The cryptocurrency airdrop is a method that crypto projects or companies use to distribute free digital currencies to a group of users who are typically chosen in advance. Cryptocurrency airdrops are often used by companies launching a new project to promote their token and reach a wider audience. They can also be used to reward existing users of another cryptocurrency for their loyalty or to incentivize people to adopt new technology or services.
There are several ways to participate in crypto airdrops. Sometimes it may be enough to register on the website of the currency in question and provide a valid e-wallet address. In other instances, you may be required to fill out an online form or follow the currency on social media, including Twitter, to be eligible.
But what exactly is an airdrop? How to get crypto airdrops? How to register for a cryptocurrency airdrop and what are the best airdrop sites currently available?
What is a Crypto Airdrop?
A cryptocurrency airdrop is a technique for the free distribution of digital currencies. This technique is very often used when launching a new project and allows the company carrying the project to promote its currency to a wider audience. When a new cryptocurrency launches an airdrop, it distributes portions of its token to a selected group of people for free. These people could be existing users of another cryptocurrency, people who follow the new cryptocurrency on social media, or simply people who fill out an online form.
There are several reasons why a company might decide to launch an airdrop. First of all, it is an effective way to expand target audiences and build a crypto community. By offering quantities of tokens for free, the company intends to make itself known to users, who will be encouraged to find out about, or even use the token in question. Second, airdrops can be used to reward existing users of another cryptocurrency for their loyalty. This can be a way to encourage them to use the new currency and show them that their commitment is appreciated. Finally, airdrops can be used to encourage people to adopt new technology. For example, a blockchain company can launch an airdrop to promote its proof-of-stake (PoS) protocol to proof-of-work (PoW) users.
There are three main types of cryptocurrency airdrops, each with their own characteristics and distribution methods:
- Token airdrop: This is the most common form of airdrop. Tokens are units of value that can be exchanged on a crypto exchange platform for other currencies. Airdropped tokens can be used on the platform of the company that issued them, often in exchange for goods or services.
- Blockchain token airdrop: This type of airdrop involves the distribution of tokens on a blockchain, and is often in exchange for a certain amount of another cryptocurrency owned by the user.
- Token airdrop on smart contracts: This form of airdrop involves the distribution of tokens using a smart contract on a blockchain. In most cases, users must meet certain criteria to be eligible, such as following the company on social media or filling out an online form.
How to Participate in an Airdrop?
To participate in an airdrop, you must follow the following steps:
Step 1 – Find an airdrop:
There are several ways to find cryptocurrency airdrops. You can search for them directly online, follow cryptocurrency social media accounts, or sign up for crypto exchange newsletters. Before you jump in, make sure you do your own research and only participate in airdrops from reputable companies.
Step 2 – Create a crypto wallet:
To receive airdrops, you will need a crypto wallet to store the cryptocurrencies. There are several crypto wallet options available in the market, each with its own advantages and disadvantages. Do your research and choose the one that best suits your needs.
Step 3 – Follow the airdrop instructions:
Each airdrop has its own rules, terms, and conditions. Some may require you to register on the project company’s website, others may require you to follow the company on social media, and others may require you to fill out an online form. Be sure to read the instructions carefully and meet all the criteria to be eligible.
Step 4 – Send your crypto wallet address:
Once you have fulfilled all the criteria and conditions of the airdrop, you need to send your crypto wallet address to the company. This address will be assigned to you when you create your crypto wallet and will allow you to receive airdrops when due.
Step 5 – Receive the airdrop:
Once you have submitted your crypto wallet address and met all the airdrop criteria, all you have to do is wait to receive your airdrop. The company will distribute airdrops on its own schedule, so be patient.
Attention: each cryptocurrency airdrop has its own mode of operation. Consider thoroughly researching the project in question to verify its reliability and legitimacy. Also, find out the payout date, which can often take several weeks or even months.
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Best Crypto Airdrop Sites
Cryptocurrency airdrops are a unique opportunity to receive virtual currencies for free, but finding places to go can be difficult to find them.
While it is true that many sites offer airdrops, they all differ in their reliability and seriousness. To help you find the best cryptocurrency airdrop sites, we compared several sites based on their reliability, ease of use, and selection of cryptocurrencies offered. We also took into account the security level of the sites and the quality of their customer service. Here are the results of our comparison.
AirdropAlert
AirdropAlert.com is one of the most popular sites for cryptocurrency airdrops because it offers a wide variety of free tokens to receive. It also offers detailed information about each airdrop, as well as instructions on how to receive them.
AirdropKing
This site offers an extensive variety of airdrops and is regularly updated with new projects. It also offers detailed information about each airdrop as well as instructions for receiving them. Users of the AirdropKing platform have the option to sort airdrops by what’s new, by user ratings, by performance, and by end date.
AirdropBob
This site also offers a wide variety of free airdrops, with detailed information on each project. AirdropBob also has a rating system to help users evaluate the quality of airdrops and choose their projects with full knowledge of the facts. It is the simplest and easiest site to use, and the platform is updated regularly with the latest airdrops.
The Best Airdrop Projects
While the sites that we examined above allow you to stay informed about new projects, it is still sometimes difficult to distinguish between promising and reliable projects and potential scams.
To get a clearer picture of promising airdrops, we examined the top projects. While they’re not 100% foolproof, these projects are gaining attention and show great potential.
Venom (VENOM)
VENOM is the cryptocurrency of the Venom blockchain which is an upcoming fully regulated blockchain. The focus is on creating a blockchain that is not only ultra-fast but also infinitely scalable. An interesting feat is that a substantial $1 billion fund has been allocated for investments in Web3 projects within the Venom ecosystem.
