNT) with a capitalization of $1,9 billion and $1,14 billion, respectively.

In September, 10 DePin projects raised about $40 million from venture capitalists.

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