Solana-based decentralized physical infrastructure network (DePIN) Project Grass attracted great attention with the GRASS token airdrop that took place earlier this week. Governance token GRASS surged an impressive 125% within three days of launch.
Reasons Behind GRASS Price Increase
At press time, GRASS price was trading at $1.82, up 60%, while its market cap reached $450 million and daily trading volume exceeded $400 million. This put GRASS among this week’s trending cryptocurrencies. Interestingly, the GRASS token airdrop that took place earlier this week was the largest airdrop in the Solana ecosystem, with nearly 1.5 million addresses claiming this governance token.
Airdrop Record in Solana Ecosystem
Prior to the GRASS token distribution, popular decentralized exchange Jupiter held the record for the largest airdrop on Solana, with approximately 639,000 users requesting the tokens. During the initial distribution of the GRASS token, Solana’s largest wallet, Phantom, experienced an outage.
Project and Token Details
More than 2.8 million wallets were eligible to receive GRASS tokens by connecting within the required time frame. One of the main reasons for the GRASS price increase is the increased expectation of listing on Tier-1 exchanges. Additionally, futures open interest for the governance token increased by 73% to $90.33 million, according to Coinglass data. The daily trading volume of GRASS futures increased by 146%, reaching $1.30 billion.
More About Solana Based DePIN Project Grass
Grass is a unique DePIN project that performs an open internet-scale web crawler that collects and verifies data to train AI bots. Millions of users have downloaded the browser extension and mobile app while receiving GRASS tokens as rewards. Wynd Labs CEO Andrej Radonjic, a Grass contributor, said:
“Historically, your bandwidth has been stolen by companies that have developers secretly add software to your free apps. F500s and AI companies then use your device to crawl valuable web data. Today marks the first day that users gained network ownership by sharing bandwidth. “This reverses a trend of more than 20 years, with the industry prioritizing user rights over interest-driven incentive structures.”
Market Trends and Factors Supporting GRASS Token Increase
The GRASS token has seen impressive growth thanks to various market changes in recent days. Factors supporting this rise include:
The success of the GRASS token after its launch gives positive signs in terms of the sustainability and growth potential of the project. Building the token on solid foundations and acting with strategies in line with market dynamics can have a positive impact on its future performance. It seems that investors and users will continue to closely follow the development of the GRASS token.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
