The NFT Airdrop Details
Nado, a perpetual derivatives exchange operating on Kraken’s Ink network, distributed its official NFT collection to early supporters yesterday. The platform gave these digital assets to users who participated in the pre-alpha phase and made a specific choice—they opted for NFTs instead of accumulating Ink points.
The collection, called Templars of the Storm, has already found some market traction. At the moment, the floor price sits at 0.45 ETH, which translates to roughly $1,200. That’s not nothing, though I’ve seen collections start higher and fade faster. The interesting part is the trading activity that followed.
Trading Volume and Market Position
Since the launch, Templars of the Storm has generated 141 ETH in trading volume, about $385,000. That actually puts it as the second most traded NFT collection over the past day, trailing only Pudgy Penguins, which did 250 ETH. That’s a decent showing for a platform-specific collection, I think.
But here’s where things get a bit more complicated. While the NFTs are trading well, Nado itself isn’t exactly dominating the perpetual DEX space. Over the last 24 hours, it processed $828 million in volume. That sounds like a lot until you compare it to Hyperliquid, the sector leader, which did $14.5 billion. Nado doesn’t even crack the top 10 by volume right now.
Ink Ecosystem Growth
The Ink network itself is growing, though. Total value locked on the Ethereum Layer 2 solution has doubled since late November, hitting an all-time high of $570 million on January 15. That makes it one of the faster-growing DeFi ecosystems at the moment.
Those Ink points I mentioned earlier? They’re distributed to decentralized applications first, then to users. Eventually, they’ll be redeemable for INK tokens when the blockchain has its token generation event. It’s a common model these days—reward early participation with points that convert to tokens later.
Platform Developments
Following the NFT launch, Nado started what it’s calling Open Beta Season 1 today. The platform is now rewarding users for providing liquidity and trading with point multipliers. NFT holders get additional benefits, like fee reduction tiers. It’s a way to keep engagement up, I suppose.
What strikes me is the contrast between the NFT success and the platform’s overall market position. The collection is trading well, but the exchange itself has a long way to go to compete with the big players. Maybe the NFT strategy is part of building that community loyalty that could translate to more trading volume down the line.
Still, $828 million in daily volume isn’t insignificant. It’s just that in the world of perpetual DEXs, the numbers get astronomical quickly. The space is incredibly competitive, with platforms constantly trying new incentives to attract users.
I’m curious to see if the NFT holders become more active traders on the platform. That seems to be the hope—that digital collectibles create a committed user base that sticks around for the trading features too. Only time will tell if that connection actually materializes.
