Airdrop means “falling from the sky.” In the field of marketing, it is understood as a free new product program, customers only need to follow a few requirements of the organizers to be able to try the service/product without paying a fee.
Or, understandably, it in the virtual currency world is “money falling from the sky”, your task is to put out your wallet and get the money at the right time. To own valuable coins, users need to perform operations such as posting on social networks, sharing, liking, commenting, … to attract more users to sign up for the project.
Airdrops in Coins are coins that are distributed for free. Their value will increase as the user somehow can spread and get more people involved in that project.
The first phase of cryptocurrency projects will not be able to attract and possess a large community of participants like previous projects. At this point, the issue team will be looking for ways for their coin to reach those who need to use the cryptocurrency. Because if there are no participants, that coin is not worth anything.
Each campaign will be an opportunity for some cryptocurrency projects to be widely distributed to a group of potential users. Although it is a free program, each campaign is organized extremely monumental, large scale, especially the promotion.
THE HISTORY OF AIRDROP
The coin has been doing this for some time – quite a long time since the first Ethereum ICO. If you check your ETH wallet on Etherscan (which I strongly recommend you never open your wallet with a private key — just to check your balance, which is riskier than necessary), you’ll know there’s a top row called token tracker. If you see it, then there are also tokens in your account; If you don’t have one, then you don’t have any tokens or airdrops.
Some people who hold ETH wallets with balances for a while may have noticed this – one day you see an additional random token in your Token Tracker. No, no one randomly sends a token to your wallet address as an accident; Instead, the development team decided to send a small amount to several Ethereum wallets to spread to the world.
Eventually, it became a method that transcended marketing. As a method to inflate the value of the coin, coin owners will receive a bonus proportional to the number of coins they hold. Coin investors who want to get an airdrop will have to buy coins if they don’t yet have any, or buy more if they want a larger percentage of the airdrop. I would like to emphasize that this strategy will not be taken a closer look at in this article, as my article focuses on how you can make money for free, not how you can make money by buying coins.
AIRDROP CLASSIFICATION IN COINS
Airdrop from the exchange
New exchanges or exchanges that do not yet own their cryptocurrency will hold airdrops for free. Participants simply register and keep these virtual coins; the system will automatically play for free.
Airdrop influenced by coin separation, improvement
When the coin is performing well but there is a split to improve the coin or the influence of the group’s conflict. That coin will split into another coin that possesses the basic characteristics of the old coin. Usually, the coin will have better technologies. At that time, the coin will automatically play coins in the same number as the one you hold.
ICO Airdrop
ICO Airdrop is a familiar and very popular form in the cryptocurrency market. The organizers distributed the coins for free to pay the members who helped them advertise the new project through social networks.
POPULAR FORMS OF AIRDROP COINS
Based on what we’ve collected, Crypto currently has the following ways of getting Airdrops:
Retroactive
Retroactive is a form of airdrop coin project for users who have supported, used, or contributed opinions to the development of the product in the past, this airdrop is often rewarded to the user as a token of the project itself.
This form was only popular when Uniswap started Airdrop UNI – Uniswap’s token for users who have interacted with the project. At the time, UNI had just been distributed to a user wallet that was listed on Binance for about $3-4, so one wallet would receive ~$1,600.
Then comes 1INCH with two Airdrop coins for users who are also involved in trading, or provide liquidity for the project. Both times give a token amount of about 600 1INCH with a value of ~$1,700 for the first time and ~$2,400 for the second time.
The purpose of this is that the token will be distributed to the right users, since these tokens are mostly for administrative purposes, so it must be true users, then it is highly likely that they will retain and contribute to the construction of the project.
Hold & Stake coin
The token owner here I’m talking about can be the Native token of the blockchain or the tokens in the background that the Airdrop projects built above. In this way, users do not need to perform any activities, just own valid tokens, then airdrop.
Some of the cases that can be mentioned are:
- LUNA: The Hold LUNA and Stake brothers, will receive Airdrops from new projects built on the Terra ecosystem. So far, the number of Airdrop projects confirming that it will give tokens to LUNA holders has reached 14. And of course, this number hasn’t stopped.
- CRV: More precisely veCRV – the token created from the CRV key (read more about how the curve works here). Users with veCRV will receive EPS, Ellipsi tokens, curve forks, and support from Curve.
- SNX: Construction projects on Synthetix will airdrop for future SNX Stake users. The opening is three projects: Lyra, Thales, and Aelin.
