Airdrops, in the crypto world, refer to the free distribution of tokens to holders of a specific cryptocurrency. These distributions are often used as a marketing strategy to promote a new project or to reward existing users.
An airdrop is an event where a DeFi project or protocol distributes cryptocurrency assets to a specific group of users within the project's community. These assets are usually native to the project and can have varying values, ranging from a few cents to thousands of dollars, depending on the level of hype and publicity surrounding the project.
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Airdrops can be conducted in two ways:
Assets are transferred directly into users' wallets. Users can claim their airdrop by visiting the project's website. When an airdrop is announced, the project usually discloses the eligibility criteria. In this article, we will share some tips to help you when farming airdrops.
In the fast-paced world of cryptocurrency, opportunities to snag free tokens often come and go in the blink of an eye. One such opportunity that has gained immense popularity in recent years is the cryptocurrency airdrop. Airdrops, which involve the distribution of free tokens to holders of a particular cryptocurrency, have become a favorite way for blockchain projects to build communities and incentivize user participation. However, navigating the world of airdrop farming can be tricky, and ensuring your success requires some savvy strategies. In this article, we’ll uncover the secrets to airdrop farming success and provide you with essential tips to maximize your gains.
How to start airdrop farming crypto?
Participating in airdrops entails several steps. It hinges on the discovery of potential or already publicized airdrops. You can leverage resources, such as Twitter or airdrop.io for this research. A reliable resource, DefiLlama, offers an airdrop dashboard where it aggregates DeFi TVL data seamlessly, free from ads and sponsored content, thereby ensuring transparency.
When selecting an airdrop, it’s vital to bridge to the correct chain which can be learned from various online guides. Performing transactions on the chain or interacting with the associated apps are part and parcel of the process.
Airdrop requirements often aren’t announced in advance and sometimes not at all. They usually require interaction with a protocol or the execution of transactions on the blockchain.
Several factors commonly play into airdrop farming, such as: interacting multiple days in succession, maintaining a particular amount on the chain, having some trading volume, and making transactions in different months.
Dive in with Multiple Wallets
Owning multiple wallets can significantly increase the likelihood of receiving more airdrops. But it’s crucial to disguise any correlation between your wallets to prevent disqualification. It is advised to fund them with multiple separate centralized exchanges (CEX) withdrawals rather than other wallets.
Risk Management: Stay on the Safe Side
To bolster security, avoid using your primary wallet for airdrops for fear of accidentally signing a malicious contract. Besides, keep in mind the associated risks of staking cryptocurrency in protocols that could be exploited, especially those new to the market.
Initiating the Farming Airdrop Journey
Based on recent speculation fromGoogle Trendsand reliable sources, these are some anticipated airdrops:
StarkNet: The crypto community has been buzzing with speculation surrounding a possible StarkNet airdrop.
Metamask: There has been speculation about a potential Metamask airdrop, fueled by recent airdrops such as Arbitrum, Blur, and Optimism.
zkSync: While the team at Matter Labs has not confirmed an imminent airdrop for zkSync, there are ongoing discussions and speculations about a possible zkSync airdrop within the crypto community.
How to improve your management of airdrop farming?
STAYING ACTIVE ON CHAIN
Long-term activity is proof that you are an engaged user. During bear markets, many people stop being active on chains, but staying active sets you apart from the crowd. Most wallets are dormant during times of low airdrop hype and only become active when an airdrop is announced. To be in the top 1 %, don't be like that.
STAKING YOUR CRYPTOCURRENCY ON DIFFERENT CHAINS
Major projects like Arbitrum, Cosmos, Optimism or ZkSync may distribute assets to users who contribute to their TVL. They could also allocate a percentage of crypto assets to projects so that they can give back to their communities. When it comes to staking, volume is important. It's better to stake 300 USD than 1 USD. However, it can be risky if a protocol gets exploited, so choose where you stake carefully.
FOCUSING YOUR AIRDROP FARMING ON A FEW PROJECTS
Airdrop farming can be time-consuming and expensive due to fees. It's better to focus on farming a small number of projects properly, than a large number of projects poorly. Some airdrops will be much larger than others, so it's important to identify the best ones and focus your farming efforts on them.
If you want to farm airdrops on Cosmos and Arbitrum, which can be large and have a decent probability of success, you can start by farming and staking on these blockchains and keeping up-to-date with the latest news.
