Original | Odaily Planet Daily (@OdailyChina)
“Finally, we have made it to the token launch,” is likely the sentiment of the “profit-seeking” community in Grass.
Last night at 9:30 PM, the application for the Grass token officially opened (application link: https://www.grassfoundation.io/claim). Due to the overwhelming number of users applying, thousands attempted to claim the airdrop simultaneously, causing Phantom's backend system to become unresponsive and crash for 60 minutes.
Since the Grass token did not launch on Binance as the community expected, and even OKX only listed it as a contract rather than spot trading, the sentiment of “dumping the tokens right after receiving them” spread throughout the community. According to market data (GRASS token contract address: Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs), when the GRASS token was first claimed, it dropped from an opening price of $0.66 to below $0.50, indicating that the “profit-seekers” wasted no time in dumping their tokens. However, a large buying wave followed, pushing the GRASS price to over $0.90, an increase of over 80% from the low point. Although a “second wave of dumping” occurred in the early morning, the GRASS price was quickly lifted again, currently reported at $0.904.
At the same time, according to the official website, nearly 5 million GRASS tokens are currently staked, with an APR of 253.49%. It is worth mentioning that unlocking the tokens requires 7 days.
Grass Project Introduction
Image source: Official Twitter
Grass (commonly referred to as “little grass” in the community) is the first project deployed on Solana that combines AI, Depin, and Solana technology, positioned as the data layer for AI. As a decentralized network, Grass aims to provide the data required for AI model training by accessing public networks. This makes Grass an important component of the AI data layer as it expands to clean and prepare structured datasets, establishing its foundational position in the AI field.
According to ROOTDATA, Grass has completed a second round of financing, totaling $4.5 million, as follows:
In July 2023, Grass announced the completion of a $1 million Pre-Seed round, with investments from No Limit Holdings, Big Brain Holdings, Builder Capital, Cogitent Ventures, Kyle Samani, Neel Somani, Rahim Noorani, and others;
In December 2023, Grass announced the completion of a $3.5 million seed round, led by Polychain Capital and Tribe Capital, with participation from Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik.
Token Economic Model
According to official information, the total supply of GRASS tokens is 1 billion, with the specific token distribution as follows:
Community: 30% of the total token supply, amounting to 300 million tokens, of which the portion for this airdrop is Airdrop One, accounting for 10% of the total supply, or 100 million tokens; Future Incentives account for 17%, or 170 million tokens; Router incentives account for 3%, or 30 million tokens;
Foundation and Ecosystem Development: 22.8% of the total token supply, amounting to 228 million tokens, which will be used to support community and development plans, such as network upgrades, collaborations, research, and development to expand the ecosystem;
Investors: 25.2% of the total token supply, amounting to 252 million tokens, locked for one year after TGE, then released linearly over the following year;
Website Contributors: 22% of the total token supply, amounting to 220 million tokens, locked for one year after TGE, then released linearly over three years.
It can be seen that for the long-term development of the Grass project, 17% of the total supply is still reserved for future airdrops, and significant selling pressure will occur in the year following TGE.
According to GoinGecko data, the current circulating supply of GRASS tokens is nearly 250 million, of which 100 million GRASS are from the airdrop claimed by users.
For the “profit-seekers,” GRASS can finally come to a close. Although there are no stories of “getting rich by mining grass” in the community, it can still be considered a “decent meal of pig trotter rice.” Lastly, since Grass still has 17% of tokens reserved for future airdrops, continuing to seek quality early projects while “continuing to mine little grass” may be a good strategy.
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