It can be seen, in the past, we have had cases of Airdrop for token holders such as BTC, TRX, … But recently, this trend has been re-enacted but in the higher version, it is a Stake to receive Airdrop.
This will help the dominant token circulate on the outside, leading to more positive price movements, or if it is the Native token of the Blockchain, it will help enhance security.
Do tasks
In addition to the above methods, you can also participate in the following ways to receive coins/tokens from projects:
- Answer the question: Prominent in this field is Coinmarketcap.
- Participating in competitions such as top trading volume on the exchanges will also receive Airdrop.
- Fill out the form: This is applied by a lot of projects and many participants because it is very simple, just fill out the form and wait for the results, like Solstarter’s SOS airdrop for example.
BENEFITS OF FREE COIN AIRDROP ISSUANCES
Create a stable user community
The general mentality of customers always loves free products. Taking advantage of this mentality, Airdrop Coin sessions are organized to attract a large number of users to try and promote new coins. If that coin is really good, customers will be willing to choose that cryptocurrency for their next round of transactions.
Support the transition
In the event of a hard fork, Airdrop is deployed to distribute new coins to users who are holding old coins. For example, Bitcoin Cash splits from Bitcoin, participants will receive additional BCH in a ratio of 1:1.
Bring positive effects to marketing
Any cryptocurrency project PR campaign is indispensable for airdrop operations. Projects such as Ontology, EventChain, Friendz, Dock, … having used Airdrop for marketing to introduce new coins, it was not long before they made huge profits, offsetting the initial free token.
Increase decentralization
Airdrop is not only a free coin broadcasting activity but also helps improve security, decentralization for the entire network of the project extremely well.
DISADVANTAGES OF AIRDROP COIN
Although Airdrop Coin is one of the most “sure win” ways to make money, i.e., you do not lose money, but there are some shortcomings related to:
- Time: Undeniably, airdrops require users to experience the product, which mostly forces users to spend a certain amount of time trying all the features. These things are really bad.
- Transparency: Because the tokens are distributed for free, and there is almost no way to check the team’s performance, it is almost as if the project does not distribute by the original regulations. Note, this is just a hypothesis that comes from the author – a person who has never hit any Whitelist.
- There is no great value: Some projects confirm that there will always be Airdrop coins/tokens for specific activities, so there will be a large number of users involved, not to mention each person will use many wallets. This will lead to the number of tokens of each wallet will be broken down, from which the amount of money collected for users playing fewer wallets will be very low.
- Scam: Since this is one of the most popular ways to make money, it is inevitable to “lose money”. Typically, luring users to click on the scam link, asking for Private Key / Passphrase, … So, you MUST PAY CLOSE ATTENTION TO the links you are about to click on next.
OUTSTANDING PROJECTS IMPLEMENTED AIRDROP IN THE PAST
1inch Exchange’s Airdrop campaign has launched a total of 4.8 million 1INCH deliveries to more than 9000 customers
In the past year, many DeFi projects have been quite aggressive when launching huge Airdrop programs. To attract and hold the user’s feet. The competition between 1inch Exchange and Uniswap is known.
Currently, these are two decentralized trading platforms DEX that attract a large number of users, allowing cryptocurrency exchanges without creating trading accounts. The token swap process she moved out in a few simple steps.
Uniswap is known as the DEX protocol at the forefront, creating a fairly solid foothold in the market. To compete with uniswap’s influence, the 1inch Exchange Airdrop program runs from late 2020 to early 2021. In it:
- 1inch Exchange has pledged to freely deliver 3.57 1INCH tokens to more than 1,300 liquidity providers in November 2020.
- Customers using smart contract applications such as Gnosis, Authereum, Pillar. … Have the opportunity to receive airdrops of about 375,000 1INCH tokens.
- Limited token holders are distributed 310,000 1INCH tokens
In particular, 1inch Exchange also won 6 million 1INCH tokens for customers who regularly trade on Uniswap. Not only that, but the platform also continues to deploy an airdrop program for customers who are using the service on the Mooniswap protocol until the end of 2020.
1inch Exchange’s Airdrop campaign has launched a total of 4.8 million 1INCH deliveries to more than 9000 customers. Although it is not possible to surpass Uniswap, the news about this protocol is almost sub-across forums, social networks, and websites about cryptocurrencies.
COMPARE AIRDROPS WITH BOUNTY
A lot of people confuse airdrops with bounty. There’s not a clear line when it comes to putting Airdrops and Bounty on the scales. But it can be understood preliminarily:
- Bounty is that we do something to make money.
- Airdrop is a sudden amount of money that “falls” into the pocket.
