The decentralized network, Grass, which rewards users for sharing unused internet bandwidth has announced its native token, GRASS Airdrop One. The airdrop is scheduled to take place on October 28, 2024, at 13:30 UTC.
As per its announcement on X, the GRASS Airdrop one “represents a crucial step toward building the first user-owned map of the Internet.”
GRASS Airdrop One, one of the most widely distributed airdrops in history, will take place October 28th, 2024 at 13:30 UTC. Airdrop One represents a crucial step toward building the first user-owned map of the Internet.
GRASS tokenomics can be found here:…
— Grass Foundation (@grassfdn) October 24, 2024
The official statement outlines the details for the airdrop, according to which the GRASS Airdrop One is designed to reward early supporters and contributors to the Grass network.
To be eligible for GRASS Airdrop One, users must have accumulated 500+ Grass Points during any epoch and have linked their wallet to the Grass dashboard by October 14, 2024, at 20:00 UTC.
Airdrop One allocates 100,000,000 GRASS (10% of total supply) to early users and community members as follows: 9% to users who earned Grass Points during Stage 1 (the Network Snapshot), 0.5% to GigaBuds NFT holders, and 0.5% to users who installed the Desktop Node or the Saga Application.
The Network Snapshot includes all users who earned more than 500 Grass Points in a given epoch.
The statement further explains the mechanism of rewards, and states that each eligible user will be rewarded based on their Grass Points, though the method and timing of the distribution will vary depending on the user’s jurisdiction. For GRASS, a total of 4,996,015 GRASS tokens are being distributed evenly among all GigaBuds NFTs at the snapshot block, with the exception of NFTs listed for sale at the time of the snapshot. Eligible wallets will receive 515 GRASS tokens for every GigaBud NFT they hold.
What will the GRASS tokens be used for?
Eligible participants will receive GRASS tokens, which is aimed at empowering them to engage with the network in the following ways
- Token Buybacks & Network Fees
- Staking to secure the network’s infrastructure (Note: locked tokens cannot be staked)
- Rewards for contributions to the network
- Governance rights, allowing token holders to participate in key decisions for the Grass network
It is worth mentioning that claims for the GRASS airdrop are NOT live yet, and the Grass Foundation has urged participants to stay cautious and avoid any scams. Claims will only be processed through the official website, grassfoundation.io.
Also Read: Scroll Announces 1st Airdrop to Celebrate Community Contributions