INTERACTING WITH NEW PROTOCOLS
Many protocols are currently being launched on Arbitrum, Optimism, ZkSync, Cosmos, and Aptos. They are often highlighted via AMAs or quests, as is the case with Arbitrum or Optimism. These protocols may receive allocations for future airdrops, and you could be eligible for them if you have interacted with these projects. Interacting with new projects during the bear market is proof that you are an engaged user.
STAYING UP TO DATE
It can be challenging to analyze all the information on your own. To stay informed about the latest airdrop news and developments, consider following Momentum Radar that gather and share the best information. Additionally, subscribing to newsletters can help you stay informed on a weekly basis. Join the Discord server.
EMBRACE THE USER EXPERIENCE
When interacting with a protocol, demonstrate genuine engagement. Many individuals create random wallets, fund them with a substantial amount, perform a few transactions, and swiftly withdraw their funds, hoping to qualify for future airdrops.
However, this approach lacks credibility as it is transparent to observers. To establish yourself as a genuine user, deposit a reasonable amount and utilize the network regularly for an extended period.
Additionally, instead of withdrawing your entire balance at once, gradually withdraw smaller amounts while leaving a portion in the wallet.
Let’s say you created a new wallet to farm ZKsync airdrop and made a deposit of $500. Continue using the network for as many days, weeks, and months as possible. Even if you wish to withdraw the money, don’t withdraw everything at once. Take out small amounts at a time, like $100 per day and never leave that particular wallet empty. You can withdraw $450 and leave $50 to stay in that wallet.
This approach enhances your credibility and increases your chances of securing airdrops.
CULTIVATE REGULAR USE
Merely interacting with a protocol a few times before withdrawing funds does not establish you as an eligible participant. To increase your chances for a specific airdrop, be a regular user of the network or protocol.
Create a consistent schedule for engaging with the project, ensuring multiple interactions throughout each week. For instance, if you are farming Orbiter Finance or ZKsync airdrop, establish specific days on which you actively interact with the project.
On your calendar, you can set alarms for Monday and Thursday in week one then Wednesday and Friday for week 2, and so on.
By demonstrating your commitment and enjoyment of the protocol, you enhance your credibility and increase your chances of receiving airdrops.
DEVERISIFY YOUR INTERACTIONS
Avoid the common mistake of solely interacting with one project when farming airdrops. Instead, engage with multiple projects built on the same network.
For example, if you are farming onZKsync, explore various projects available, such as 1inch, Syncswap, iZUMiswap, Mute, Orbiter, Layerswap, and VIA Exchange. Always try to use as many as possible, don’t just use only one.
Interacting with multiple projects enhances your credibility and broadens your eligibility for airdrops.
Similarly, when farming airdrops on bridge protocols like Orbiter or VIA, consider bridging from multiple networks to further bolster your qualifications.
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MAKE TRANSACTIONS IN LARGE VOLUMES
If you possess the means to generate high transaction volumes through trading ondecentralized exchanges (DEXs), do it.
Interestingly, protocols like Zerion, MetaMask, Syncswap, and Clipper that integrate DEXs offer additional benefits for higher transaction volumes.
Certain airdrops, such as the previous $ARB distribution, reward participants who generate substantial transaction volume. Therefore, engaging in frequent and significant transactions on relevant DEXs can significantly impact your airdrop rewards.
EXERCISE CAUTION WHEN TRANSFERRING FUNDS
When withdrawing funds from your wallet, particularly large amounts, exercise caution to avoid attracting the Sybil mark to your wallet address.
Transferring a substantial sum to another private wallet used for farming airdrops, while employing the same transaction routine as the first wallet, poses a considerable risk.
To mitigate this, it is advisable to withdraw funds to a centralized exchange likeBybit,OKX, orGate.io, and subsequently deposit them into your secondary wallet. This precautionary measure helps safeguard against potential Sybil mark detection and ensures the security of your assets.
Tools You Need for Best Yield Farming Crypto
Wallets:
Crypto Wallet:You need a secure digital wallet to store your cryptocurrencies. Popular choices include MetaMask, Trust Wallet, or hardware walletslike Ledger and Trezor.
Research Tools:
Momentum Radar - A tool to track what is trending on the market and on social media.
