What is an Airdrop?
- So, before we get into the meat of the matter, let’s define what an airdrop is. When a system gives free tokens to early adopters, it is known as an airdrop. Essentially, a thank you for your patronage. Airdrops aren’t exclusive to newly launched tokens, but they are a typical occurrence.
- The Uniswap airdrop, which took place in September 2020, was the start of it all. Anyone who utilised the Uniswap decentralised exchange at least once received around 400 UNI tokens, which were worth 1200 dollars at the time, or INR 91,000. Uniswap was essentially giving away free stimulus checks.
- For instance, on November 3rd, the ENS protocol announced that it would be distributing ENSA governance tokens, with 25% of all tokens being distributed to qualified users via an airdrop. ENS is an Ethereum-based domain name service. Those who have registered a.ETH domain name by October 31 were eligible for the free tokens. Some people even received six-figure sums as a result of the reduction.
You might have a series of doubts, i’ll cover the most common ones:
Can airdrops make you rich?
The fundamental goal of airdrops is to raise public awareness, so that people will become interested in cryptocurrencies out of a desire to make money. Also, airdrops have the potential to make you rich, but it all depends on your fate and planning.
Can I sell airdrops?
The best method for selling an airdrop is to use one of the exchanges. Finding an OTC broker is other viable method for selling.
Best Airdrops to buy in 2022:
Let’s have a look at the odds of getting some free cryptocurrency in your wallet. We’ll begin by compiling a list of crypto applications that do not have native currencies, platforms, or services. The larger the platform or service, the better, because we can be more confident that if they introduce a token, it will thrive.
We’ll divide it down into categories:
- Wallets: Metamask, Yoroi, or Phantom
- NFT Marketplaces: OpenSea or Solsea or Layer 2 scaling solutions like Arbitrum
None of them have tokens yet, but they would be prime suited for Airdrops, and the list isn’t complete. You’ll be able to discover a lot more. Now that you have the list, all we have to do is put it to use. Naturally, the more we utilise them, the better. It can, however, be as simple as having a free wallet or account.
Metamask, which could arrive next year, is the one big airdrop that everyone is talking about right now. There is no official word yet, but rumours abound. Even the founder of ConsenSys speculates on the possibility of a Metamask token. “Wen $Mask? Stay tuned.” tweeted Joseph Lubin, one of Ethereum’s co-founders. We could have ignored a statement from anyone else but its Joseph Lubin.
Arbitrum, one of the most prominent Layer 2 scaling solutions, sorely needs a token. If you’re not sure what a Layer 2 scaling solution is, here’s a quick explanation. This is a blockchain-based infrastructure that enables Ethereum to process transactions faster and at a lower cost.
According to what I’ve read, setting up Arbitrum on MetaMask could make you eligible for an Arbitrum airdrop in the future. Going to MetaMask is the simplest way to do it. You can choose which network to use from a drop-down option at the top. If Arbitrum appears in the menu, simply click it to set it up automatically. If it isn’t listed in the menu, go to “Networks,” then “Custom RPC,” and input these credentials manually.
We don’t know if this will make us eligible for future Arbitrum token airdrops, but it can’t harm. This is purely a numbers game. Find DeFi apps that don’t require tokens, interact with them, and then wait.
Optimism, like Arbitrum, is a layer 2 solution. They may issue their token shortly, as Optimism is used by more than one lakh unique addresses.
OpenSea is the largest non-fungible token marketplace, allowing users to find, collect, buy, and sell NFTs. We recommend creating an OpenSea account and purchasing and selling a few items.
We believe OpenSea could produce a future airdrop since there were 22 million NFTs on the platform at the time of writing this article. As the NFT world continues to grow, we believe OpenSea could deliver a future airdrop.
Zapperfy is a decentralised finance dashboard that lets you keep track of your assets, debts, liquidity pools, staking, claimable rewards, and yield farming. Zapper has also added a gamification mechanism where users can earn XP and volts in weekly quests utilising MetaMask, wallet connect for Matic or one of zapperfie’s 12 supported wallets.
When you keep a streak going, the number of XP you can earn for quests will rise for up to two weeks. Your account will level up as you gain more XP. Zaps can also be used in liquidity pools to save time and gas.
On their website, Zapper has addressed rumours about a token and airdrop; the simple response is that they weren’t looking into it at the moment, but it wasn’t completely out of the question.
The rabbit hole is a portal that links crypto enthusiasts with projects and partners. Users then used rabbit hole to earn crypto by using the latest decentralised applications. Partners can market their projects and incentivize users to fulfil quests according to their needs. As a result, users can be rewarded for being early adopters of new projects, and projects can promote their offerings.
Rabbit Hole features quests, just like the zapper. Users who accomplish these objectives and improve their skills will be eligible for a future airdrop. Many businesses are adopting this smart airdrop model, in which the more you contribute, the more you earn. Quests allow you to earn tokens by performing on-chain tasks within a set amount of time.
Trader Joe XYZ
Trader Joe XYZ is your one-stop-shop for decentralised avalanche (avax) trading. They are a decentralised exchange with pools and farms, which are staking pools with avax incentives. Growth Defy is airdropping their grow tokens to X joe or Joe tokenstakers on trader joe XYZ, according to information.
How to be eligible for Airdrop?
The procedure would be same for everyone. Let’s talk about MetaMask token. As they have so many users at this moment, you’ll definitely need more than just a wallet to be eligible for a MetaMask token . By using the MetaMask protocol to swap certain tokens, you can improve your chances of being eligible for an airdrop.
I’ll demonstrate what I mean by making a transaction on MetaMask; it’s quite simple. All you have to do is open the app, hit the swap button, select whatever assets you want to trade, review, and swap; providing you can bear the gas prices.
None of this, of course, is guaranteed. We have no idea who has tokens and who doesn’t. The idea of getting as many airdrops as possible is to diversify our odds by using a variety of services that don’t presently have tokens. This is because we don’t know if MetaMask or anyone else is planning a token distribution. So, spread those odds out.
How to tackle scammers?
Scammers are catching on to Airdrops, so you’ll need to learn how they work so you can avoid them. There would be unfamiliar websites or protocols, red flags fluttering here and there, and some places professing to “receive airdrops.” When it comes to spotting frauds, these are called to acts that you should be aware of.
Investigate the website to see if it is legitimate or a clone of an already established website. If you contact with these sites, they will fully empty your bank account.
It’s a significant issue. To protect retail consumers from this type of activity, decentralised applications must implement stronger safeguards.
What to do?
DO NOT TOUCH ANY RANDOM TOKEN IN YOUR WALLET THAT IS NOT ASSOCIATED WITH ANYTHING YOU HAVE DONE. It’s almost certainly a ruse. If you’re not sure, perform a Google search to discover what other people have said about the token.
Apart from being cautious about scam drops, one crucial thing to remember is that they are not always easy to obtain. For example, at the launch of Paraswap, people were given nothing or a very small amount of money.
No matter how active you are on the platform, you are not assured to receive a large airdrop when a new token is released. That is why it is best to spread your chances.