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It's a first-come-first-get based.
You can find "SP Claim" button on wallet page on Steemhunt, and once we live the Airdrop (maybe at the end of this month), people can login to their wallet and claim their tokens based on their current SP amount (1:1 ratio).
100M tokens is the hard cap, and there'll be enough tokens for most of Steem users anyway.

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