A crypto airdrop is a marketing strategy used by blockchain projects and cryptocurrency companies to distribute free tokens or coins to a specific group of people or to the wider crypto community. The purpose of a crypto airdrop is to raise awareness about a project, attract new users, and encourage token adoption.
Participating in a crypto airdrop typically involves following certain instructions set by the project or company running the airdrop.
First, you need to find out about the airdrop campaign. Airdrops are often announced through official websites, social media channels, forums, and cryptocurrency-related news outlets. Keep an eye out for announcements from reputable sources.
Some projects do not openly announce that they will airdrop. Users infer from tokenomics or official statements.
What should I do to qualify for the Airdrop?
It varies with each project. If the project is a layer 1 or layer 2 project; Using the testnet, doing transactions on the mainnet (bridge, swap, NFT mint, etc), following social media accounts (Discord, etc), doing tasks set by the team.
How much do I earn in Airdrop?
The reward you receive will vary depending on factors such as the valuation of the project, the amount of tokens allocated for the airdrop/community, the number of people participating in the airdrop. In addition, the airdrop is distributed gradually by sorting among the wallets.
E.g.: at dydx airdop we know that some wallets have received $20000 worth of tokens. In the Arbitrum airdrop, $120m worth of $ARB tokens were distributed to 625143 wallets. Between 625 and 10000 tokens were distributed to each wallet. In other words, a high-end wallet received an ARB airdrop of $15,000.
If I do the necessary tasks/actions for the airdrop, will I definitely get the airdrop?
There is no guarantee on this. Because the project determines the criteria. In addition, projects that do not explicitly declare that they will airdrop may not airdrop even if users expect it. As in the $SUI example
Do I need a budget to earn an airdrop?
The criteria of some airdrops are much simpler, like following social media accounts etc. You don’t need a budget for these projects.
However, in many other projects, doing transactions are important criterion in their applications. Since every transaction on the blockchain (bridge, swap, mint, etc) has at least a gas fee, you must have a certain budget for these transactions.
What does airdrop farming mean?
Some people trade with multiple wallets to receive multiple airdrops from a project. In this way, people try to earn airdrops to multiple wallets. Projects apply certain criteria to eliminate these wallets. Although they prevent it to a certain extent, it cannot be said that it is completely blocked.
Many projects are announcing or implying that they will airdrop to attract users. As of the writing date of the article(2023 August), the main projects that are likely to airdrop are; zkSync, Layer Zero, Starknet, Polygon zkEvm