A startup backed by Binance Labs is launching an airdrop featuring a new Ethereum-based crypto asset.
Marlin Protocol is a scaling solution that aims to alleviate throughput constraints and boost the performance of various blockchains.
The project is now beginning to roll out an airdrop of Marlin tokens (MPOND) to people who are already staking crypto assets on various blockchains.
While Dutta says they plan to support as many blockchains as possible, Marlin currently supports Cosmos (ATOM), Polkadot (DOT), IRISnet (IRIS), Matic Network (MATIC), Fantom (FTM), and Near using its token distribution platform called Flowmint.
Dutta notes that Marlin plans to distribute a significant amount of MPOND tokens over the next two years.
“20% of the genesis supply of Marlin token MPOND will be distributed to different blockchain communities over the next 24 months via FlowMint. Holders of eligible platform tokens who stake or delegate towards eligible validators shall be awarded MPOND which they may use to run a Marlin node or participate in governance.”
The Marlin Labs head says node operators must stake MPOND to participate in the network and relay data. They earn fees from users who relay content as well as subsidies in the form of Marlin tokens. In addition, MPOND holders can also participate in a decentralized autonomous organization (POND DAO) where they can influence the direction of the Marlin ecosystem.
In July 2019, Marlin received $3 million in a seed round that witnessed the participation of Binance’s venture arm Binance Labs, digital asset management firm Arrington XRP Capital, early-stage venture firm Electric Capital, and institutional investment firm NGC Ventures.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/MoVille