Mon May 29 2023
What is a crypto airdrop?
A cryptocurrency airdrop is a process of giving free tokens or cryptocurrencies to a specified set of people or the larger crypto community. It is often used as a marketing tool by blockchain projects or enterprises to raise awareness, motivate participation, and distribute tokens to potential users. Project organizers allocate a set amount of their tokens to be given during a crypto airdrop.
Participants must usually meet certain requirements, such as holding a certain quantity of a specific cryptocurrency, completing specific tasks, or joining a community. These criteria may differ depending on the project's objectives and requirements.
Top 5 Crypto Airdrops
1. Scroll Airdrop
The scroll is a zero-knowledge Layer 2 protocol that aims to grow Ethereum while protecting user privacy. Its network is one of the projects to keep an eye on in this regard. Make use of the recently released Alpha Testnet to take advantage of the anticipated Scroll token airdrop. For easy deployment and efficient verification, it employs a hierarchical zero-knowledge proof architecture and L2 mining, which separates the transaction packing and mining processes to defend against negative MEVs.
2. Hord Airdrop
As part of its marketing and community-building activities, Hord, a blockchain-based gaming platform, held an airdrop. The Hord airdrop aims to deliver free Hord tokens to eligible participants, allowing them to interact with the project and potentially become active users.
Individuals are required to meet specific conditions to participate in the Hord airdrop, which might include behaviors such as holding a certain quantity of a chosen cryptocurrency or accomplishing tasks set by Hord. Participation standards may differ from one airdrop program to the next.
BillionAir is a raffle and gaming platform that uses an NFT-based ticket to allow players to enter raffles and a full token-based economy to allow users to bet, wager, and win in the greatest skill and chance games.
BillionAir will airdrop 4,000,000 AIRB to users who finish Zealy missions. Connect your wallet to Zealy to earn XPs by completing simple Zealy missions. Users will receive a portion of the overall airdrop pool based on their number of XPs. Invite your friends to earn additional XPs. Join their Ambassador program to win additional AIRB tokens.
4. Fuel: A Blockchain Architecture in Modules
Fuel is a scalability-focused initiative that began as the first optimistic roll-up on Ethereum. Fuel's modular architecture tries to segregate execution from other tasks, allowing for specialization at the base layer and increased performance. It can function as a roll-up, a sidechain, or even a Layer 1.
Given the trend of Layer 2 blockchains giving airdrops such as Arbitrum and Optimism, there is a chance that Fuel, as an optimistic roll-up, will release an airdrop.
The Fuel testnet is currently available for people who want to learn more about the ecosystem and the projects that run on it. Participation in the ecosystem may now be considered an eligibility condition for future airdrops.
5. Sui: Layer 1 Proof-of-Stake Blockchain
The Sui and Aptos blockchains use cutting-edge blockchain technology implemented in Meta's Move programming language for Diem. Those who used the Aptos Testnet were generously rewarded, with some winning up to $7,000 in Crypto simply for exploring the blockchain. Sui, another well-funded project, is rumored to follow suit.
Sui intends to provide high-speed transactions at a low cost of up to 1,200 transactions per second. It is built in a significantly modified version of the Move programming language and uses the Proof-of-Stake (PoS) consensus process. To speed up transaction processing, a multi-directional block validation approach is used.
Different Types of Crypto Airdrops
Depending on their end game, crypto projects' preferred airdrop varies. Some may use this promotional tool to bring together a community after a hard network fork, but others would prefer to focus on making first-time users feel welcome. It could also be a reaction to the increasingly competitive market conditions. Fortunately, there are several methods for parachuting assured products onto a user's virtual estate.
1. Common Airdrop
Aside from registering for an account, no tasks are necessary in a regular airdrop. The trick here is to act quickly, as there may only be a limited quantity of tokens associated with the launch of a new project, which will be distributed on a first-come, first-served basis. RabbitX, a decentralized exchange, has employed normal airdrops to reward new users who join the network.
2. The Bounty Airdrop
Small favors and voluntary labor performed by recipients support these service-oriented airdrops. Companies typically demand some low-lift promotional effort, with rewards distributed to individuals who join up for a newsletter, follow specific social media channels across platforms, interact with a project's recent post, or just check on a live forum.
For qualifying in a $75,000 contest, foodie NFT platform One Rare listed a nine-step to-do list that included following the company's accounts across social media, tagging friends, and adding accounts to a watchlist.
3. Airdrop Holders
Users who are 'holding,' or have acquired, a particular amount of tokens at the time of the campaign are eligible for this form of the airdrop. This is established by a community-wide snapshot of user wallets taken at a given period in time, which might occur on a specific day or during a predetermined time span. Whatever the prize, it is given to individuals who have met or exceeded a certain amount. Sudoswap, an NFT-to-token swap platform, has yet to introduce its own governance token, SUDO. Those that own NFTs will benefit when this occurs.
4. Special Airdrop
The size of your wallet isn't everything. Exclusive airdrops frequently reward a user's project time, money spent on the non-token activity, or level of engagement in a forum. Exclusive airdrops target folks with empty pockets and a higher level of extracurricular commitment to a project. One well-known example is Uniswap. Each of its long-standing users will receive 400 UNI tokens, regardless of holding status.
Risks of Crypto Airdrops and How to Avoid Them
The overall too-good-to-be-true premise that applies to free company offerings still holds true for Bitcoin airdrops. Here are some of the most prevalent risks to be aware of when participating in crypto airdrop operations.
Phishing And Fake Crypto Airdrops
A false crypto airdrop looks like a token or multiples with a big monetary value that is either dropped into a wallet without notice or maybe "claimed" by entering wallet information onto a third-party site. These airdrop scams might come from brand impersonators or other cryptocurrency exchange customers.
Scammers have been known to gather information under the premise of fake airdrops in order to obtain access to wallets and steal cryptocurrency and private keys.
What to Avoid
Before engaging with any sudden tokens, conduct your own research on the source of the airdrops. "If you have a crypto wallet and notice any new NFTs or cryptocurrency in there, it's generally best not to interact with those if you don't know where they came from," Keogh said. "If you interact with their smart contract to transfer or sell them on a marketplace, malicious airdrops can take over your wallet."
Scams For Pulling Rugs
In a rug pull scam, a Web3 firm may offer crypto airdrops to prospective investors and make long-term value or advantages claims to those who acquire more tokens — with no genuine follow-up or plan to keep the project going. Instead, investors may witness a rapid decline in the value of their tokens when the firm is abandoned, leaving them with a squandered investment.
Finally, the world of crypto airdrops in 2023 offers an exciting opportunity for individuals to learn about and potentially gain from the distribution of free tokens. As projects and businesses continue to innovate and market their goods, staying up to date on the finest crypto airdrops becomes increasingly important. Individuals can position themselves to discover and participate in the most promising airdrops of 2023 by following credible sources, tracking official announcements, and actively participating in crypto groups.
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