Social Platforms:
Social Media Accounts:Many airdrop announcements are made through social media platforms like Twitter and Telegram. Having accounts on these platforms is crucial for staying informed. Here is a very interestingTwitter account listabout airdrops.
Token Swap Platforms:
Decentralized Exchanges (DEX):Platforms like Uniswap, PancakeSwap, and Sushiswap allow you to swap tokens directly from your wallet.
Farming Platforms:
DeFi Platforms:Decentralized Finance platforms such as Compound, Aave, or Yearn Finance are often involved in airdrop farming.
Tips before engaging in airdrop farming
Tip 1: Safeguard Your Assets with a Test Wallet
Airdrops can be a thrilling way to accumulate new tokens, but they come with risks, especially if you’re using your main wallet. To protect your valuable coins, it’s wise to use a separate test wallet for airdrops. This approach creates a crucial layer of security, shielding your primary assets from any unforeseen issues with the airdrop project. Remember, not all airdrops turn out to be winners, and by using a test wallet, you’ll minimize the potential downside.
Tip 2: Act Swiftly – Time is of the Essence
In the world of airdrops, timing is everything. These opportunities often have limited windows, and if you delay, you might miss out on free tokens. Keep a keen eye on crypto forums, social media channels, and dedicated airdrop websites to stay in the loop. When you spot a promising airdrop, don’t hesitate to participate. Seize the moment and take advantage of the opportunity while it’s still available.
Tip 3: Maintain an Airdrop Record
With multiple airdrops happening simultaneously, it’s easy to lose track of your participation and the tokens you’re entitled to receive. To avoid this, create a system for tracking all your airdrops. A simple and effective way to do this is by using a spreadsheet likethis one. By maintaining a record of your airdrops, you’ll ensure that no tokens slip through the cracks.
Tip 4: Organize Your Airdrop Tasks with Microsoft To Do
Managing airdrops can be overwhelming, especially if you’re juggling multiple projects at once. To maintain your sanity and stay organized, consider using tools like Microsoft To Do. Create a dedicated list for your daily or weekly airdrop tasks, complete with deadlines and reminders. This will help you streamline your efforts and ensure that you never miss an important airdrop deadline.
Tip 5: Quantity and Optimism Pay Off
When it comes to airdrop farming, the more you participate, the greater your potential rewards. Successful projects often thrive during bear markets and may reward their holders with additional tokens before the next bull run. So, remain optimistic and seize every airdrop opportunity that comes your way. By accumulating a diverse range of tokens, you’ll position yourself for potential future gains.
In the ever-evolving landscape of cryptocurrency, airdrop farming represents a unique way to expand your crypto portfolio without significant financial risk. By following these tips and staying vigilant, you can enhance your chances of success in the exciting world of airdrops. Remember, timing, organization, and a dash of optimism can go a long way in maximizing your gains
Crypto Farming Sites
Doxee
Doxee stands out as a major provider of yield farming solutions, offering users easy tools and features to earn rewards on their crypto assets. With low costs, a secure platform, and excellent yields, it's a choice for high-yield growers.
Pancake Swap
A decentralized exchange and yield farming platform on the Binance Smart Chain, Pancake Swap allows users to profit by supplying liquidity to various token combinations.
Compound Finance
This decentralized lending platform allows users to borrow against their crypto assets and earn interest on their holdings, providing flexibility in managing their finances.
Uniswap
Simplifying automated trading and liquidity provision, Uniswap is a decentralized exchange system. Users can engage in liquidity pools to earn yield effortlessly.
Yearn Finance
Acting as a yield aggregator, Yearn Finance helps customers get the best yield on their crypto assets by automatically rebalancing assets across various yield-farming procedures.
SushiSwap
By staking tokens and providing liquidity to different pools, users can earn incentives on the SushiSwap decentralized exchange and yield farming platform.
Curve Finance
Focused on stablecoin trading, Curve Finance is a decentralized exchange providing farming opportunities with attractive yields. Users can participate by supplying liquidity to stablecoin pools.
Harvest Finance
As a yield farming aggregator, Harvest Finance dynamically allocates resources to the most lucrative farming options across various protocols, empowering users to generate competitive yields.
Aave
A decentralized borrowing and lending protocol, Aave allows users to borrow money and earn interest on stored assets, providing a versatile financial ecosystem.
