Ethereum blue-chip NFT project Moonbirds officially expanded into Solana yesterday (28) with the launch of its native token BIRB. Although the token price surged 90% on its first day of trading, the token distribution mechanism sparked strong community backlash, even causing the Moonbirds NFT floor price to experience a significant drop.
According to CoinGecko data, BIRB saw strong buying activity after its launch, with the price rising from $0.20 to a high of $0.45, and stabilizing around $0.31 at the time of writing, representing a daily increase of approximately 90.6%. Currently, BIRB’s circulating market cap is about $9.9 million, with a fully diluted valuation (FDV) reaching approximately $347 million, clearly surpassing the expected level of “FDV one day after issuance” in related prediction markets on Polymarket.
However, behind the impressive price performance, there is growing anger within the community. The tokenomics model announced by the team on Tuesday was criticized for “lack of sincerity.” BIRB has a total supply of 1 billion tokens, of which up to 65% is allocated to “community-related distribution.”
Yet, seemingly generous numbers, when broken down, have left long-term players feeling disillusioned. Only 27% is used for direct rewards to NFT holders, while the remaining “community share” is divided into: ecosystem partners (12%), value chain incentives (10%), liquidity (8%), and the so-called “Innovation Fund” (8%). Meanwhile, the team retains 10%, and investors and advisors take as much as 25%.
What further frustrates veteran players is the “unlock mechanism.” On January 27, the team announced the launch of “Nesting 2.0,” a feature designed to encourage long-term user engagement. It involves users depositing eligible Moonbirds ecosystem NFTs into the protocol, during which the NFTs cannot be freely traded on the market. In exchange, holders can receive BIRB rewards.
However, the issue lies in the fact that, although users immediately receive Soulbound Tokens (SBTs, digital certificates that cannot be transferred or sold and are permanently bound to a specific wallet) as verification after staking, the actual BIRB reward claim period has been extended to a 24-month linear unlock.
This means that if users are holding NFTs solely to receive airdrops, they now have to lock their assets for two years to claim the full rewards.
Once the news broke, the floor price of Moonbirds NFTs on Ethereum plummeted, dropping over 30% in less than a day, briefly reaching 1.10 ETH and falling back to the lows seen in mid-2025.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Yesterday, the US Solana spot ETF experienced a net outflow of 6 million USD.
BlockBeats News, March 6, according to Farside monitoring data, yesterday the US Solana spot ETF experienced a net outflow of $6 million.
GateNews1h ago
Doppler expands its token issuance platform to the Solana network
PANews March 6 News, according to The Block, the token issuance platform Doppler, which supports most new token launches on the Base chain, announced its expansion to the Solana network. Doppler stated that this migration is not simply a port or fork, but a native implementation tailored to Solana's unique architecture, constraints, programming model, and economic mechanisms. Doppler noted that it has been operating on multiple EVM chains and has integrated applications such as Zora and Bankr.
GateNews1h ago
Bloomberg Analyst: About half of Solana ETF inflows come from institutional buyers with assets under management exceeding $100 million
Bloomberg analyst Eric Balchunas pointed out that since the launch of the spot ETF in July, SOL has fallen 57%, but the ETF still attracted $1.5 billion in capital inflows with very few redemptions. About 50% of the funds come from institutional investors who file 13F reports, indicating an optimistic outlook for the future.
GateNews2h ago
WAR (WAR) increased by 61.98% in the last 24 hours
Gate News Bot Message, March 6th, according to CoinMarketCap data, as of press time, WAR (WAR) is currently trading at $0.04, up 61.98% in the past 24 hours, with a high of $0.05 and a low of $0.01. The 24-hour trading volume reached $21.6 million. The current market capitalization is approximately $37.6 million, an increase of $1.44 million from yesterday.
WAR is a community-driven cryptocurrency project dedicated to building an active trading and community engagement platform within the Solana ecosystem.
## Important recent news about WAR:
1️⃣ **Prediction Market Popularity and Trading Activity Increase**
Geopolitical events have become significant focal points in prediction markets, attracting substantial funds and participant engagement in related trading sectors. This market activity
GateNews3h ago
Solana's Largest DEX Aggregator » Jupiter Launches On-Chain Visa Card: Zero Fees for USDC Top-Ups, Aiming to Transform into a Decentralized New Bank
Solana Ecosystem Protocol Jupiter Launches Virtual Visa Card Jupiter Card, Allowing Users to Top Up with USDC Fee-Free and Exchange 1:1 USD. The card can be used at Visa-accepting merchants worldwide and offers two card level options. Jupiter has partnered with Noah with the goal of transforming into a decentralized new bank, providing more financial services and attracting a large user base. Its success remains to be seen before market validation.
動區BlockTempo3h ago
Western Union Partners with Crossmint to Bring USDPT to Solana
The article discusses Western Union's collaboration with Crossmint to introduce USDPT on the Solana blockchain, highlighting developments in cryptocurrency and payment innovations.
CryptoBreaking4h ago
