Shutterstock cover by Jurie Maree Crypto Briefing shares a list of tips and tricks for airdrop seekers. Understanding Airdrops
Over the last few years, airdrops or free token giveaways have become a common occurrence across the cryptocurrency ecosystem.
Put simply, an airdrop involves distributing crypto tokens for free to early adopters of a decentralized application, blockchain service, or other cryptocurrency user. Airdropped tokens are typically used for protocol governance and for utilities within an application.
Many crypto and DeFi projects have allocated governance tokens worth thousands of dollars to individual community members, highlighting the lucrative opportunity that comes from being early to projects.
Airdrops also work as an effective marketing tool for protocols to pull in new users. The anticipation of free airdrops has prompted an increase in activity on protocols that don’t have their own tokens.
For many crypto enthusiasts, airdrops are a way to receive thousands of dollars worth of tokens with a low upfront investment. The phenomenon has caused lots of noise and excitement among crypto users looking to become qualified to claim lucrative giveaways.
This article focuses on some of the best strategies to become eligible for airdrops. Scouting for Potential Airdrops
One way to increase the odds of receiving free tokens is to scout for potential airdrops. Users can begin by finding notable projects that do not have a token but may create in the future. Often, projects leave hints that suggest that they may drop a token in the future. Projects frequently allocate 5 to 10% of their token supply to early users during token generation events.
Dedicated crypto airdrop websites, social media groups, and forums also provide valuable information about rumored airdrops . Perhaps the most useful resource is DeFi Airdrops , a Twitter account that specializes in highlighting likely airdrops in advance. DeFi Llama’s airdrop page also highlights tokenless protocols that may organize airdrops.
Some of the key projects rumored to be preparing for airdrops in 2022 include NFT marketplaces like OpenSea and Foundation, the Ethereum Layer 2 projects Arbitrum, Optimism, and StarkWare , DeFi protocols like Set Protocol, Opyn, and Shell Protocol, and large cross-chain bridges like Hop Protocol. Support New Crypto Projects
In addition to scouting for projects, one effective strategy to increase the chances of receiving an airdrop reward is to actively use projects on blockchains like Ethereum, Solana, Fantom, Avalanche, and Cosmos.
Users can consider experimenting with tokenless applications across niches like DeFi, NFTs, and GameFi. For example, if a promising lending protocol emerges on Ethereum, adding tokens to its liquidity pools may lead to an airdrop in the future.
While many of the biggest airdrops to date have happened on Ethereum, getting immersed in other ecosystems and experimenting with the technology as much as possible should only increase the chances of a future payout. Become Active to Meet Complex Eligibility Criteria
While being an early user of new protocols is the first step toward receiving potential airdrops, making only one or two transactions may not be enough to qualify.
The airdrop space has evolved dramatically over the past few years. While thousands of users received lucrative airdrops from projects like Uniswap, Ethereum Name Service, and dYdX after making just one or two Ethereum transactions, airdrop eligibility criteria has become stricter across the board (that’s partly thanks to cases like last year’s Divergence Ventures saga , in which the VC fund farmed $2.5 million in tokens from Ribbon Finance after investing in the project).
In recent months, many projects have used strict eligibility requirements. ParaSwap’s November 2021 airdrop was restricted to users who had made at least five swaps, and mostly went to users who had used the application on more than one blockchain. Last week, CowSwap, another decentralized exchange aggregator on Ethereum, announced that its airdrop would be for traders who had transacted a minimum volume of $1,000 across at least three trades.
Due to the strict eligibility criteria some protocols require, users may opt for becoming more active with projects with every wallet they use to increase their chances of receiving a token payout. Go to Ethereum for High-Value Airdrops
Of all the Layer 1 blockchains with active DeFi and NFT ecosystems, Ethereum has historically been the best network for the most lucrative airdrops by some distance. Uniswap , 1inch, dYdX, Ethereum Name Service, Paraswap, and other projects all distributed at least $1,000 worth of tokens per user when they airdropped their tokens on the network, and in some cases the rewards were much higher (those who held onto their tokens […]
source Beginner’s Guide: How to Become Eligible for Token Airdrops
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