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Highlights:
- Taking to Twitter on Monday, January 24, Tectonic said that its airdrop snapshot was completed on January 22.
- The TONIC cryptocurrency is the native token of the Tectonic platform. Its main use case is to act as a governance token.
- The Tectonic protocol is a cross-chain platform and allows users to earn passive yield and access instant-backed loans.
The cryptocurrency market has witnessed a turbulent time for the past few days. At the time of writing, the global crypto market cap had declined sharply to US$ 1.54 trillion, down by 7.71 per cent in comparison to the previous day.
Amid the crashing cryptocurrency market, Tectonic, a lending and borrowing platform on the Cronos blockchain, announced its airdrop snapshot's successful completion.
Taking to Twitter on Monday, January 24, Tectonic said that its airdrop snapshot was completed on January 22, and the airdrop will happen in February.
Tectonic added in the tweet that the results from the snapshot and further details on airdrop distribution will be revealed nearer to the airdrop date.
Also Read: Milo crypto: 7 things to know about 'world's first crypto mortgage'
Notably, an airdrop is a marketing strategy in which users send free coins to cryptocurrency wallets for promotion and awareness of a new virtual currency.
What is Tectonic (TONIC) crypto?
The TONIC cryptocurrency is the native token of the Tectonic platform. Its main use case is to act as a governance token.
Apart from acting as a governance token, the TONIC crypto can be used for staking into the Community Insurance Pool. This can help users earn more rewards.
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Tectonic protocol is a cross-chain platform and allows users to earn passive yield and access instant-backed loans. These loans are generally short-term and involve a small amount of money.
The platform is decentralized, and users can deposit their digital assets to earn passive income or borrow money to unlock the liquidity of their assets.
Bottom line
On January 24, Crypto.com, a cryptocurrency exchange, said it had listed the TONIC crypto. Tectonic has joined the list of more than 250 cryptocurrencies and stablecoins, including Bitcoin and Ether.
Crypto.com will allow cryptocurrency traders to purchase the TONIC crypto at its true cost via USD, GBP, EUR, and more than 20 fiat currencies.
At the time of writing, TONIC crypto was trading 6.5 per cent lower at US$ 0.000000409624 per token.
Also Read: What does Beefy Finance do & how to buy BIFI tokens?
