Doing airdrops on the decentralized finance space (part 2)

in LeoFinance2 years ago

COMMON TYPES OF AIRDROPS


Like I said earlier there are different forms of airdrop filling. The common one is filling forms. The google forms are very popular in this form of airdrop. You are given a link to a form and in the form, you are asked to carry out tasks; follow the project on twitter, like and retweet or quote retweet, tag friends, join telegram groups and/or discord servers. As you carry out the tasks, you fill in your details so the moderators or devs can check to confirm if you truly did the task. In spaces, you fill in your social media handles, links to your retweet, your wallet address and in some cases the telegram or twitter username of whoever referred you to the form.


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The second way to fill airdrops is the telegram bot. You get a link that takes you to a telegram chat with a bot. The bot directs you through different tasks similar to what you get on the form method. At the end after adding your wallet address, you get a referral link which you can share to others. It is expected that the more people you refer, the higher your reward. This method of airdrop is not common due to the high chances of scams.

The third method of airdrop is donation. Donations are when a chain asks you to donate to them in return for the possibility of a bigger reward in the future. The common one in this category is the gitcoin donation. Gitcoin is an ethereum supported space that encourages developers to build their projects and also get support from the community. It hosts a lot of superb projects and for every donation made during a donation season, there is always a reward that is bigger than whatever you donated. The downside for Gitcoin donations is that it is expensive for newbie as it uses ethereum for gas fee and donation. If you are willing to spend some money, there will be a reward.

Retroactive airdrops are similar to the above in a way. A project decides to reward wallets that may have interacted with their platform in the past or donated or bought their token. My example of getting rewarded with a token for holding another token is a simple example of such an airdrop. Sometimes, a project would ask you to swap tokens on its exchange and that qualifies you for a possible airdrop in the future. Sometimes staking or farming a token can guarantee an airdrop. Getting Cub tokens for hodling Leo or getting Leo tokens for hodling Hive can be considered to be a retroactive airdrop.

The fourth airdrop method is the wallet connection method. Sometimes, a project might say that by connecting your wallet to their DAPP, you can claim some tokens. Though this gives reward sometimes, it is the easiest way to lose your money. Some of these projects use your connections to access your wallet and claim your tokens. So to err on the side of safety, always confirm the legitimacy of a project before connecting your wallets.

Testnets are another way to get free tokens. Blockchain projects usually need to be tested to ensure smooth operation and user satisfaction. These tests are carried out by people who are whitelisted to carry out these tests. The tests might demand you trade with testnet tokens on their exchange or something else. These testnet tokens are useless when the mainnet launches so don't get excited on receiving 200 bnb tokens on a testnet. After the test, those who participated in testing the project will be rewarded for their efforts.

NFTs are big now and a majority of the airdrops out there are for NFTs. The NFt airdrops follow the same process like any other except for the addresses used. In some cases, you need a Wax address. You can get one from Atomic hub (check links). There are also POAP ( proof of attendance protocol) cards given after simply replying a Discord bot or in some cases, doing a twitter task.


DIFFERENCES BETWEEN COMMON BLOCKCHAINS


The differing methods of airdrop goes on and on. But the aforementioned are the ones that come to mind at this time. Among the different chains presently gaining traction, the Binance smart chain is the most popular in the DeFi (decentralized finance) space, claiming a large chunk of Ethereum's market early this year through the launch of many projects on the chain. There are also Solana, Avalanche, Fantom, Algorand and many more chains in the DeFi space.

You can get Binance smart chain wallet address from Trust wallet or Metamask and it always starts with a '0x…' When filling your wallet address, always note the difference; the wallet address for BNB, BTC, Tron, etc, are unique. For example the BNB address starts with 'bnb…' This mistake will cost you your reward.

Solana as a chain has some unique set of rules that makes it different from other chains. Solana airdrops often ask that you mint the token before you can receive the airdrop. Now to mint means to add the token to your wallet. You use a mint address to achieve this. Unlike BSC where this process is free, Solana charges a fee for minting. This does not guarantee a receipt of the airdrop reward because the Solana chain is not in charge of the airdrop. It is a project utilizing the Solana platform that does the airdrop. Note that this fee can be gotten back if you fail to get the airdrop. By unminting the token, your Sol (governance token of the Solana chain) will be returned back to your wallet balance. Solana doesn't use an app at present unlike BSC. You cannot do transactions on it with Trust wallet or metamask. At present, I use a web wallet on sollet.io. You will need to have some small amount of Sol for minting purposes.

Algorand chain also demands that you mint tokens. In this case it is called adding ASA (Algorand Standard Assets). You get an ID which you use to identify the token you want added to your wallet. Unlike Solana though, removing the token when you do not receive your airdrop will not give you back your fee. Also the more tokens you add, the more Algo (Algorand governance token) you need to carry a swap.


To be continued...

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