Specifically, Bounty means “bounty hunting”, when we need to do what the project requires, in exchange for the project will give some money (or token) to the work of the brothers. These are usually: Finding errors; participating in painting contests, creating content; …
As for Airdrop, it is that we experience the project with the “lucky” mentality that the project will plan to reward users who participate with the project soon. So, it’s almost impossible to know if the project is Airdrop or not.
SUPPORT ACCOUNTS FOR AIRDROP
To receive free tokens and coins, traders must participate in the cryptocurrency project you want, followed by setting up important accounts to search for information, share, post, etc. Coins such as e-wallets, Twitter, Telegram, Linkedin, and other social media accounts.
What e-wallets do you need to prepare to participate in airdrops?
During the airdrop process, the projects will require you to fill out the wallet to receive the Token. Depending on the type of token of the project, you need to provide a compatible network wallet address.
ETH e-wallets are considered to be a type of personal storage wallet compatible with ERC20 that is quite secure. The majority of Airdrop tokens are subject to ERC20, so it is essential to prepare an e-wallet account if you want to make Airdrop money in coins.
You can choose to use myEtherWallet or MetaMask wallets to start the project. Ledger cold wallet is also a good option to help you store coins.
Note: You need to make sure the wallet you use is active and in effect so that Airdrop ensures you don’t use multiple different wallets to receive Coins.
Social channels to search for Airdrop information
Twitter account
Twitter is known as a reputable social network, with many good, stable interactions and followers. Therefore, Twitter is popular with the cryptocurrency community and you should not ignore the platform.
Telegram account
Following Twitter, Telegram is also considered a popular chat app of the cryptocurrency world. When participating in the virtual currency community, you are required to set up a Telegram account if you do not want to miss out on new information related to Airdrop in Coin, the opportunity to receive the coins of the ICO project. You should stick to it until you get the coins in your wallet.
Email account
To sign up for Airdrop, you are required to have an Email account to create an account and participate in making money from Airdrop Coin easily.
Linkedin accounts
This is a social networking space for participants to update their profiles and share their experiences with the community. This social network is not required but you should have an account to update information as well as learn from other traders.
HOW TO MAKE AIRDROP COINS EFFECTIVE
Prepare
Depending on what the “problem” is, we need to prepare accordingly. But most of the time, you have to have a multi-chain wallet, which means that any chain must have a wallet, with a few coins of that blockchain as a transaction fee.
If in the form of Testnet, then you also need coins of the Testnet network, such as ETH in Kovan, Rinkeby, …
Also is the basic knowledge of how to use DeFi products.
Search for Airdrop information
You can search for information about Airdrop waits through a variety of channels. Some popular sites such as Airdrops.io provide quite complete and up-to-date information about Airdrop.
The interface is quite simple with updates about airdrops on the airdrop.io
Other sites such as Coinmarketcap, airdropsmob.com, … are all familiar names to those involved in understanding and investing in the crypto market.
Coinmarketcap also regularly updates free Airdrop projects on the site.
If you feel unsatisfied, you can search for keywords to search for reputable airdrop sites, the results are many. These sites provide information about airdrops quickly and especially for free.
Facebook, Telegram, Twitter, or some other social networking platforms are also where many cryptocurrency development projects update information about airdrops. Information is often exchanged continuously on groups, groups, blog chats, … Updating information via social networks is very fast and convenient, especially to interact with other members to verify whether the information is accurate or not.
Perform tasks
This step requires you to use the last “preparation” section above: Knowledge. You need to know basically what a project will do, for example, Lending will have loans and loans, DEX will have Swap and provide liquidity.
Once you know, do everything provided by the project. In some cases, the project will have an article that will show users how to experience it.
Waiting for results
Similar to The Collection, if there is already information before, then wait until the date of publication of the results will know if we will win or not.
In the other case, you must wait until there is an official announcement, or at least start the token launch announcement. If after the token launch there is still no notice, it proves that we have found the wrong project.
Receive and withdraw Coins/Tokens from Airdrop in Coins
After participating in the Airdrop project, you need to wait about 1-2 months to receive your token. The time for receiving coins/tokens will take place at some time as follows:
- The main sale ends before the sale.
- After the token is on the floor
- It is recommended to open token sales in parts to help limit the sell-off and devaluation.
The time usually depends on each project and how the token is issued. Therefore, should you regularly check your email to update whether your token has been received?
Coin/Token withdrawal process from Airdrop
To withdraw the Coin, you need to go to https://etherscan.io/ and enter your ETH address in the search.
