The cryptocurrency market continues to be flooded with airdrops. As a result, Omni Network’s native OMNI token dropped more than 55% in just 18 hours after the airdrop, losing more than half of its market value. During this period, fake tokens of the same name plummeted 100% in price, and the project conveniently resorted to a blacklist scam.
What happened to Omni Network?
The token of the first-layer network Omni Network was launched at 14:00 on April 17. During the airdrop event, 3 million OMNI were issued to eligible users, equivalent to 3% of the total supply of 100 million tokens. During the airdrop event, the market value of OMNI was US$560 million.
In half an hour, OMNI fell about 30% from $53.80 to below $39, and continued to fall below $24, a drop of more than 55%. According to CoinGecko data, OMNI's current market value is $267.5 million, and its fully diluted valuation is approximately $2.57 billion.
The first testnet users, developers, and community participants received 50% of the latest airdrop, worth approximately $36.2 million, based on a snapshot taken on April 3. The remaining tokens were distributed in various ways between EigenLayer re-collateralized users and others, including some NFT projects such as Pudgy Penguins.
Omni Network announced on April 15 that it has reserved 9.27 million OMNI tokens for the public token issuance, which will be used for issuance pools and liquidity.
OMNI Token Supply and Distribution Process
The largest portion of OMNI’s supply (29.5%) will be allocated for ecosystem development, initially at the discretion of blockchain support company Omni Foundation. Nearly a quarter of OMNI’s supply (23.3 million tokens) has been allocated to investors and advisors.
Advisors received 625,000 OMNI tokens, valued at $15 million, on April 17 and will be eligible to receive 875,000 OMNI tokens a year later. 437,500 OMNI tokens will be distributed to the community every six months over the next two years. Investor tokens are locked in a three-year unlocking schedule, with approximately 6.7 million tokens, currently valued at approximately $161 million, to be unlocked after 12 months, with the remaining tokens unlocked every six months until the distribution is complete.
Meanwhile, developers of fake OMNI tokens using the same code launched a $398,000 scam. After the smart contract was deployed, more than 1.7 quadrillion tokens were sold in exchange for 132 Wrapped Ethereum (WETH), causing the fake tokens to drop in value by 100%, blockchain security firm PeckShield wrote in an April 18 post.
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