After being airdropped to test net users and certain NFT holders, the price of Omni Network’s token has already dropped by half in just eighteen hours.
Almost eighteen hours after its airdrop, the Omni Network’s ERC-20 token, OMNI, had a 55% decline that removed more than half of its market valuation.
In the meantime, the price of a bogus token bearing the identical name has just been “rug pulled,” plunging 100%.
On April 17, beginning at 11 am UTC, the layer-1 testnet blockchain that aims to connect Ethereum rollups distributed 3 million OMNI, or 3% of its 100 million token supply, to its community contributors. OMNI has a $560 million market valuation.
In less than 30 minutes, OMNI fell almost 30% from $53.80 to less than $39 and has now plunged to about $24, a decrease of more than 55%.
With its present market capitalization of $267.5 million, it is valued at roughly $2.57 billion when completely diluted.
Early testnet users, builders, and community members received 50% of the most recent airdrop, or 1.5 million OMNI, valued at around $36.2 million. On April 3, eligibility was ascertained by a snapshot.
The leftover tokens were distributed in different ways to nonfungible token (NFT) initiatives including Pudgy Penguins and EigenLayer restakers.
9.27 million OMNI, or 9.27% of the total supply, were set aside as public launch tokens by Omni Network on April 15 and would be used for “launch pools and liquidity.”
The majority of OMNI, or 29.5 million, or 29.5% of the total, will be reserved for “ecosystem development” and distributed first at the Omni Foundation’s discretion, the blockchain’s supporting organization.
23.3 million, or about 25% of all OMNI, were set aside for advisors and investors.
A total of $15 million in OMNI was given to advisers today; in a year, another 875,000 OMNI will be given, and after that, 437,500 OMNI will be given every six months for two years.
The tokens owned by investors were scheduled to be unlocked over a three-year period. After a year, around 6.7 million tokens, or nearly $161 million in today’s currency, would be released.
April 2024, Cryptoniteuae
