Stablecoin protocol Gyroscope plans to airdrop 2.1 million GYFI tokens to qualified users

Odaily Planet Daily News Gyroscope, the stablecoin protocol behind Gyro Dollars (GYD), launched its governance token GYFI. Gyroscope co-founder Lewis Gudgeon said that the GYFI token issuance includes airdropping up to 2.1 million tokens to eligible users (about 15% of the total supply of 13.7 million GYFI). Airdrop qualifications are determined through Gyroscope governance voting, and participants include SPIN points activities, founding member NFT holders, and Gyroscope Galxe activities. Users who claim GYFI can choose to use the entire amount as liquid tokens, or they can lock tokens for additional rewards: 40% of GYFI can be obtained by locking for 9 months, and 150% of GYFI can be obtained by locking for 18 months. GYFI will allow holders to participate in a decentralized governance system where they can vote on protocol decisions. In addition, Gyroscope mentioned the possibility of implementing a buy-and-burn mechanism in the future. At press time, Gyro Dollars has a market cap of $24 million, according to CoinGecko.