Echo Protocol is a new oracle project dedicated to bridging the relationship between on-chain and the real world. Its core goal is to address the pain points of 'credibility' and 'speed' in data transmission of current oracles, allowing DeFi, AI, and social protocols on-chain to obtain external world data in real-time and with high quality. In simple terms, it acts as a 'translator' between the blockchain and the outside world, and it is a smarter and more efficient version.
The founder of Echo is one of the former core developers of Chainlink and has also participated in the development of Web3 data products at Google Cloud and Ant Chain. They completed a $8 million seed round financing co-invested by Delphi Digital, OKX Ventures, and Zee Prime in the first half of this year, which has increased confidence in their execution capability and network resources. From the disclosed ecological partnerships so far, Echo has already begun providing data support for some emerging AI protocols on various chains, indicating that it is not just a PPT project but has entered a practical phase.
The total circulation of ECHO is 1 billion, of which 7% is allocated to community airdrops and ecological incentives, with Alpha's allocation being an important part of it. From an economic model perspective, ECHO will be used for data verification rewards, node staking, and future governance rights. This model can attract early node builders and provide actual use cases for the token.
Echo Protocol is a very critical part of the Web3 infrastructure. Once it successfully penetrates the data layers of several mainstream chains, it is expected to form a 'network effect'. Once an oracle project establishes its foothold, its lifecycle is usually long, and the token value has a more long-term holding logic. Over the past year, similar oracle projects like Supra, RedStone, and Pyth Network have released a certain scale of airdrops in the testnet or public offering stages, with an average value of over $200. Echo's investment background and cooperation scale are comparable to these projects, and considering that Binance Alpha itself is a strong traffic platform, this airdrop is worth looking forward to.
After two rounds of intensive distribution from Alpha, it has recently returned to a calm state, starting sporadic small attacks that are somewhat bland. Yesterday's TGE exceeded expectations a bit. With Alpha's daily trading volume continuously declining, it is evident that a small number of old players are gradually leaving, while newcomers are observing from the sidelines. It seems that the studios are not as competitive anymore; actually, it reflects a consensus formed after calculating the risk-reward ratio at this stage, not competing for high scores. The new regulations in the second phase allow everyone to receive a few more allocations, and the score line has finally dropped. It is expected that the score for the first and second phases of this airdrop will be between 180 and 230, and market sentiment needs to be reignited. DYOR, good luck.
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The content of this article is for reference only and does not constitute any investment advice.