Airdrops - How to Participate (and get Free Money)

By Lucasgaio | The Microcoiner | 22 Dec 2021

In the history of cryptocurrencies some events stand out because sometimes they have changed the lives of some individuals, only because they were "in the right place" and at the right time. I refer to the "Airdrops", a term which refers to the free credit of a certain amount of new tokens on selected wallets. The amount involved can range from a few pennies to several thousand dollars!


But how can we get an Airdrop?

The question is one of the most popular, but the answer is sometimes not so simple. In the past, the most profitable Airdrops have been, for example, $UNI, $DYDX, $FORTH, ENS and many more. The only thing they have in common is that they have been distributed to those who have performed particular actions, such as using a certain DeFi platform or holding a certain token (or NFT) in their wallet (before the airdrop).

For example, in 2020 those who held $AMPL (one of Publish0x's current reward tokens) on a wallet (no exchange) were granted the right to claim the Ampleforth governance token ($FORTH). Just to be precise, a wallet with a balance of only €4,80 in Ampl could claim €3500 in FORTH.


Therefore, it can be said that to receive an Airdrop similar to those of the past it is necessary to interact in some way with a DeFi platform, with a CeFi or, more generally, with a service that does not yet have its own currency.


Why are Airdrops generated?

There is actually more than one reason why someone should credit their token to some users:

  • Engage the community and attract more people to your service,
  • Reasons related to governance (create a decentralized voting system among horders),
  • Stealing cash and users from other platforms (vampire attack).



How to... 

There are a lot of speculations as to which platforms do not have a token and may therefore issue it in the future. Let's see the most accredited and try to understand how to win the eventual possibility of receiving their airdrop. As an example I have chosen one by category (annuity platform, wallet, blockchain, etc.), but before seeing them specifically I remember that (most likely) it will be necessary to interact with them at least once to be eligible for the airdrop (if it happens).

1. BlockFi: it is a CeFi platform where it is possible to rent various coins (including Bitcoin and Ethereum). It also has a "swap" function that allows you to quickly convert a coin we own into another supported one. Many believe that sooner or later BlockFi will release its own token, just like its competitor Celsius Network (which has $CEL), with which to give away higher interest rates. If you don't know BlockFi read this article: My CeFi Experience: BlockFi


2. Metamask: another very important name in the crypto world. This is the main non-custodial wallet for Ethereum and its tokens. Since it does not yet have its own token, unlike other wallets such as TrustWallet, Atomic or C98, there is a possibility that this will be created in the future and credited to its active users. If you don't know how to use Metamask read this article: The METAMASK Tutorial 


3. Unstoppable Domains: Just like Ethereum Name Service, which recently launched its own token, Unstoppable Domains may do so in the future. These are companies that develop software and that provide the possibility of registering a web domain on the blockchain. In fact, ENS has recently given away large quantities of its token to the owners of Ethereum domains. If you want to learn more about Unstoppable Domains read this: What is Unstoppable Domains?


4. Opensea: is a platform built on the Ethereum blockchain that allows the exchange of NFTs. At the moment, it is mainly responsible for the ETH burn due to the large amount of gas fees it produces. The curious thing, however, is why this platform does not yet have its own token.


5. Arbitrum: Finally, as the Ethereum layer 2 representative, I chose Arbitrum. In fact, unlike Matic or Loopring, it doesn't have a token. Many users of Arbitrum are hoping for its release.


I remind the reader that what I have just reported is the result of a research conducted on the internet and, for this reason, the data must be treated with due reliability. In fact, it is not certain that one of the aforementioned platforms will ever release its token. In any case, simply interacting with them costs nothing. DYOR. 


Recurring Airdrops

Finally, there are some airdrops constantly given to those who hold a specific cryptocurrency. This is the case, for example, of $LUNA and $ATOM, whose holders are entitled to receive the tokens of the projects that are launched on their respective blockchains. In particular, it is often not enough to hold the cryptocurrency on the wallet, but it is required that it be staking with a validator, to contribute to the security of the network. Through the Terra Station (for LUNA) and Keplr (for ATOM) wallets it is possible to delegate a validator thus perceiving the rewards of staking and the airdrops of the various projects.



Risks of an Airdrop

Participating in an airdrop isn't always risk-free. Since it is a question of receiving free coins, we may think that this always works in our favor, but it is not so. In fact, future dates are often announced at which a snapshot of the wallets containing certain tokens is taken, in order to credit others. Maiar Exchange (when it was launched $MEX token) and Venus protocol (with $VRT) used just this technique. Snapshots were made of $EGLD and $XVS respectively contained in non-custodial wallets and subsequently those same wallets were able to receive a certain amount of tokens. But where is the risk? Simple: a lot of people bought EGLD and XVS before the snapshots, causing them to increase the price, and then resold them causing a sudden dump. Those who were not quick to resell found themselves at a loss and even the airdrop did not make up the difference in value.


In conclusion

We have seen how there are many earning opportunities in this crypto-world, but one is also exposed to numerous risks. An Airdrop is one of the things that is least expected and that, sometimes, changes the cards on the table. Therefore, I remind everyone to never invest blindly and to study the platform on which you decide to allocate funds. DYOR because it is always very easy to lose everything.



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I am a pharmacist and a scientist.

The Microcoiner
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