Decentralized exchange (DEX) aggregator ParaSwap announced on the 15th that it will airdrop native token PSP to the platform’s early users. ParaSwap’s native tokens can be used to exercise governance rights and also as an incentive for market makers.
According to the announcement, over 150 million PSP tokens, 7.5% of the total supply of 2 billion PSPs, will be distributed to 20,000 early users of the platform. The platform has detailed that the airdrop will be rewarded to active users on all supported chains.
Launched in 2019, ParaSwap is a DEX aggregator that connects multiple DEX such as Uniswap and SushiSwap when users trade cryptocurrencies on the decentralized exchange (DEX). Some of the aggregators automatically execute transactions at the best prices.
Currently, there are over 1.3 million users of ParaSwap, but only 20,000 of them have been selected for the retroactive airdrop. ParaSwap founder Mounir Benchemled noted that the platform chose users who have made multiple transactions over the last 6 months.
ParaSwap has raised a total of $5.7 million from investors to date, including CoinGecko, Blockchain Capital, and Aave founder Stani Kulechov. In addition, the aggregator has been mediating nearly $12 billion in transactions since its launch in September 2019.