Espresso Launches Native Token ESP with 10% Airdrop to Reward Long-Term Holders

• Espresso Network launched its native token ESP to support a permissionless proof-of-stake blockchain and facilitate staking and protocol participation according to CoinDesk.
• A 10% airdrop of the total ESP token supply was allocated to early ecosystem participants and users of Espresso-integrated rollups as reported.
• The ESP token serves as a coordination and finality layer for rollups, enabling faster block finality and improved interoperability according to AInvest.

The Espresso Network has officially transitioned to a permissionless proof-of-stake blockchain with the launch of its ESP token as detailed. This move allows broader participation in securing the network and distributing a community airdrop representing 10% of the total supply. The ESP token is used for staking, securing the network, and protocol participation.

The transition to the ESP token coincides with the Espresso Foundation's announcement of a total supply of 3.59 billion ESP, with 10% allocated to a fully unlocked community airdrop aimed at early ecosystem participants and users of Espresso-integrated rollups as reported. The foundation also noted that additional token supply has been allocated to contributors, investors, future ecosystem incentives, and long-term network sustainability, with most allocations subject to vesting.

Espresso acts as a coordination and finality layer for rollups, which operate as independent execution environments according to CoinDesk. The network is designed specifically to serve layer-2 blockchains rather than compete with them at the execution layer. Currently, Espresso finalizes rollup blocks in about six seconds on average, significantly faster than Ethereum's 12-minute-plus finality window.

What is Espresso's native token ESP and its key features?

ESP is the native token of the Espresso Network and facilitates staking and protocol participation according to CoinDesk. The token supports a permissionless proof-of-stake blockchain and aligns incentives for users to stake and participate in protocol governance as AInvest reports. The launch of ESP enables the network to transition to a proof-of-stake model, providing key infrastructure for rollups and appchains, including finality, data availability, and real-time interoperability according to AInvest.

What are the implications of the 10% airdrop for the Espresso network and its users?

The 10% airdrop is designed to reward long-term token holders and promote adoption in the layer-2 blockchain space according to AInvest. The Holder Score model assesses user behavior to prioritize sustained staking over speculative activity as detailed. This model aims to reduce volatility and encourage community-driven growth.

The airdrop targets over one million addresses through 30 activities, including mainnet registration, NFT ownership, and community events according to AInvest. Unclaimed tokens will be redistributed in future airdrops, grants, or rewards. The airdrop emphasizes the project's commitment to decentralization and community-driven growth as reported.

How does Espresso position itself in the layer-2 blockchain landscape?

Espresso is designed to serve layer-2 blockchains by providing fast finality and security according to CoinDesk. The network is trusted by leading teams including Offchain Labs (Arbitrum), Polygon, ApeChain, Cartesi, RARI Chain, and Celo as noted. The ESP token supports a permissionless proof-of-stake blockchain, aligning incentives for users to stake and participate in protocol governance according to AInvest.

The Espresso Network aims to strengthen its position in the layer-2 blockchain space by launching its native token, ESP according to AInvest. This token serves as a coordination and finality layer for rollups, enabling faster block finality and improved interoperability as detailed. The ESP token launched at a valuation of roughly $275 million, enabling the network to transition to proof-of-stake and providing key infrastructure for rollups and appchains according to AInvest.