Arbitrum did one of the biggest airdrops in 2023. Many people earned thousands of US dollars after months of airdrop farming on the Arbitrum network. Besides Arbitrum, Blur also conducted airdrops for loyal users of its NFT platform. New projects like zkSync, LayerZero, and EigenLayer are also attracting many airdrop hunters. But what is a crypto airdrop and how does it work? What are the requirements to get an airdrop? We will discuss it in detail.
Article Summary
- Arbitrum conducted one of the largest airdrops in 2023, rewarding many individuals who actively participated in its network.
- 👥 Crypto projects use airdrops as a strategy to build loyal communities, raise awareness about their projects, and in some cases, to decentralize token ownership.
- 🤖 More and more people are using bots to hunt for airdrops. Then, there is a concern that the airdrop-hunting community will sell the crypto assets they earn and not interact further with the project.
- 🧠 To maintain the integrity of the airdrop, Arbitrum introduced strict criteria to screen bots and ensure that only real users receive airdrops.
- 🧰 Other projects such as Sei Network, zkSync, and LayerZero are expected to airdrop in the near future and attract further attention from the crypto community.
Why do crypto projects airdrop?
Many new crypto projects such as Arbitrum, Blur, LayerZero, Zora, and others choose to airdrop for various reasons. Whether a project has institutional investors or not, airdrops are a useful instrument. Airdrops are a way to build a loyal and active community over a period of several months.
Read more about what crypto airdrops are and the conditions for getting an airdrop at Pintu Academy!
Large projects with institutional investors such as Arbitrum and Optimism see airdrops as a way to decentralize so that token owners are spread out. In this context, airdrops become a legal instrument to prevent some government bodies from imposing penalties.
For smaller crypto projects, airdrops are an attempt to build hype, popularity, and a strong community of users. With a growing community of airdrop hunters, projects that airdrop crypto are usually more attractive than those that don’t. Airdrops are a powerful magnet to attract the crypto community seeking profits but are committed to a complex set of activities.
However, crypto airdrops can also be a double-edged sword. Communities of airdrop hunters may simply sell the crypto assets they get from the airdrop and stop using the project. In addition, airdrops can also create excessive profit expectations, which ultimately leads to disappointment and spreads negative sentiment towards a project.
ARB Crypto Airdrop in 2023
Arbitrum conducted one of the largest airdrops in 2023 with a total airdrop of 1.1 billion ARB tokens. This ARB airdrop is also one of the most popular and talked about in the crypto community. In an effort to prevent botting, Arbitrum has various strict criteria. Here are three types of wallet addresses that fall into the bot category.
- If all transactions of the airdrop recipient occur within 48 hours, 1 point will be deducted.
- Airdrop recipient’s wallet balance is less than 0.005 ETH, and the wallet has not interacted with more than one smart contract, 1 point will be deducted.
- If the airdrop recipient’s wallet address is identified as a Sybil address during the Hop Protocol bounty program, the recipient will be disqualified.
In addition, addresses funded from the same source and with similar activity will be flagged as a bot cluster. Arbitrum has sophisticated ways to separate between real users and users who use bots to try to trick the system.
With this anti-bot system, 42 million ARB was claimed by more than 23,000 wallet addresses in the first hour of the airdrop. Some Arbitrum users even managed to earn millions of ARB for being active for months before the airdrop occurred. Furthermore, Arbitrum’s anti-bot strategy is effective because Arbitrum’s network activity stabilizes after the airdrop. This proves that users who get airdrops are loyal Arbitrum users who continue to use the network.
List of Crypto Airdrop Plans in 2023 and 2024
1. Sei Network
Sei Network is a layer-1 blockchain built with Cosmos SDK and designed to be a destination chain for DEX, NFT, and GameFi transactions. Recently, they launched the final version of the testnet before the launch of the Sei Network mainnet. Not only that, but the Sei Network development team also announced that there is an allocation of 1% of the total supply that will be distributed as rewards to testnet participants and early adopters.
Participants can earn points by completing Act 4 Daily Missions on the Seinami testnet. This program is still ongoing and aims to stress-test the Sei Network. You can join this program to increase your chances of getting an airdrop. After the testnet period ends, the participants’ points will be counted and then token rewards will be distributed according to the number of points earned.
