What are Cryptocurrency Airdrops?
Aside from buying crypto from exchanges, there is a way to get them FREE!
Perhaps you’ve heard folks giddy with excitement discussing “airdrops” in cryptocurrency-related chat rooms or on social media. A cryptocurrency airdrop is an unsolicited distribution of a cryptocurrency token or coin to several wallet addresses, usually for free. In order to increase user base and disburse coins more widely, airdrops are frequently linked to the launch of a new cryptocurrency or DeFi protocol. Since private sales have become more popular among cryptocurrency entrepreneurs in place of initial public offerings (ICOs), airdrops have become increasingly significant.
Since the birth of NFTs or Non-Fungible Tokens, airdrops are not just limited to coins or tokens but are also present in NFT projects. This gives us two broad categories which are token airdrop and NFT airdrop.
Why do Airdrops in crypto exist?
Blockchain-based projects use cryptocurrency airdrops as a marketing tactic to give away free tokens or coins to wallet addresses. Airdrops are typically conducted to encourage adoption of a new cryptocurrency or to raise awareness of a specific project. This kind of marketing ploy is often used to give away free cryptocurrencies to existing crypto traders or need them to put in little effort. Airdrops are a useful tool for keeping a community alive, bringing in new users, and boosting a token’s or coin’s liquidity. Also, airdrop is used to “Decentralize” the platform by distributing governance rights to the community.
How are these airdrops excecuted?
There are different ways airdrops are conducted. Some use the standard way of distributing tokens to a specific group of wallet addresses, given that conditions are met in terms of transaction history. Some would require individuals to complete specific tasks or participate in community events. Airdrops are also given to those who hold a specific amount of a particular cryptocurrency for a specified time. Certain people, like early adopters or investors, are also granted exclusive airdrops.
The Best earning airdrops in history
The following are some of the prominent airdrops in the history of cryptocurrency. These airdrops have created excitement in the whole cryptocurency community, which made it an important part of the crypto world. Airdrops are not here just to give away free tokens but have a broader objective which is to increase awareness of a new token, blockchain or DeFi project. Airdrops have the potential to generate interest in a new project and hence spread word of mouth.
Uniswap
Uniswap airdropped $UNI to more than 250k addresses that had previously engaged with the protocol on September 17, 2020. After interacting with the platform prior to September 1st, 2020, eligible addresses received a minimum of 400 $UNI tokens.
The distribution was highly skewed overall. 93.8% of the addresses got less than 412 $UNI.
Conversely, more than 250 addresses were granted 250,000 $UNI. The majority of these were historical power users, large Liquidity Pools, and $SOCKS holders.
Decred
Decred airdropped 258 DCR to over 3,000 participants in January 2016. DCR price went up to an all-time high of $249 in April 2021 which means the airdrop was once worth $64,000.
Polymath
Polymath successfully distributed 9,556,000 POLY tokens to 38, 224 wallets on January 31st of 2018. The all-time high of Polymath is $1.66.
Oyster
In 2017, Oyster Pearl surprised their followers with a unique airdrop. Every fortunate participant received more than 2,227 PRL, meaning that the airdrop’s maximum value exceeded $1000.
Minereum
When the 32,000 MNE tokens airdropped to wallets reached their peak, nobody could believe it, making them $300,000 richer.
Stellar
Every Bitcoin owner received 19 billion free XLM tokens from Stellar in June 2017. The stellar team decided to declare their goal to hold the record for the greatest airdrop in history by airdropping $125,000,000 worth of XLM Tokens in November 2018. At that time, there were 1000 XLM tokens for every bitcoin.
Bittorent
100 billion BTT TOKENS have been airdropped to trx holders little by little since 2019 and will be up until 2025. While no one can foresee BTT’s next move, its potential for profit in the event of a price spike due to a bull run is undeniable. In 2019, the cryptocurrency reached a peak price of much less than a penny. Smells like free money.
Conclusion
Airdrops are definitely one great way to dip your toes into the waters of the cryptocurrency world. The opportunity to pile up your cryptocurrency portfolio is easy and free with these amazing crypto activities. This does not only benefit you who participates on these events but also to cryptocurrency or blockchain projects who wants to flourish into the scene. Â With airdrops, they are able to build a community of loyal supporters.
