Coit to Airdrop $10M Worth of Coti v2 Tokens to COTI Holders Starting March 25
Summary:
Coit, a privacy-focused layer-2 Ethereum-based protocol, will distribute $10 million worth of Coti v2 tokens via airdrop to Coti (COTI) token holders, starting on March 25. Launching as a community reward initiative, the distribution will commence in late 2024, following its token generation event. Alongside existing COTI tokenholders, those involved in treasury initiatives are also eligible for these rewards. The company also outlines its plan to boost rewards through extended lock periods, beginning from March 25.
Coit, a privacy-focused layer-2 Ethereum-based protocol, will roll out an airdrop to disseminate $10 million worth of Coti v2 tokens among Coti (COTI) token holders. Specifically designed for securely transmitting sensitive data over blockchain within Web3 applications, Coti v2 is hosting a community rewards initiative. This scheme will see the airdrop of 40 million Coti v2 tokens to existing native and ERC-20 COTI holders, as stated in an announcement made on Cointelegraph. This rewards scheme will kick off on March 25 but distributions of Coti v2 tokens will begin in late 2024, following its token generation event. Along with existing COTI holders, those who are part of all treasury initiatives also qualify for these rewards. Coti has emphasised that this airdrop is over and above any annual percentage yield rewards aimed at token holders. Those who made a deposit in the Treasury prior to February 28, 2024, will get additional incentives for their early support. The treasury of Coti held roughly $98.7 million at the time the announcement was made. Rewards for investors will be calculated based on their involvement level in the ecosystem. Coti v2's launch is, according to the company, a crucial step towards unlocking innovative use cases for the Web3 economy via privacy. Starting March 25, the company has planned to increase rewards by proposing longer lock periods of 180, 270 and 360 days. In the first week of January 2024, protocols initiated the airdrop season by collectively offering $700 million worth of token airdrops. Prominent protocols like the Ethereum scaling solution AltLayer, multilayer rollup deployer Dymension, and the decentralized exchange based on Solana, Jupiter, rewarded their users. Prospective investors who are scouting blockchain projects to invest in should conduct comprehensive research about the particular project. Furthermore, vigilance should be exercised to avoid falling prey to accounts posing as renowned crypto projects. These impostor accounts often lure people in by promising outlandishly high returns on investments.
Published At
3/18/2024 5:00:00 PM
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