The stablecoin protocol Gyroscope has launched a governance token GYFI, with 15% of the total supply being airdropped to eligible users

According to The Block, the stablecoin protocol behind Gyro Dollars (GYD), Gyroscope, has launched its governance token GYFI. Lewis Gudgeon, co-founder of Gyroscope, stated that the launch of the GYFI token includes airdropping up to 2.1 million tokens to eligible users - about 15% of the total supply of 13.7 million GYFI tokens. Airdrop eligibility is determined by voting in Gyroscope's governance system and includes participants in SPIN point activities, founding member NFT holders and users involved in Gyroscope Galxe activities.

Users who receive GYFI can choose to fully claim liquidity tokens or lock them up for additional rewards: locking for nine months yields an extra 40% GYFI while locking for eighteen months yields an extra 150% GYFI. GYFI will allow holders to participate in a decentralized governance system where they can vote on protocol decisions. In addition, Gyroscope mentioned that it may implement buyback and burn mechanisms in the future.

According to data from CoinGecko, as of press time, the market value of Gyro Dollars is approximately $24 million USD.