Aevo Airdrop Leaves Some Farmers Fuming as Token Debuts at $3B Valuation

Decentralized derivatives platform Aevo has launched its eponymous token and airdrop for early users.

Five criteria had to be met for eligibility, including volume trading during the “farm boost” phase, boosted volume traded, aeUSD balance, and ongoing usage of Aevo.

According to the team, they attempted to take a balanced approach to reward OG users, collateral “experimentoors,” and genuine trading activity. Additionally, non-Aevo derivative traders have been given ‘farm boosts’ that will let them earn future AEVO rewards at an accelerated rate if they trade on the platform.

A total of 30 million $AEVO tokens were distributed today, accounting for 3% of the total supply. At $3.22 per token, the airdrop is worth $95 million, and the project commands a fully diluted valuation of $3.2 billion.

Today’s airdrop left a fair number of users dissatisfied with the amount of tokens they received, however.

Others were unhappy with the fact that they were receiving a small allocation on Ethereum mainnet – thus falling victim to high gas fees.

“So we get little $300 drops and have to claim on ETH for a big fee,” wrote one user, adding, “Then we have to approve for a big fee. Then we have to spend a huge fee to trade it — literally $120 in fees.”

Aevo traders can now trade the token on Binance, which shows a 24-hour trading volume above $708 million.

The team also disclosed that they will be rolling out the new trading incentives campaign to get more $AEVO through staking and trading.