Stablecoin Protocol Launches New Altcoin: Airdrop Details Revealed! - Coin Bulletin

The stablecoin protocol Gyroscope stands out with its own stablecoin Gyro Dollars (GYD), while launching its new governance token GYFI.

Gyroscope announced that at the moment it launched the GYFI token, it would perform an airdrop of 2.1 million tokens, which constitutes 15% of the total supply, to users who wish to acquire this token. This distribution will target eligible users as determined by Gyroscope's governance votes. Among those eligible to participate in the airdrop are SPIN points campaign participants, founding member NFT holders, and users of Gyroscope’s Galxe campaign. As of now, the market value of Gyro Dollars is around 24 million dollars.

Users who will purchase GYFI tokens will be able to either receive these tokens in cash or earn additional rewards by locking their tokens for a certain period. A 9-month locking period provides 40% more GYFI tokens, while an 18-month locking period gives 150% more GYFI. GYFI holders will have the right to vote on protocol decisions by participating in the decentralized governance system of the Gyroscope protocol. Additionally, Gyroscope is considering adding a "buy-and-burn" ( buy and burn ) mechanism in the future.

The launch of the GYFI token occurs during a period when Gyroscope has achieved great success. Gyroscope has increased its total locked value to 62 million dollars, while its trading volume has reached 4.1 billion dollars since the beginning of the year. The protocol's annual revenue is reported to have exceeded 2 million dollars. A significant portion of this success is attributed to the impact of the liquidity model. Gyroscope provides efficient liquidity by combining revenues from volatile and stablecoin pools.

Gyroscope states that the stablecoin is used as an optional payment instrument for the stablecoin components of its volatile and stable parities. This allows liquidity to be combined with GYD, which is minted on demand instead of being spread across multiple stablecoin pools. This makes GYD a central hub and deployment tool.

Gyroscope announced that the annual return rates of volatile parity pools vary between %40 and %150 despite carrying higher risks. The protocol aims to expand these pools and potentially scale them up to 100 times. If these plans succeed, Gyroscope expects a sustainable and efficient increase in income along with growth.