Stablecoin protocol Gyroscope plans to airdrop 2.1 million GYFI tokens to qualified users

Odaily News Gyroscope, the stablecoin protocol behind Gyro Dollars (GYD), has launched its governance token GYFI. Gyroscope co-founder Lewis Gudgeon said that the GYFI token issuance includes airdrops of up to 2.1 million tokens (about 15% of the total supply of 13.7 million GYFI) to eligible users. Airdrop qualifications are determined through Gyroscope governance voting, and participants include SPIN points activities, founding member NFT holders, and Gyroscope Galxe activities. Users who claim GYFI can choose to keep the entire amount as liquid tokens, or lock tokens for additional rewards: 40% of GYFI will be obtained by locking for 9 months, and 150% of GYFI will be obtained by locking for 18 months. GYFI will allow holders to participate in a decentralized governance system where they can vote on protocol decisions. In addition, Gyroscope mentioned the possibility of implementing a buy-and-burn mechanism in the future. At press time, Gyro Dollars has a market cap of $24 million, according to Coingecko.