The $SSWP Token - The Story Of The Useless Gift From Sui Swap

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Written by

#Club1BCH

1 year ago

Topics: Sui, SWWP, SuiSwap, Airdrop, Shitcoin, ...

The Sui blockchain had a lot of hype at the start of 2023, with a new approach towards crypto security. The Layer-1 blockchain and smart contract platform is designed to make digital asset ownership fast, private, secure, and accessible to everyone.

Many projects raised on Sui, including a plethora of wallet and exchangers. SuiSwap was one of them, a hype generating project that took the cryptoverse by storm. The announced airdrop created hysteria, and the zealy eligibility made SuiSwap the number 1 community.

Suiswap is a decentralized token trading platform and exchange built on the SUI blockchain by Vivid Network. The vision is to provide a secure, fast, and agile trading environment for the SUI ecosystem.

I dived into the zealy campaign and surfed to the dozens of quests. I learned about the ecosystem and shared countless tweets, until finally was able to check my progress on their Discord.

The airdrop distribution will be powered by a point system, with users earning and multiplying their points through activity, participation and a lot of tasks. Hustled a lot and got 23,529 points in few weeks, also thanks to a 1.25 mainnet potion boost.

The launch and airdrop criteria was changed on-the-go, as the initial set-up was considered inefficient. Not sure how efficient the revamped launch was but I was disappointed by both amount and value of the airdrop.

I installed the Sui Wallet to be able to receive the bounty, and top-it up with some $SUI for the transactions. I wasn't impressed by the 493 $SSWP I received, neither was the community. We've been told that this was just a test, and a bigger airdrop will follow next month.

The value of the tokens was so low that I choose to lock them for 365 days for an APY as little as 15%. I don't have the energy to keep checking another shitcoin, so the lock will help me forget about it until the start of 2024. A lot can happen in one year, so I don't mind if the project dies or blooms over the next months.

Summer brought the "large" airdrop, and 2169 $SSWP were sent to my wallet. LFG! Locked them as well for 365 days and hoped for the best. The initial staked amount will add 74 $SSWP after unlocking, while the second one will add a bigger chunk in my bag.

The total amount of $SSWP reached 2663 tokens, and the reward after one year lock will be 399 $SSWP. Maybe few years for now I will be happy for the leap of faith.

Not saying that the 15% APY is bad, but the 3062 tokens I will unlock during the summer of 2024 are now valued at 1.11 dollars. Is $SSWP a gem at only 0.000364, or it's one of those tokens that will dream big and fail? DEX tokens tend to grow as the volume grows, but it's still early to guess how the Sui blockchain will evolve.