What's an Airdrop? Get Your Free Crypto Today

An airdrop is a distribution of cryptocurrency tokens, often used to reward existing communities or promote awareness around a project. To receive an airdrop, you may need to meet specific criteria such as holding a particular cryptocurrency or interacting with a platform. While some airdrops are random, others may announce specific requirements. It's important to verify the legitimacy of airdrops before engaging to avoid potential scams.

What is an Airdrop?

An airdrop is a distribution of cryptocurrency tokens to users, typically as a reward for an existing community or to raise awareness about a project.

To be eligible for an airdrop, you will usually need to fulfill specific criteria, such as holding a particular cryptocurrency, using a specific platform or crypto wallet, participating in a community, or completing other miscellaneous tasks.

Some airdrops are conducted randomly or distributed to as many crypto addresses as possible.

It is crucial to verify the legitimacy of any unsolicited airdrops before interacting with them.

Airdrops to Watch: April Update

Here are some rumored and confirmed airdrops that warrant your attention this month:

• zkSync (Rumored): zkSync may release a token and airdrop it to users who have engaged with the zkSync network. This could include activities such as bridging Ethereum, staking tokens, trading, and contributing to liquidity pools.
• Blast (Confirmed/Currently Open): Blast, a new Ethereum layer-2 network, will airdrop tokens to early users of the Blast mainnet. You will need an invite code to join but can then earn points toward an airdrop by bridging ETH to Blast, inviting friends, and interacting with various decentralized applications on the network.

Are Crypto Airdrops Worthwhile?

Crypto airdrops have proven highly lucrative in many cases, with users receiving tokens worth thousands or even tens of thousands of dollars.

Here are some notable examples of profitable airdrops in recent years:

• Uniswap: Early users of the Uniswap platform received an airdrop of 400 UNI tokens in September 2020. At the time of the airdrop, these tokens were worth approximately $1,900 in total and peaked at over $20,000 in 2021.
• Arbitrum: In March 2023, Arbitrum airdropped ARB tokens to wallets that had used the Arbitrum layer-2 network, including those who had bridged tokens over from Ethereum. Users could receive up to 10,250 ARB tokens, valued at over $20,000 at the time of the airdrop.
• ApeCoin: Holders of Bored Ape Yacht Club or Mutant Ape Yacht Club NFTs received an airdrop of up to 10,950 ApeCoin tokens in March 2022. Each ApeCoin was worth around $11 at the time of the airdrop and peaked at approximately $33.

Of course, most airdrops will not be nearly as profitable, and it can be challenging to identify which airdrops will yield the best returns.

The primary appeal of crypto airdrops is their relatively low barrier to entry. Airdrops are typically designed to reward genuine and dedicated supporters of specific crypto projects, not just to enrich those with substantial portfolios.

While you may need some capital to qualify for some of the larger airdrops, it is possible to receive airdrops without significant financial outlay.

It is important to remember the adage "there's no such thing as a free lunch." To increase your chances of receiving valuable airdrops, you will need to actively participate in the crypto ecosystem.

How to Prepare for Airdrops

1. Set Up Your Crypto Wallets: You will need specific wallets to be eligible for most airdrops. For enhanced security, consider obtaining a hardware wallet like Ledger or Trezor, which is compatible with most major software wallets required to receive airdrops.
2. Fund Your Wallets: Many airdrops take place on existing crypto networks such as Ethereum, Solana, Celestia, and Avalanche. You will typically need to fund your wallet with the native token of these networks (such as ETH for Ethereum) to interact with projects and qualify for airdrops. Purchase the necessary cryptocurrencies from an exchange and transfer them to your wallet if you do not already hold them.

Where Do I Find Potential Airdrops?

With the growing popularity of airdrops, it can be difficult to keep track of them all. We will update the top of this guide each month with the most promising airdrops to watch.

Websites like Airdrops.io also list confirmed and potential airdrops. Additionally, exploring platforms like X (formerly Twitter), Discord, and Telegram can provide valuable insights and tips on identifying upcoming airdrops.

Things to Watch Out For

Airdrops may not always be as straightforward as they seem, and there are often associated costs, whether in time or capital.

To qualify for most airdrops, you will need to spend crypto in the form of transaction or trading fees, or by purchasing and holding specific cryptocurrencies.

Furthermore, many airdrops remain unannounced or keep their criteria secret to prevent people from exploiting the system, which means you can end up spending money chasing airdrops that never materialize or for which you do not qualify.

Tips to Improve Your Airdrop Chances

1. Use Multiple Wallet Addresses: Consider the Uniswap example again. Any valid wallet that had interacted with Uniswap received 400 UNI tokens, regardless of activity level or volume. Therefore, someone with a dozen wallet addresses that had all used Uniswap would have received 4,800 UNI tokens overall, even if they interacted with the platform less than someone who only used one wallet address. Although many projects have become aware of the practice of creating multiple wallets to game airdrops, legitimate activity across multiple wallets increases your chances of receiving multiple airdrops.
2. Be an Early Adopter: Many crypto protocols planning an airdrop intend for the tokens to go to users who genuinely use the platform or have contributed to its development. Even if a project is still in beta testing, it is beneficial to get involved and try out new platforms and protocols when they are first launched.
3. Stay Active: Some airdrops aim to reward regular users or those who have demonstrated long-term commitment to a platform. While you may qualify for an airdrop by interacting with a platform or protocol once, you may receive a larger airdrop if you continue to use it over an extended period.

How to Stay Safe

Not all airdrops are legitimate, and some may be malicious. Scammers use airdrops to attempt to steal your cryptocurrency, including by "gifting" airdropped tokens to unsuspecting users.

If you use a software or hardware wallet, you will likely receive airdropped tokens at some point. If you are unsure why you received a specific airdrop, conduct research to confirm its legitimacy before attempting to sell or transfer the tokens.

Remain vigilant for any ads or posts on social media promoting airdrops, even if they appear genuine. Scammers often advertise fake versions of real airdrops to carry out phishing attacks.