If your wallet already has a Token, the screen will show the View Token section, you just need to click the View Token button and check. After checking the information, you need to withdraw the token to your ETH wallet.
In case, the token wallet does not show, meaning that the token has not been sent back by the system and you have not received any tokens.
If you already have a token, you access your e-wallet through MetaMask, Ledger Nano => The Token Selection you want to withdraw.
NOTE WHEN JOINING AIRDROP TOKEN
Airdrop seems very attractive to traders who are new to cryptocurrency trading. But in the online world, there is rarely anything free and safe. Joining airdrop means you have to spend a lot of time tracking the type of coin that has been played. Not to mention in the middle of a forest of coin projects like today, you will easily choose the wrong garbage coin project.
However, if you still want to try the experience with Android, keep a few notes below.
- Do not send private keys: If you reveal the private key, it is completely easy for hackers to assess the number of coins you hold. Or the airdrop deployer can also rely on this to collect user information.
- Do not send airdrop coins to other wallet address: Airdrop is completely free; the project only requires you to keep the coin and not send it to any address.
- Search for information from official sources: You should update information from the developer who will deploy Airdrop, not just rely on sharing on social networks, forums. On the main website of each project is fully updated Airdrop, please update the official information there.
- Use a separate wallet when Airdrop: This is essential to make sure the wallet stores your current coins. If you share a wallet, you risk having your wallet hacked and getting into other trouble.
TIPS TO MAKE AIRDROP COINS “EASY TO EARN”
Here I will divide into two types based on capital. Of course, there are no conditions for placing more or less capital, all of which are decided by you.
Do airdrop with little capital
If you consider yourself in this form, then you must try to spend a lot of time and effort using the products. A lot of projects have fairly easy ways to interact, like AMM just swapping, or providing liquidity. But projects are harder – Lending protocol, for example, requires more buttons, as well as the need for a network-dependent amount of testnet money.
That’s not to say that the effort is not worth it. Perpetual Protocol once held a “long-short” testnet tournament, users only need to ask for a little ETH testnet, draw charts and enter commands. The contest has a total of 200 winning slots, with the lowest prize receiving 100 PERP, at the current price 100 PERP will be equivalent to $1,000.
In addition, you will get real experience of DeFi, will know how buying and selling on AMM takes place, inhibiting slippage, high gas fees, or occasional liquidation at Lending platforms, … It was a “wonderful” experience that not everyone knew about. But from there, we will have more experience when participating in mainnet products with real fresh money.
Do airdrop with a lot of capital
In my opinion, people with a lot of money will lack time, so it is almost impossible to spend time doing testnets because it is surely done. But if you still want airdrop, I suggest doing it the hold and stake token way for the following reasons:
Most of the coins/tokens are large projects, so they can almost be considered as investment assets.
Because these are large projects, it will attract many small projects, Airdrop will be a lot.
It is impossible to claim these high-value rewards, but assuming there are some outstandingly successful projects, the returns are very good.
As I said, public airdrops are usually worth very small for each wallet, so to earn a “decent” amount, requires you to buy a large number of tokens, or buy medium capital, you have to be in a very beautiful position.
COMMON MISTAKES WHEN MAKING AIRDROP COINS
No cost is expected.
As I said, airdrops aren’t always free. The process of experiencing the project sometimes requires a fee to manipulate, especially in Ethereum with a sky-high gas fee.
If you do not know your total capital, you will likely be involved in many projects, but in return, there are no Airdrop Coin projects, or the money received is not worth the effort.
Half-hearted experience
A half-hearted experience means that you manipulate too little. For example, AMM projects often not only have Swap but also provide liquidity. Therefore, if you only go to Swap a few symbolic commands, then there is a high chance that you will not receive an Airdrop.
And if you offer liquidity, but have just put it back in and out, then it is also considered that the probability of receiving a bonus is very low. Because the project gives retroactive to users is because they contribute to the product, not make there to receive Airdrop. So, if you offer liquidity, don’t withdraw in a hurry.
In another case, it’s a swap, not enough times, or low value. Ref Finance, for example, has Retroactive for users in August 2021, but the conditions are strict: Swap over 7 times or provide liquidity for 3 pools.
No norm determines the quality of operations, but in general, if possible, do so many times, with relative value, which will limit these cases.
CONCLUSION
Airdrop Coin has become more popular than ever because it is an effective way of marketing and distributing tokens, but also with the disadvantages I mentioned above. Will there be new forms of airdrops in the future? Let the future answer this question.