Sei has just announced that an airdrop will be conducted in the near future and will reward those who participate in the testnet.
2. zkSync
zkSync is a solution to Ethereum’s scalability problems that presents a technology called Zero Knowledge Proofs to enable transaction execution on the Ethereum blockchain. So far, they have managed to get up to US$ 458 million in funding. zkSync currently has not announced when it will distribute airdrops. However, in its official document, it has signaled that it will later issue a native token for zkSync.
On the one hand, zkSync continues to evolve and the various ecosystems within it are also maturing. Moreover, zero-knowledge technology this year continues to develop and is increasingly popular in the crypto industry. As a result, with all these ecosystem developments, there will inevitably be a need for native tokens to support the financial system and technology in it. So many people expect zKsnyc to launch its token soon.
You can follow the instructions from thread @0x_gremlin to try to get zkSync airdrop. Remember to always click on official links and note that airdrops require weeks or even months of activity to avoid being considered bots.
3. LayerZero
LayerZero is an omnichain interoperability protocol designed to make it easier for different blockchains to connect with each other. The LayerZero Labs recently raised more than US$170 million in funding. In terms of ecosystem, LayerZero has started to grow and its mainnet is already operational. This has led people to speculate that LayerZero will launch its token soon.
Therefore, even though there has been no confirmation from LayerZero Labs, many investors have started making transactions on Stargate Finance’s on-chain, interacting with LayerZero apps, and using LiquidSwap Bridge to increase the likelihood of getting an airdrop from LayerZero when the token launches.
LayerZero’s airdrop is predicted to be another big airdrop in the crypto industry. There are dozens of activities you can do to get a ZRO airdrop.
In the following article, you can also learn about other types of blockchain layers.
Conclusion
In 2023, Arbitrum held one of the largest airdrops that attracted a lot of attention, with thousands of US dollars distributed to individuals who had participated in airdrop farming. Besides Arbitrum, other projects such as zkSync, LayerZero, and Sei also attracted the attention of airdrop hunters. Crypto projects, both big and small, often use airdrops to build a loyal community or raise awareness about their projects. However, there is a risk that airdrop recipients simply sell the crypto assets they earn and do not interact further with the project. As a precautionary measure, Arbitrum introduced various criteria to prevent bots from taking advantage of their airdrops. Additionally, other projects such as Sei Network, zkSync, and LayerZero are gaining momentum and are expected to launch airdrops in the near future.
How to Buy Crypto in the Pintu App
You can start investing in cryptocurrencies by buying them on the Pintu app. Here is how to buy crypto on Pintu:
- Create a Pintu account and follow the process of verifying your identity to start trading.
- On the homepage, click the deposit button and top up the Pintu balance using your preferred payment method.
- Go to the market page and look for your favorite crypto (like BTC).
- Click buy and fill in the amount you want.
- Now you are a crypto investor!
In addition, the Pintu application is compatible with various popular digital wallets such as Metamask to facilitate your transactions. Go and download the Pintu cryptocurrency app on Play Store and App Store! Pintu is regulated and supervised by Bappebti and Kominfo.
You can also learn crypto through the various Pintu Academy articles which are updated every week! All Pintu Academy articles are for educational purposes, not financial advice
References
- Tuni Lala, “Crypto Airdrops 101: Why Projects Airdrop Crypto?”, Coin Culture, accessed on 10 August 2023.
- James Howell, “What is a Crypto Airdrop, and how does it work?”, 101 Blockchains, accessed on 10 August 2023.
- Arbitrum DAO, “$ARB airdrop eligibility and distribution specifications,” accessed on 10 August 2023.
- Beosin, “A Closer Look at the Anti-Sybil Mechanism Under the Arbitrum Airdrop Hype”, Medium, accessed on 11 August 2023.
- BitKeep Academy, Interested in Qualifying for the zkSync Airdrop? Here’s how, BitKeep, accessed on 11 August 2023.
- Sei Network, All Seinami Testnet Missions, accessed on 11 August 2023.