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Saturday, September 24, 2022

ParaSwap Wallets Have Barely Received PSP Tokens

ParaSwap has burst into the scene by being one of the newest projects which have rewarded early adopters- despite their statement in October that the project had no intention of an airdrop. The aggregator of decentralized exchange has been designed to help other decentralized finance traders along with decentralized applications find the best rates that are currently available in the market.

As a result, airdrops have come back to the scene in a major way following the recent five-figure token drop from the protocol referred to as the Ethereum Name Service which then kicked off a whole basket of protocol engagements from a host of crypto enthusiasts that have been looking for the next crypto stimulus check. 

ParaSwap Wallets Have DeFi Traders Up In Arms

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ParaSwap’s latest attempt to throw the hunters of the airdrop was done to prevent holders of cryptocurrency from gaming the system by orchestrating a Sybil attack in which a single account would be using multiple fake addresses in order to interact with the interface as a method to attain a larger airdrop.

But as luck would have it, most of the honest users of DeFi will not be having a good time as the attempt of ParaSwap to weed out the nefarious actors seem to have gone overboard with data indicating that out of the 1.3 million addresses that interacted with the protocol- around 20,000 have been considered eligible for the PSP airdrop.

The increased scrutiny led to about 0.015% of the total wallet number that went on to interact with the platform that qualified for the airdrop. This has certainly turned out to be a boon for those who also qualified because the smaller bunch of participants resulted in a major allocation of PSP tokens to every single qualifying wallet. 

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According to data collected from CoinGecko, it was highlighted that in the first day of trading, the price of ParaSwap went on to range from a high of $2.10 to a low of $1.18 midday. It is currently trading at a price of $1.43.

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