$42 Million In Crypto Is Now Being Airdropped to NEO Investors

Select Neo users are receiving some free crypto money.

Starting today, those who held tokens on the Neo blockchain, the 11th largest in the world, will receive 10 million ONT tokens designed to power an entirely new crypto technology platform called Ontology.

Part of the "ONT token distribution," the move effectively rewards all users of the Neo blockchain for providing the technology necessary for the project's fundraising.

In February, the Neo Council, a body set up to oversee the Neo blockchain protocol, announced that the Ontology team had granted it 20 million ONT tokens - the main assets on the Ontology blockchain network - which the Neo Council would freely distribute to NEO token holders through a two-stage "Airdrop."

As well as the deadline for completing the Neo Council airdrop, Monday marks the beginning of Ontology's token migration, in which holders of Neo-based ONT must move their tokens over to Ontology's "Mainnet" - its own, freestanding blockchain.

Ontology is one of several projects to embark on token migrations - also known as token swaps - in recent months.

Some of the most prominent include EOS and Tron, both of which moved from ERC-20 tokens to native tokens on their own dedicated blockchains.

The Neo Council's ONT token distribution was divided into two equal halves.

Anyone who held NEO at a certain point on March 1 is entitled to receive 0.2 ONT per NEO. The first half was distributed to Neo addresses as an NEP-5 token - a Neo-based token standard similar to ethereum's ERC-20.

The second half of the airdrop began over the weekend, except that this time, ONT tokens were distributed as native tokens on the newly launched Ontology blockchain, rather than as NEP-5 tokens.