Hyperliquid Holders Left In The Dark: Monad Protocol Faces Scrutiny Over MON Airdrop
Layer-1 (L1) blockchain Monad has just lately opened a portal for customers to say the airdrop for its native MON token, with the claiming interval set to finish on November 3. However, the announcement has sparked important criticism throughout the crypto group.
Many customers, notably these on social media platform X (previously Twitter), have voiced issues that the standards for eligibility haven’t aligned with the developments, leaving a number of merchants, together with these from Hyperliquid (HYPE), ineligible for the airdrop.
Hyperliquid And HypurrNFT Users Left In The Lurch
At the time of the announcement, it was acknowledged that customers of Hyperliquid, Phantom perps, and holders of HypurrNFT can be eligible to obtain the MON airdrop.
Despite this, reports point out that only a few HypurrNFT holders qualify, with some customers claiming that their substantial buying and selling volumes—over 200 million on perps—didn’t meet the eligibility necessities.
These frustrations have led to comments reminiscent of, “this airdrop is a joke,” highlighting the disconnect between the expectations set by Monad and the fact confronted by its group.
According to the outlined standards, Monad plans to distribute tokens to over 235,500 customers, together with energetic group members who’ve persistently supported the venture on social media and engaged in varied initiatives.
The standards additionally embody merchants with high buying and selling volumes on decentralized exchanges like Hyperliquid, long-term holders of in style NFTs (reminiscent of CryptoPunks and Pudgy Penguins), members in DAO voting on Ethereum-based platforms, contributors to ecosystem improvement by varied roles, and builders actively creating merchandise on Monad and taking part in venture hackathons.
Critics Question Monad’s Commitment To Users
Critics, together with DeFi researcher Coin Metrika, have sharply criticized Monad’s airdrop technique. Metrika pointed out that the revealed eligibility standards shocked many throughout the crypto group, revealing that solely 5,500 wallets are thought of eligible—representing simply 0.74% of Monad’s Discord customers.
Meanwhile, the venture is distributing airdrops to 225,000 addresses exterior of its group, a lot of whom could not even pay attention to Monad or the approaching declare deadline. In a sarcastic commentary, Coin Metrika summarized the scenario, stating:
If you haven’t figured it out but, right here’s a abstract of #MonadAirdrop standards: You have roles in Discord which are tough to acquire—thanks, we’re not considering you since you’re poor! You participated in our testnet—thanks for serving to us take a look at the product without cost, which we offered to traders for some huge cash. Dressed up in clown costumes and shot viral movies to advertise the @monad model—thanks, we laughed out loud at you. You have cash that you just’ve proven on the blockchain—let’s be pals, right here’s your airdrop!
This highlights the growing dissatisfaction throughout the Hyperliquid, HypurrNFT and wider crypto communities concerning how Monad has dealt with its airdrop initiative, elevating questions on its dedication to its customers.
At the time of writing, HYPE trades at $39, recording losses of 13% over the previous seven days.
Featured picture from DALL-E, chart from TradingView.com
