What is Crypto Airdrop?
#CryptoAirdrop #CryptoAirdrop2024
Have you ever heard the term "Airdrop"? Recently, airdrops have become increasingly popular among cryptocurrency circles. How could it not be, airdrop offers us the opportunity to get tokens for free. Many cryptocurrency projects have used airdrops to introduce their tokens to the market, while also giving people like us the opportunity to get involved.
In this article, we will thoroughly examine what an airdrop is, how it works, and where we can get information about the latest airdrop which would be a shame to miss. By understanding the concept of airdrop, we can take advantage of opportunities to get free tokens and get involved in new projects in the crypto world.
What is a Crypto Airdrop?
Crypto airdrop is a flow of event in cryptocurrency related to the launch of a new token from a web3 project
Marketing 101
Airdrop aims to market new tokens or coins that will be launched to gain awareness from the public. By providing free tokens, it is hoped that participants who get these tokens will start using them, trading these tokens, or even promoting them to other people so that this project becomes increasingly known to the wider community.
Fair Distribution
In contrast to token launches via ICO, IDO, or INO which tend to benefit large investors, airdrops offer a more equitable approach. With airdrops, participants who put more effort into the project have the potential to get more rewards, thereby creating a fairer and more inclusive distribution.
Project Awards
Usually there are also airdrops specifically for several users who have been following the development of the project for a long time. As a sign of gratitude, the user will receive an airdrop in the form of an exclusive NFT or additional tokens.
Types of Airdrop
Currently there are various types of airdrops that have been implemented by various projects. Based on how to get it, airdrops are divided into several types:
Standard Airdrop: This is the most common type of airdrop. In this type, tokens are distributed free of charge to many participants. Usually, participants only need to sign up or register to become eligible. Because participation is easy, the rewards from this type of airdrop tend to be less.
Bounty Airdrop: As the name suggests, this type of airdrop requires more effort compared to standard airdrop because it requires participants to carry out certain quests or tasks to get rewards/points. The task can be following social media accounts, sharing posts, or writing articles about the project. The results from this airdrop are also greater than the standard airdrop.
Holder Airdrop: This type of airdrop is simpler compared to bounty airdrop because participants only need to hold certain assets to get tokens or other rewards. For example, when participants hold ATOM tokens, participants will get other tokens on the Cosmos network
Exclusive Airdrop: This airdrop is exclusive and requires approval in the form of a whitelist from the web3 project owner. Usually, this type of airdrop is only given to people who have a close relationship with the project and is not available to the public. So not everyone can get this type of airdrop.
Cost of Airdrop
Participation in airdrops has different costs and requirements, depending on the type of airdrop which consists of:
Free: Some airdrops require no capital at all. Participants only need to complete certain tasks and quests on social media to get rewards.
Low Cost: This type of airdrop requires participants to spend a small amount of capital, such as a gas fee or transaction fee when making a bounty, for example when making a swap or trying out a testnet.
Floating Cost: Airdrop holders usually require initial capital because the points/reward system given is based on the total assets held by the user. for example puffETH, LRT, and also eigenlayer
Important Aspects to Participate in Airdrop
To participate in the airdrop, several things you need to prepare are:
Multi Network Hot Wallet: Hot wallets are really needed for airdrops because web3 rewards and identification require participants to use hot wallets. It is recommended to have more than one hot wallet on different networks to facilitate airdrop activities.
Social Media X: Some projects require exposure on social media so airdrop users must have a social media account with at least 100 followers to qualify.
Site to Monitor Latest Airdrops
With so many new projects popping up, keeping up with airdrop developments can be very challenging. Luckily, there are several platforms specifically designed to provide up-to-date information about airdrops. Here are some of the most popular platforms to follow the latest airdrop info:
Airdrop Alert: One of the oldest and well-known platforms for tracking airdrops. This site offers a complete list of current airdropson going and future ones, complete with a guide on how to participate.
Airdrop Bob: This site provides the latest information about ongoing airdrops complete with a "score" feature which makes it easier for users to determine the value of the airdrop.
CoinMarketCap Airdrops: CoinMarketCap, a well-known site for tracking cryptocurrency prices, also has a dedicated section forairdrop fromproject-project verified.
Airdrop King.: This site provides a list of the best and most trusted airdrops complete with a step-by-step guide to participating in each airdrop.
Crypto Airdrops: This site provides a listairdrop at theupdate regularly. This platform has various categoriesairdrop to make it easier for users to find airdrops that suit their interests.
Airdropster: This site offers a variety of complete airdrop information with and is equipped with a “ranking” system to help users find the best airdrop.
Binance Megadrop
And most recently there is "Binance Megadrop". Binance has just launched a new feature called "Megadrop” which provides the latest and comprehensive information about airdrops held on the Binance platform. With Megadrop, users can easily track and participate in various airdrops in the Binance ecosystem. This Megadrop is a combination of 2 products The difference is that it combines the airdrop and Web3 quest mechanisms which open up opportunities for Binance users to earn additional profits.
Binance Megadrop has also successfully launched its first project, namely BounceBit $BB . BounceBit is a decentralized finance (DeFi) platform that allows users to make money from their Bitcoin investments. Users can participate in Megadrop with the locked BNB they have to get scores. The greater the BNB that is locked, the greater the score obtained. Locked BNB also has the potential to provide additional profits because you automatically get rewards from the launchpool held on Binance.
Tips for Participating in Airdrops Safely
Airdrop farming is interesting and can be a profitable way to get free tokens, but airdrop fraud still often occurs. Here are some steps you can take to participate in the airdrop safely:
Trusted Source: Always ensure that the airdrop comes from a trusted source. Avoid suspicious airdrops that may only aim to steal your personal information or funds.
Separate Wallet: Use a different wallet from the main wallet to receive airdrop tokens. This helps minimize unwanted risks.
Don't Give Private Key: Never give your private key to anyone. There is no situation where the private key is needed just to check the wallet balance. If necessary, use a site like Etherscan to perform the check.
Beware of Phishing Websites: Be wary of websites that imitate real crypto project sites. Phishing sites often offer airdrop claims by clicking on certain links, which could be a way to steal the contents of your wallet.
So are you interested in working on Airdrop?
Disclaimer: Investing and trading Crypto assets is a high risk activity. All information presented here is educational in nature and is not a recommendation or invitation to buy any asset.
