NFT Markets x2y2 has taken another vampire attack against market leader OpenSea by announcing millions of airdrop tokens to OpenSea’s user base and following in the footsteps of LooksRare, which was launched last month.
A vampire attack is a token distribution to users of an existing blockchain project. Its goal is to incentivize users to change their goals to try out the new project instead. especially if the rewards continue to be distributed.
x2y2 is conducting an airdrop for OpenSea users, providing 120 million tokens, representing 12% of the total supply of X2Y2 (project native tokens).
However, x2y2 has temporarily suspended the distribution of the Airdrop due to complaints about issues with the token claim by the team.promiseThe airdrop distribution will be resumed within the next 48 hours. which before the distribution process stops Only 7% of all 120 million tokens were claimed.
Trust
Within the next 48 hours, we’ll have
Resumed the airdrop
Shared our audit report
Emitted first NFT Listing Rewards
Distributed $WETH from market fees
Kept addressing feedback publicly as we did with @YannickCrypto https://t.co/8ULmXL5frB
9/9
— X2Y2
| NFT Marketplace (@the_x2y2) February 16, 2022
There were also some alerts about the issue of contract airdrop claims, with some observers.sayThat an approve airdrop could put a user’s wallet at risk of NFT theft.
However, the x2y2 team has shown evidence that it has fixed the issue by revoking the ability to drain money from users’ wallets accordingly.Etherscan link that the team has prepared It also transfers contract ownership to multisig wallets stored in Gnosis Safe to further mitigate risks.
According to the report of Litepaper Released in January, x2y2 differs from LookRare in many ways. One is that those who trade NFT on x2y2 do not receive token rewards related to their trading volume. The only reward on the platform will come from Stake X2Y2, with 65% of the total token volume (1 billion tokens) – allocated for the stake reward.
However, those who stake will receive part of the trading fees from the platform. The market charges 2% on all NFT trades.
refer : LINK
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