TON-based Catizen’s CATI Token Goes Live for Trading, Community Airdrop Sparks Backlash

Coinspeaker
TON-based Catizen’s CATI Token Goes Live for Trading, Community Airdrop Sparks Backlash

CATI CATI $0.77 24h volatility: -16.8% Market cap: $158.55 M Vol. 24h: $279.99 M , the native token of the Telegram-based tap-to-earn game Catizen, has gone live for trading with an initial supply of 150 million tokens, which is 15% of the total 1 billion supply. As part of the Season 1 distribution, the platform conducted a community airdrop, after a two month-delay in the initial planned launch.

Catizen’s CATI token will be available live for trading at multiple crypto exchanges such as Binance, Bybit, and Bitget. Deposit registrations for CATI to non-custodial wallets began on Thursday, with tokens distributed to eligible participants based on game activity.

The Catizen team stated that the current airdrop is part of a larger allocation of 340 million CATI tokens. Thus, the rest of the 190 million CATI tokens shall be used for quarterly airdrop campaigns.

Catizen game developer Pluto Studio started the airdrop process on September 14, while unveiling the token allocation to players. Ahead of Friday’s token generation event, users could claim and stake CATI tokens on selected centralized exchanges.

Some Catizen players expressed complete dissatisfaction over their token allocations during the airdrop with the team’s original plan to allocate a larger percentage of the supply. However, the decreased allocation just ahead of the airdrop with 9% of the token supply redirected to the Binance Launchpool. Besides, players also raised concerns about the eligibility weighting for certain participants.

Top-ranking players who invested significant time in the game shared disappointed of receiving fewer tokens than anticipated. On the other hand, some lower-level players received more rewards. Catizen now faces scrutiny, with many questioning the transparency and fairness of its airdrop distribution process. It will be interesting to see how fast Catizen addresses this token distribution issue.

From the remaining 57% of the total CATI supply, 5% is kept aside for liquidity, 15% is allocated to the treasury, 20% to the team, 10% to investors, and 7% to advisors. Each of these allocations comes with a 12-month cliff with the release of CATI tokens happening linearly over time.

The Telegram mini apps have been in the limelight in recent times as they are lightweight, Web-based applications, that provide users direct access from the popular messaging platform.

Building on the rapid growth of its games, Telegram launched a mini-app store and an in-app browser in July, featuring support for Web3 pages.next

TON-based Catizen’s CATI Token Goes Live for Trading, Community Airdrop Sparks Backlash