Steemit Crypto Academy|| Season 3 Week3|| Airdrop - Giveaway In Cryptocurrency sumbmitted to @wahyunahrul
Happy new week and thank you for a wonderful lecture @wahyunahrul.
Today we will get to know more about Airdrops and whether or not we should participate in airdrops. I will be responding according to the question asked
What do you think about Airdrop in cryptocurrency?
The cryptocurrency market has become very competitive and everyone is try to win the heart of its customers, the tokens cannot survive by themselves, therefore they need people, investors who will put in some money to sustain a particular project. In order to accomplish this most project engage in what is referred to as airdrops even though most people has seen it as a way to scam others but we cannot totally rule out the need for airdrops in the cryptocurrency ecosystem.
Airdrop is a strategy in cryptocurrency whereby small amount of tokens is distributed to various Cryptocurrency wallets in order to promote awareness of a newly introduced project. Some projects requires you to do some small task such as retweeting, following on social media, inviting friends, etc. An authentic airdrop will never seeks for funds from anyone as it's sole aim is to promote the said token.
How can we know about an Airdrop event so that we can participate?
There are Alot of airdrop event flying everywhere and information is needed to partake in this airdrops. One of such mediums where airdrops is advertised is the Social Media. This has become a hot bed for token creators, most advertiment this days are done on social media such as Twitter, Instagram, telegram, even discord groups are also very useful materials this days.
Another medium is through exchanges, legit airdrops can be found on exchanges, some air drops are distributed and given just by holding other tokens. An example of such is Binance who partook in the APENFT airdrop, just by holding, TRX, Btt, jst, etc, you can receive NFT airdrop.
Most airdrops are also usually announced on platforms such as medium, websites and many other online instruments. It is important we take out time to visit and investigate these airdrops.
Where are Airdrop events often held?
There are Alot of fake airdrops which we should be aware of, on this note, most airdrop event are conducted on their website, other are also conducted on centralized exchanges such as Binance, poloniex, etc. Most of the airdrop event are even sent to wallets directly without completing any task.
Let's take Binance for instance, see a list of airdrops done with the last few months.
Are all Airdrop events free from scams? Otherwise, how can we avoid the scam?
All airdrops aren't free from scam and this is the reason we must be very careful when engaging in airdrops. Most airdrops involves linking of wallets which may be very disastrous.
First there is need to Do Your Own Research (DYOR), this will help to know more about the project in which is about to be airdropped. Those purpose of the token creation must be put into consideration and what could be the use of this said token.
Secondly, the team responsible for this the project must be studied and researched, this will help to know how serious the team is and also to know if they are linked with any other fradualent project in the past. The site should also be checked in the process, contract address and many more.
Lastly, it is also important to know the rules associated with any airdrop, to know if we are eligible for such airdrop. Having understood that their can either by Standard, Holder and Bounty airdrops, it makes it easy to identify malicious airdrops.
Have you ever participated in a cryptocurrency Airdrop event?
Venus Reward Token (VRT) Airdrop
A holder airdrop was conducted on Binance centralized exchange and I was privileged to be part of the airdrop. The airdrop occurred precisely 2021-05-17 04:18 (UTC) and a snapshot was taken for all Venus token (XVS) holders. The snapshot for the airdrop was taken at the BSC block height 7,479,562.
Airdrop Details
- Date of Snapshot: 2021-05-17 04:18 (UTC
- Block height of snapshot: block height 7,479,562
- Airdrop qualification: must have at least 0.1 XVS
- Distribution ratios:1 XVS = 1000 VRT
My Participation in the airdrop
In order to participate in this airdrop, I decided to acquire 0.8 XVS token which by calculation should give 800 VRT. Snapshots where taken at the stipulated block and time and was very successful. Few weeks later tokens were distributed to my wallet as shown in the picture below.
Give and explain an example of an Airdrop event that has passed and the airdrop was successful.
Another good example is the NSBT airdrop programs for Wave holders. This airdrop requires you have Wave token in your wallet to recieve NSBT tokens. The snapshot for the airdrop will take place at 2021-02-10 0:00 AM (UTC).
Airdrop details
Token to be distributed: Neutrino token (NSBT)
Date and time of Snapshot:2021-02-10 0:00 AM (UTC).
Airdrop eligibility: Must have at least 10 Waves token at the time of Snapshot
Distribution ratios: NSBTs claimed by user A = (Amount of WAVES held by user A at the snapshot time / Total amount of WAVES held by the exchange at the snapshot time) * Total NSBT airdrop amount (5,000 NSBT).
Airdrop was very successful as I recieved 0.00696644 NSBT token as shown below.
Even though I have engaged in successful airdrop, I have series of unsuccessful airdrops as well, an example is the Doveswap.finance Airdrop I did on 5th April 2021, where I was given tasks to do on telegram which I did and referred about 7 persons who registered u sing my link but upon distribution I never received any of those tokens, snapshot is shown below:
Look for examples of ongoing Airdrop events, make an analysis that proves that the Airdrop of your choice is good.
A very good example of an ongoing Airdrop event is the APENFT. Having heard about it, I decided to do alittle more research and found the medium publication, confirmed that most exchanges listed where actually participating in the airdrop. In the announcement made on 17 may 2021 source, the airdrop was announced to various token holders listed and also listing exchanges who will partake in the airdrop. However the purpose of the airdrop is to help advertise the NFT token.
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In details, the airdrop is to drive up engagement from TRON users to strengthen the governance of the APENFT platform, on this note the are issuing out 4% of the total supply to TRON holder which will be spread into 24 months.According to binance, snapshot will take place at 12:00:00(UTC) on the 10th of each month from June 2021 to June 2023.
Explain the steps to participate in the Airdrop of your choice.
Having seen the eligibility for the airdrop and In order to participate, I decided to purchase:
BTT TOKENS: 5000
TRON (TRX): 502
To further show that the airdrop is a good decision, I received my June distribution as shown in the picture below. I intend to increase my Btt holding to about 20,000 Tokens in order to increase my monthly airdrop allocation. In the month of June and with 5000 Btt in my Binance hot wallet, I received 23,235.01....
Conclusion
The need for airdrops in this cryptocurrency industry cannot be overruled, as it is a very vital tool used by token owners in order to market and project their token, though has being hijacked by scammers to steal from people. On this note cryptocurrency users must be very careful in getting involved with airdrops and a lots of research much be conducted to keep our wallet and assest safe.
THANK YOU