Shardeum, the world’s first EVM-based L1 blockchain, recently curated a colossal buzz of inferences among crypto market enthusiasts globally as the network geared up with updates orbiting phase 1 of its SHM airdrop. Nischal Shetty, Co-founder of Shardeum, recently proclaimed that the network released a draft version of the Shardeum phase 1 airdrop yesterday, garnering over 3K feedback submissions from the community. The phase 1 campaign primarily aims to facilitate rewards to community members who aided Sharedeum in advancing within the broader crypto market. Meanwhile, the draft showcased key details on Shardeum’s native coin Shard’s (SHM) venture into the crypto realm, spotlighting key details like airdrop phases ahead, among many others.

Shardeum Unveils Key Updates

According to Shardeum, the SHM will have a maximum supply of 508 million SHM, allocated to numerous validators and archiver nodes, accompanied by allocations for TGE (Token Generation Events) within the ecosystem. Meanwhile, the foundation plans to execute the airdrop in three significant phases.

The first phase focuses on early contributors, while the second phase zeros in on an incentivized testnet. Notably, the third phase scopes in on the mainnet campaign, with the most significant amount of tokens allotted in the airdrop, 18.44 million SHM. Concerning this, the number of SHM coins collectively reserved for airdrops totaled a whopping 25.4 million, nabbing attention across the global crypto horizon.

However, certain speculations over the airdrop’s potential leverage to Shardeum’s treasury also appear to be hovering over the broader crypto market. To this, Nischal replied “That’s not true, the team is not allowed to participate. The ecosystem airdrop allocation is only for the community and none of it goes to the treasury either.”

Also read: Missed Jupiter (JUP) Airdrop? Here Are Major Upcoming Airdrops In 2024

Opportunities For Unrewarded Contributors

Intriguingly, the Shardeum community also ruled out plans for unrewarded contributors within the network. Although the Shardeum Foundation can’t reward all node validators in a single airdrop, the organization presented EVP (Early Contributor Program) during the phase 1 eligibility period, marking eligible contributors with a Unique NFT that offers numerous benefits.

Meanwhile, the eligibility criteria encompasses high performers and randomly selected contributors.

Also read: Ripple Unveils Key Regulatory Vision For Decentralized Finance

The post Shardeum (SHM) Airdrop: Tokenomics, Eligibility, & Everything Else To Know appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am