$37 Million In Ontology (ONT) Airdropped To NEO Token Holders

Omar Faridi

A number of NEO platform users will reportedly be getting “free money” pretty soon. Starting this coming weekend, holders of tokens generated on NEO’s blockchain, the 12th largest cryptocurrency platform in terms of market capitalization, will get a share of 10 million ONT tokens. These tokens are a part of the relatively new Ontology network and their total worth is currently around $37,000,000 according to data from CryptoCompare.

In order to qualify for the giveaway, the recipients should have acquired NEO tokens on March 1st. Moreover, the purpose of the “ONT token distribution” is to reward those who invested in the NEO network because Ontology’s developers say that their contributions played a key role in the successful deployment of their platform.

Two-Stage Airdrop For Select NEO Token Holders

Back in February, the NEO Council, a group tasked with managing developments related to the NEO blockchain, stated that they would start the distribution of 20 million ONT tokens to certain NEO token holders via a series of airdrops. Ontology’s development team announced in March that they had given 10 percent of their platform’s maximum token supply, or 100 million ONT, to the NEO Council “for relevant cooperation and to support NEO community feedback.”

This past Monday, the NEO Council airdrop had been scheduled to be completed. The Ontology network’s token migration process also reportedly began the same day. During the token migration, NEO-based ONT token holders were instructed to shift their tokens onto the newly launched Ontology mainnet.

Several Recent Token Migrations

Notably, Ontology’s token migrations (or token swaps) are now among one of a number of other crypto projects that also recently performed token migrations after the launch of their mainnets. The highly anticipated deployment of the EOS and TRON mainnets required that all their ERC-20 based tokens be swapped for tokens native to their respective blockchain platforms. Similarly, the Ontology network’s token migration process requires swapping its NEP-5 tokens for those native to its newly launched blockchain.

NEP-5 tokens currently held on cryptocurrency exchanges will be automatically swapped for Ontology network’s native tokens. However, users holding tokens elsewhere will have to manually migrate their tokens, as outlined by the Ontology platform’s recent post. Depending on where the tokens are held, the migration process can be a bit complex. For instance, Nano ledger wallet users will reportedly have to send their NEP-5 tokens to a different crypto wallet in order to successfully complete the swap.

Notably, ONT tokens residing on Ontology’s mainnet are not divisible, which means that NEP-5 token holders must migrate whole-number tokens. For example, 2.45 NEP-5 tokens cannot be moved over to Ontology’s newly launched blockchain. Therefore, a user will have to either accept losing 0.45 NEP-5 tokens or try to acquire a non-decimal amount of the tokens before migrating.

The deadline for Ontology network’s token migration is October 1st, 2018.

Weekly Newsletter

Bitcoin Dominance Bump Unlikely to Last — Market Analysis

The entire crypto market seems to be going risk-off and turning to a state of correction, after an excellent start to 2020 throughout January and February which saw significant gains. This is reflected in the brief pop in Bitcoin market dominance. But in the longer term, it’s a different story, and we must always bear in mind the intercourse the conflicting trends of different timeframes – and how they can still agree with each other.

Here, rather than focusing on any specific crypto, we’ll look at the market as a whole using some trusted indicators.

We first look at a small-to-medium-timeframe chart of Bitcoin plus Bitcoin’s market dominance arrayed against the “Others” market dominance, Others being a basket of all altcoins below the top 10. This panoply of charts gives us a broad insight into the whole market.

just some speedbumpsBTC chart by TradingView

During January and some of February, we can see clear risk-taking in the form of a rising altcoin market share. Bitcoin’s price was rising even as its dominance was falling: peak altcoin conditions, where so much buying is coming into the system that more entities are buying Bitcoin than selling Bitcoin for altcoins, even when there is a lot of that.

This pattern has reversed in the past few days, with Bitcoin’s price falling even as its dominance rose, with altcoins being sold back into Bitcoin. The market was overheated in the short term, and people are wisely hedging their profits.

But this trend is unlikely to last. Zooming out and looking at a chart of Ethereum/Bitcoin and both dominance charts again (with Ethereum being a general proxy for the altcoin market), we see a different story.

the bigger picture says the opposite thingETH chart by TradingView

There is a lot going on here. First we can note that Ethereum – again, bearing in mind its role as a general proxy for altcoins – has retaken a very important inflection line that it lost during 2019, the dotted line. It is likely, based on this line retaken last week, that Ethereum is starting a long term uptrend against Bitcoin – and that altcoins in general will do the same in the long term.

Moving to the Bitcoin dominance display in the middle panel, we see an agreement of the above thesis. Bitcoin’s dominance has fallen below its own critical level, namely the area near and above 70%, which BTC held for a while during 2019. This level had not been held since 2017, when Bitcoin put in its all-time-high – and it now looks to be trending steadily away from it again.

This trending away will again provide the space for altcoins to grow in market share, and we have already seen the beginning of this trend during 2020. Perhaps what we have seen was only ‘Round One’.

And moving below to the Others dominance, we see that this indicator has, yet again, taken an important level of 6% and is likely trending away from it. This is the same message in reverse: this level was first tickled during the first real altcoin mega-rally, in the beginning of 2017, and stayed above it for years. It was lost for a time in 2019, about the same time Bitcoin retook its level of 70%.

The larger trends are likely moving in the opposite direction than the shorter ones. Bitcoin's price, based on these indicators, is likely to continue rising even as its market share continues to falls. Altcoins, after years of being battered, are likely to continue gaining market share; and in that situation, the pie can only be getting larger overall.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via Pixabay.com