PANews reported on March 19 that according to The Block, Gyroscope, the stablecoin protocol behind Gyro Dollars (GYD), has launched its governance token GYFI. Gyroscope co-founder Lewis Gudgeon said that the launch of the GYFI token includes airdropping up to 2.1 million tokens to eligible users, accounting for about 15% of the total supply of GYFI of 13.7 million. The airdrop qualification is determined through Gyroscope governance voting, and users who participate in SPIN points activities, founding member NFT holders, and Gyroscope Galxe activities are included.

Users who receive GYFI can choose to receive the full amount of liquidity tokens, or lock the tokens to get additional rewards: 40% additional GYFI can be obtained by locking for 9 months, and 150% additional GYFI can be obtained by locking for 18 months. GYFI will allow holders to participate in the decentralized governance system, where they can vote in protocol decisions. In addition, Gyroscope mentioned that a repurchase and destruction mechanism may be implemented in the future.

At press time, Gyro Dollars has a market cap of around $24 million, according to data from CoinGecko.