As a seasoned crypto investor with a knack for finding promising projects and a keen eye for potential red flags, I must admit that my interest was piqued when I heard about Catizen’s CATI token launch. The idea of a tap-to-earn game on Telegram, backed by a reputable studio like Pluto Studio, seemed too good to pass up.
As an analyst, I’ve been closely following the debut of Catizen’s native token, CATI. With an initial circulating supply of 150 million tokens, representing 15% of the total 1 billion supply, it’s now available for trading. It’s worth noting that this launch came two months later than initially planned due to a community airdrop delay during Season 1 distribution. Over the last 24 hours, the token has shown a volatility of 16.2% and a trading volume of $371.59 million, while its market capitalization stands at approximately $212.11 million.
Starting today, Catizen’s CATI tokens will be open for live trading at various cryptocurrency exchanges like Binance, Bybit, and Bitget. Registration for depositing CATI into non-custodial wallets started on Thursday, with tokens being distributed to eligible participants based on their activity within the game.
According to the Catizen team, the ongoing airdrop is just a piece of a bigger distribution of 340 million CATI tokens. The remaining 190 million CATI tokens will be set aside for future quarterly airdrop events.
On September 14th, gaming studio Pluto Studio, known for its Catizen creation, initiated the airdrop process, distributing tokens to players in anticipation of their upcoming Token Generation Event. Prior to this event taking place on Friday, users were able to secure and hold CATI tokens on certain centralized exchange platforms.
Community Backlash over CATI Airdrop
Some Catizen gamers voiced strong discontent towards their token distributions during the airdrop, as they felt the team’s initial proposal to distribute a larger share of the tokens was unfairly altered. Specifically, there was a last-minute adjustment that saw 9% of the total token supply being diverted to Binance Launchpool instead. Furthermore, players had issues with the criteria used to determine the eligibility of certain participants during the airdrop.
Leading gamers who devoted substantial effort to the game are dismayed by receiving fewer tokens than expected. In contrast, less experienced players found themselves with more rewards. The token distribution in Catizen’s airdrop has sparked debate, with many questioning its transparency and fairness. It will be intriguing to observe how quickly Catizen tackles this token allocation problem.
57% of the overall CATI supply has specific uses: 5% is set aside for ensuring liquidity, 15% goes to the treasury, 20% is earmarked for the team, 10% is designated for investors, and 7% is reserved for advisors. These allocations all have a 12-month hold period before any CATI tokens are distributed, with the distribution happening gradually over that time span.
In my recent explorations, I’ve found myself drawn to the buzz surrounding Mini Apps on Telegram. These are streamlined, web-based tools that offer users a seamless experience, allowing them to interact directly within the beloved messaging environment.
Expanding upon the swift expansion of its gaming sector, Telegram introduced a mini-marketplace for apps and a built-in web browser back in July, offering compatibility with Web3 webpages.
Read More
Sorry. No data so far.
2024-09-20 16:06