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This in-depth guide explains the intricacies of token airdrops so you can get free tokens from DeFi projects
Airdrops are a common way for crypto projects to grow in popularity and reward dedicated users and supporters. A crypto drop disburses the project's tokens to users who meet certain eligibility conditions.
These eligibility requirements vary and can be based on social engagement, transactions made, or longevity of interaction with the platform.
The best airdrops come from bridges, ZK rollups, DeFis and other projects built on Layer-1 ecosystems. Researching new protocols within popular emerging blockchains is a good way to net valuable tokens for free.
Airdrops have become more frequent in the crypto space. These token giveaways contribute massively to the growth of the cryptocurrency ecosystem by attracting new users and investors.
A token drop involves disbursing tokens for free to those who qualify to receive them. In most cases, the qualified participants are early adopters of a project. Sometimes, the project rewards them for helping to spread the word on social media. An airdrop can also be given as a reward to holders of another token.
Many new decentralized application (dapp), decentralized finance (DeFi), metaverse and NFT protocols implement some form of airdrop as a way to get the ball rolling and quickly become relevant. The distributed tokens are used for a variety of narrow functions such as governance, utility and anti-manipulation by whales.
The right airdrop can provide a lucrative opportunity for recipients. In recent times, a few projects have distributed airdrops worth thousands of dollars in value. Rarely, these come out of the blue; often, they're highly anticipated and competitive drops. In airdrops, as with general token trading, getting in early is the name of the game.
Many DeFi protocols have gone on to distribute airdrops for their earliest community members. Many people who traded on these platforms at the beginning have gotten rich from token drops.
As a result, the spotlight has turned to popular and thriving protocols currently without a token. Swapping, staking and other DeFi activity on these platforms has spiked in anticipation of retrospective token airdrops. Following the example of Ethereum Name Service (ENS) , retrospective drops have become the favored medium by tokenless protocols.
But what's the best way to qualify for big token airdrops? There are a number of good strategies to employ and get eligible for drops potentially worth thousands of dollars with little to no upfront investment.