Record-Breaking Airdrop Propels GRASS to New Heights

The price of the GRASS token rose by 60% to $1.82 this week, with a market cap now reaching $450 million. The airdrop, involving 1.5 million wallets, drove a surge in trading volume, highlighting growing market interest in decentralized utility tokens.

The price of the GRASS token has soared by 60% this week to reach $1.82, with a market capitalization that now stands at $450 million. The airdrop, which saw nearly 1.5 million wallets claiming the governance token, has sparked a surge in trading volume, highlighting the growing market interest in decentralized utility tokens.

Record-Breaking Airdrop Propels GRASS to New Heights

Fresh off its launch, GRASS has become one of the most talked-about cryptocurrencies this week, boasting a price that is 60% higher at $1.82, a market valuation that has soared to $450 million, and daily trading volumes that have surpassed $400 million.

The airdrop, which took place earlier this week, saw nearly 1.5 million addresses claiming the governance token, making it the largest within the Solana ecosystem. Before this, the record for the biggest Solana airdrop belonged to Jupiter, a popular decentralized exchange, with approximately 639,000 users claiming the tokens.

During the first distribution of GRASS tokens on Monday, October 28, Phantom, Solana’s biggest wallet, went down.

Growing Wallet Eligibility and Market Momentum

The DePin project, which is situated in Solana, has more than 2.8 million wallets that met the timetable requirements and will receive GRASS tokens, which are the project charter.

As anticipation of listing on Tier-1 exchanges continues to rise, it has contributed significantly to the recent price rally of GRASS. Coinglass data shows that futures open interest for the governance token has increased to $90.33 million, a 73% rise. Moreover, there has been a 146% increase to $1.30 billion in daily trading volume for GRAS futures.

Unique DePIN Model Drives User Interest

One of Grass's unique DePIN initiatives includes an open, internet-scale web crawl that collects and validates data to teach AI bots.

Millions of users have already installed its mobile app and browser plugin, where they clean and organize website data in exchange for GRASS tokens. Wynd Labs CEO and Grass contributor Andrej Radonjic stated:

“Historically, your bandwidth has been stolen from you by companies that pay developers to sneak software into your free apps. They then turn around and allow F500’s and AI companies to use your device to scrape valuable web data. Today marks the first time ever that users are receiving network ownership for sharing their bandwidth. This bucks a 20+ year trend in an industry that has been reliant on extractive incentive structures.”

Expanding Use Cases for the GRASS Token

In addition to covering bandwidth expenses and facilitating "web traffic flow through the network," the GRASS token can be used for staking on the protocol.

Key Market Shifts Fuel GRASS Rally

Several market shifts have contributed to the spectacular increase in the value of the GRASS token in the past few days. According to Coingape, there are a few key points that are driving this rally: