Original | Odaily Planet Daily (@OdailyChina)

Author | Asher (@Asher_ 0210)

'Finally, we have reached the point of token issuance' is likely the voice of the Grass community's 'hair-pulling gang'.

Last night at 9:30 PM, after the official opening of Grass token claims (claim link: https://www.grassfoundation.io/claim), due to the overwhelming number of users claiming, thousands attempted to claim the airdrop simultaneously, causing Phantom's backend system to become unresponsive and crash for 60 minutes.

As the Grass token did not go live on Binance as the community expected, and even OKX only listed contracts rather than spot trading. Therefore, the sentiment of 'selling as soon as they get the coins' spread in the community. According to market data (GRASS token contract address: Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs), when the GRASS token first started claiming, the token dropped from an opening price of $0.66 to below $0.50, indicating that the 'hair-pulling gang' did not hesitate to sell as soon as they received their tokens. However, a significant amount of buying followed, causing the GRASS price to temporarily exceed $0.90, with an increase of over 80% from the low point. Although there was a 'second round of selling' in the early morning, the GRASS price was quickly pushed back up, currently reported at $0.904.

GRASS Token K-Line Chart

At the same time, according to the official website, nearly 5 million GRASS tokens are currently staked, with a current APR of 253.49%. It is worth mentioning that unlocking tokens requires 7 days.

GRASS Token Staking Situation

Grass Project Introduction

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, positioning itself as the data layer for AI. As a decentralized network, Grass aims to provide the data necessary for AI model training by accessing public networks. This makes Grass an essential component of the AI data layer as it expands into cleaning and preparing structured datasets, establishing its foundational position in the field of AI.

According to ROOTDATA data, Grass has currently completed its second round of financing, totaling $4.5 million, with the following amounts:

  • In July 2023, Grass announced the completion of $1 million in Pre-Seed financing, 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 $3.5 million in seed round financing, with Polychain Capital and Tribe Capital leading the investment, and 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: Accounts for 30% of the total token supply, which is 300 million, with the portion claimed in this airdrop being Airdrop One, accounting for 10% of the total token supply, which is 100 million; Future Incentives account for 17%, which is 170 million; Router incentives account for 3%, which is 30 million;

  • Foundation and ecological development: Accounts for 22.8% of the total token supply, which is 228 million; this fund will be used to support community and development plans, such as network upgrades, collaborations, research, and development, to expand the scale of the ecosystem;

  • Investors: Account for 25.2% of the total token supply, which is 252 million; locked for one year after TGE, then released linearly over the next year;

  • Website contributors: Account for 22% of the total token supply, which is 220 million; 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 of tokens will be used for future airdrops, and significant selling pressure will occur in the year following the TGE.

According to GoinGecko data, the current circulating supply of GRASS tokens is nearly 250 million, of which 100 million GRASS is the airdrop portion claimed by users.

GRASS Token Economic Model

GRASS token release chart

For the 'hair-pulling gang', GRASS can finally come to a conclusion. Although there haven't been stories of 'getting rich from grass mining' in the community, it can be considered a 'proper pig trotters meal'. Lastly, since Grass still has 17% of tokens for future airdrops, continuing to seek high-quality early projects while 'continuing to mine little grass' might be a good strategy.