Airdrop alert - Super Algorithmic Token (SATO)
A multi-chain stablecoin will be airdropped users of certain Ethereum protocols
If you were holding $BADGER, $DIGG, $AMPL, or donated to Gitcoin grants, you will be airdropped (can claim) a new algorithmic stablecoin called SATO. SATO claims to be the first stablecoin that support rebases across multiple blockchains. A “rebase” is a mechanism that either increases or decreases the supply based on the price of the token and how far away it is from $1. A positive rebase occurs when the price is above $1 and the token supply will increase in holders wallets to incentivize selling down to the $1 peg. A negative rebase occurs when the price is below $1 and tokens are ‘burned’ to decrease the supply and bring the price closer to the $1 peg. These elastic supply stablecoins have had mixed success, but are a fascinating experiment that many teams are looking to figure out.
SATO’s smart contracts have been audited so this appears to be a project starting off on the right foot.
Airdrop will be available tomorrow, April 5, and can be claimed until April 24.