After the distribution of Omni tokens (OMNI) on the Omni Network using the ERC-20 standard, the token’s value decreased by more than 55% within approximately 18 hours, significantly reducing its total market worth.
At the same time, a fraudulent token bearing the identical name has experienced a “pump and dump” scheme, causing its value to plummet by 100%.
On April 17, starting at 11 am UTC, the Ethereum rollup testnet blockchain distributed 3 million tokens of its native currency, OMNI, which is worth approximately $16.8 million with a market cap of $560 million, to its community members as part of its mission to link Ethereum rollups. This represents 3% of the total 100 million OMNI tokens in circulation.
In just thirty minutes, OMNI’s price plummeted from $53.80 to approximately $24, representing a steep decline of over 55%.
According to CoinGecko’s calculation, the present market capitalization amounts to $267.5 million. This figure translates to a fully diluted valuation of approximately $2.57 billion.
Early testers, constructors, and members of the testnet community received 50%, equating to approximately 1.5 million OMNI tokens, in the latest airdrop. Valued at around $36.2 million, eligibility was based on a snapshot taken on April 3rd.
The leftover tokens were distributed among EigenLayer restakers and certain NFT projects such as Pudgy Penguins.
On April 15, Omni Network announced that a portion of 9.27 million OMNI tokens, equating to 9.27% of the entire supply, would be reserved for “launch pools and liquidity” as public launch tokens.
Approximately 29.5 million units, which constitute the largest portion (29.5%) of OMNI’s total supply, are earmarked for “ecosystem growth” and will be administered initially by the Omni Foundation, the organization supporting the blockchain.
Nearly a quarter of all OMNI — 23.3 million — was earmarked for investors and advisers.
Today, advisors were given approximately $15 million in the form of OMNI tokens, amounting to 625,000 units. An additional $15 million in OMNI tokens (approximately 875,000 units) will be received after a year. Following this, there will be distributions of 437,500 OMNI tokens every six months for a total duration of two years.
The investors’ tokens were set on a three-year release plan, during which approximately 6.7 million tokens, equivalent to around $161 million currently, would be accessible after one year. The remaining tokens would then become available every six months until their allotted supply was fully utilized.
Simultaneously, creators of a fraudulent OMNI token with the identical ticker have executed a $398,000 disappearing act.
In a blog post on April 18, PeckShield, a company specializing in blockchain security, reported that a counterfeit token saw a complete loss of value after its deceitful smart contract dispersed an excessive amount of tokens – over 1.7 quadrillion – for just 132 Wrapped Ethers (WETH) worth of cryptocurrency.
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2024-04-18 09:25