This article is mainly focused on the upcoming SNGLS airdrop, and I'll also cover a brief and simple TA to identify entry/exit points.
Singular DTV is a project (had an ICO of around $7.5 mn was done in 2016 and has managed to stay the course surprisingly unlike 90% of projects then. Backed by Consensys, it seeks to overhaul the global entertainment industry with an artist focused platform.
As you can see in the diagram below, there’re a couple of moving parts critical to understanding the Singular DTV ecosystem:
BRIEF
Singular DTV is the open source protocol on top of whom dapps focused on transforming the industry are built on top of it. It also acts as the distribution network for music, video and other content
The protocol will be governed by the SNGLS DAO which will be launched on June 24th. Token holders can vote on improvement proposals for the protocol or add new features.
Breaker is a music and film distribution portal built on top of the Singular protocol launched by Singular DTV. It serves as a platform for various films including Trust Machine and Rudeboy, a documentary about Trojan Records
SNGLS DAO
Some of the functions on which the DAO will have an impact on are:
Improvement Proposals
The validation, listing and transaction fees of the SNGLS protocol will be determined by the DAO dynamically.
Treasury Control: “The Treasury will collect a minimal amount of fees so general maintenance to the platform can be had. If a large upgrade is submitted to the forum and is accepted the fees will increase until enough capital has been allocated for a successful build out.” as per the SNGLS DAO
Content Mining: Content Mining allows the SNGLS staker to determine the content that is published in these dapps as an answer to centralized gatekeepers like Amazon, HBO Max etc banning content like Gone with the Wind.
Token Curated Registries to display lists of user focused niche content
The DAO will be funded by grants and loans from Singular DTV. They seek to have a healthy mix of entertainment execs, SNGLS token holders and techies. The DAO will be launched on June 24th
AIRDROPS
There were 3 airdrops planned of which 2 have been completed. Before that, here’s the list of tokens involved:
SNGLS = utility token to pay for access and use of the SNGLS Media Distribution Protocol
SGT = governance token to participate in the snglsDAO to manage the SNGLS Media Distribution Protocol
**SNGJ **= utility payment token used to pay for content and creator subscriptions on the Singular J platform
The airdrops of SNGLS to SNGJ holders and SNGJ to SNGLS holders have been completed on June 5th and 12th respectively.
SNGT to SNGLS AIRDROP
The token snapshot - June 15th
Airdrop - June 19th
Proportion – 1:1 (SNGT:SNGLS)
The airdrop snapshot is expected to take place at an Ethereum block height of 10,272,100, or approximately 2020/06/15 6:00 PM (UTC) as per Binance
Here's the announcement for the same: https://medium.com/singulardtv/sgt-airdrop-88bfd6af0e38
Things to keep in mind before the snapshot
There’re no active steps a participant has to take other than holding the requisite amount of SNGLS till the snapshot’s taken. There’s no minimum amount specified too.
However Binance has announced its support of the airdrop enabling you to hold SNGLS in the exchange and receive SNGT. It would be preferable to hold the SNGLS in wallets that you control.
Overall bias on $SNGLS: Bullish
SNGLS/BTC 1D
Chart:
Overall Bias: Neutral/Bullish
Points to note:
- Note that soon after airdrops, most of the token prices dump
My take: I wont strongly recommend entering here, or betting big amounts, you can enter on retest, or with very small amounts, but if you have already entered, you can keep eyes on the resistances.
Close above the resistance will be very bullish.
We can have a look at the 1W chart to see why 😄
Watch out for the retests, and eter with stoploss if you are positive.
But, its best if you always #DYOR! We are ready to help if you have any doubts
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