Shell Announces New Reward System

Shell Protocol announced on May 6 that it would airdrop 40 million $SHELL tokens to its community as part of its tokenomics of its governance token. There is no exact date for the launch of $SHELL, but it is expected to occur later in 2023.

There is an initial allocation of 200 million $SHELL tokens. A total of 80 million will be distributed among investors, core teams, and development companies, 40 million will go to airdrops, 50 million will go to TGE incentive campaigns, and 30 million will go to the DAO Treasury. Additionally, Shell DAO will be able to mint tokens, but only with the approval of the governance council.

Additionally, the quotas for wrapped tokens and Proteus pools will be lifted within two weeks. 

Earlier, Shell users were free to provide as much liquidity as they wished but only earned SHELL points on assets within their quota. Now, anyone with a wallet can earn Shell Points by wrapping tokens and becoming liquidity providers without any restriction. 

Furthermore, the Shell protocol launched the $CRAB token and seasons. $CRAB is a fungible, on-chain, non-transferable placeholder for future allocations of $SHELL.

At the beginning of the new season, everyone's Shell Points will be reset to zero. Shell points earned during the previous season will be converted into $CRAB tokens, which cannot be acquired, traded, or sold. After the release of $SHELL, $CRAB will be redeemed 1:1 for $SHELL.

Learn more about the token allocation here.

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What is Shell Protocol:

The Shell Protocol's goal is to build an internet monetary system using stablecoins as building blocks. Shares of liquidity providers are referred to as "shells" because they serve as containers for the value held by the pool, much like living shells serve as containers for the organism inside. Shells are naturally liquid, diversify exposure, and generate income.

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Learn more about Shell Protocol:

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