While the $VENOM token is not yet live, it’s confirmed in the whitepaper, with 22% of the total supply (1.5 billion tokens) allocated for the “Community.” This hints at a potential airdrop for early users. Venom is currently in the Testnet phase, so participation is open at zero costs.
Farming this project’s airdrop is relatively simple. They provide you with a list of tasks you can do and once they are completed, you get an NFT as a reward. They also provide you with test tokens by following accounts on X (Twitter) and joining Discord servers. Like any other Chain, using DApps on the network also helps you farm even more airdrops. Note that regular activity on a Testnet is always a plus when it comes to airdrops, so check for new tasks regularly and complete tasks regularly.
Linea (TBA)
Linea is a zkEVM developed by Consensys, a top player in the crypto space and the team behind the popular Ethereum wallet, MetaMask. Unlike Venom, Linear does not have a Testnet, but rather has Linea Layer 2 which is already live. This means that you will have to put in some money if you want to qualify for the airdrop. It also hover means that there is a minimal risk is the project shutting down abruptly.
Linear is currently running a campaign called Linea DeFi Voyage, where users can qualify for the airdrop by earning points through the completion of various tasks that are released weekly. The page includes enough information that makes it suitable for even DeFi beginners.
The tasks include connecting to MetaMask, Bridging, Swapping tokens, Lending and Borrowing, Liquidity Provision and Yield Farming, Trading, and SocialFi. There are also bonus tasks that you can complete for extra points such as using an aggregator.
zkSync
zkSync is another zkEVM that is also live on the Mainnet and has about $540 million TVL (total value locked) according to data from the L2Beat platform. The project does not have a token but you can use zkSync today using MetaMask.
For this project, there are two top things that you have to do to quality for their airdrop. The first thing you want to do is go to the txSync Bridge on the platform, and deposit crypto from your other wallet to zkSync. Do this for both the zkSync Era Mainnet and the zkSync Lite Mainnet. This bridge was officially created by the ZK team so it has the highest chance of qualifying you or the airdrop.
The second thing is to join the GRVT campaign that is ongoing. GRVT is an upcoming perpetual DEX exclusively built for and powered by zkSync. The GRVT malign started earlier in December with “Phase 1: Invite-Only Wait-list.” Here, you can earn invite points for airdrop rights and possibly get a special zkSync mystery box.
In addition to this, we recommend that you also increase your activity in the ecosystem. Connect and use the ZkSync Wallet, DeFi, and NFTs to be better positioned to receive the airdrop.
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How to Analyze the Potential of an Airdrop?
Let’s explore key considerations and strategies to assess the potential of an airdrop effectively.
Identify Valuable Projects Using Tools
Many websites offer data compiled on different protocols, and many of them are completely free. DappRadar, DeFi Llama, L2Beat, and other similar tools are great places to start.
These tools can be used to filter tokens and focus on projects that already have a high value of locked tokens or TVL. A high TVL usually indicates that the protocol is widely accepted, making it less likely to be a scam. All you have to do is identify protocols that have not yet issued tokens or are planning an airdrop.
The best thing to do is identify a reliable protocol and try to follow it as much as you would if you weren’t looking for airdrops. Also, participate actively in the project community where you will undoubtedly discover the best methods for interacting with the protocol. Some projects reward their most active users with an airdrop of their native token.
Create a New Wallet Address for each Airdrop
It is highly advisable to create a new wallet address for each airdrop you participate in. Besides protecting your privacy, you can reduce your losses if you fall victim to a scam.
Be Sure to Check out the Real Airdrop Site
It is also important to know that scammers will try to create clone websites that are similar to successful projects knowing that users are looking for airdrops. So be sure to only interact with the official website of the protocol in question at all times.
How to identify an airdrop crypto scam?
It seems essential to us to remember that cryptocurrency airdrops, although very interesting in most cases, can also present some risks:
- Scams: Some unscrupulous companies may use airdrops to trick people and steal their information and data. It is important to watch out for airdrops from dubious sources and never share your private information with anyone.
- Theft of funds: If you receive funds from an airdrop to an unsecured wallet, they could be stolen by hackers. It is important to store the received funds in a secure wallet and protect your access information.
- The value of cryptocurrency: When you receive cryptocurrencies via an airdrop, it is important to realize that the value of these cryptocurrencies can vary significantly. There may therefore be a risk of loss of value if the cryptocurrency received does not match up to your expectation.
There are also other elements that you should be wary of, such as:
- Unsolicited offers
- The private key request
- Requests to deposit to an account
- The guarantee of profits
- Lack of information about the project
- Fake social network accounts which promote the project.
Despite these few risks, crypto airdrops remain a valuable tool for supporting new projects, diversifying your portfolio, and increasing your chances of making profits. You just need to take the necessary precautions.
Cryptocurrency Airdrop: Our Candid Opinion
The cryptocurrency airdrop is currently a huge success among blockchain users. This strategy has the advantage of being built on a win-win principle: project launchers encourage users to use a platform or participate in a project, while users use free tokens to diversify their portfolio or generate direct profits. However, before signing up for an airdrop, do some research and read reviews of airdrop listing sites.
Conclusion
The crypto airdrop is now a vital strategy, not only because it allows for the expansion of a new project’s user base, but also because it offers an excellent approach to retaining users, creating demand, and making a project known to the general public. As a result, it is a valuable tool for both companies starting new projects and users who see it as an opportunity to get cryptocurrency tokens for free or at ridiculously low prices.
Don’t forget that we also give you investment advice on NFTs.
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