How Do Crypto Airdrops Work? Explore Upcoming Airdrops
Here’s a look into how airdrops work, what’s coming up in 2024 and how to participate in ChangeNOW exclusive $ENA airdrop.
Crypto airdrops are a popular strategy in the cryptocurrency world where projects distribute free tokens to community members to boost awareness, drive adoption, and reward loyal users. These airdrops can vary, from simple tasks to just holding tokens in your wallet.
Types of Airdrops
- Standard Airdrop. Think of it as a surprise gift just for signing up with your wallet address — no strings attached.
- Bounty Airdrop. Participants need to complete tasks like following social media channels, retweeting posts, or joining Telegram groups.
- Holder Airdrop. If you’re already holding certain cryptocurrencies, you might wake up to find extra tokens in your wallet — like finding money in an old pair of jeans!
- Exclusive Airdrop. These are for the loyal fans and early supporters who’ve been there from the start.
Purpose of Airdrops in Crypto
- Increase Awareness. Airdrops help spread the word about new projects.
- Boost Adoption. They encourage users to try out the platform or protocol.
- Reward Loyalty. Early supporters get rewarded — it’s like a thank-you note in crypto form!
How Do Airdrops Work?
1. Announcement. The project announces the airdrop through their official channels (website, social media, forums).
2. Eligibility Criteria. The project outlines the criteria for eligibility, such as holding a specific token, completing tasks, or simply registering with a wallet address.
3. Snapshot. For holder airdrops, a snapshot of the blockchain is taken at a specific block height or date to record eligible addresses.
4. Distribution. Tokens are distributed to the eligible addresses either automatically or through a claim process on the project’s website.
5. Claiming Process. In some cases, users need to claim their airdropped tokens by connecting their wallets to a specific website and following instructions.
Notable Upcoming Airdrops of 2024
- LayerZero (ZRO) Airdrop
The LayerZero (ZRO) airdrop is generating a lot of buzz in the crypto community. Set for 2024, this airdrop marks a significant milestone for the LayerZero protocol, which focuses on cross-chain interoperability.
LayerZero Labs completed its first snapshot on May 1, 2024. This snapshot captured user interactions with the LayerZero ecosystem, setting the stage for the upcoming token distribution.
To be eligible, users need to have interacted significantly with LayerZero’s ecosystem, including using applications like Stargate Finance, bridging funds via the official Aptos Bridge, and engaging with the LayerZero Testnet Bridge. Active participation in these platforms by providing liquidity, staking, and participating in governance can increase one’s chances of receiving a substantial airdrop.
To ensure fairness, LayerZero Labs has measures in place to prevent Sybil attacks, where individuals use multiple wallets to unfairly maximize their rewards.
2. zkSync Airdrop
zkSync is a prominent Layer 2 scaling solution for Ethereum, using zero-knowledge proofs for fast and cost-efficient transactions. zkSync aims to reduce gas fees and improve transaction speeds on Ethereum.
To be eligible for the zkSync airdrop, users should interact with the zkSync network by bridging assets, conducting trades, and engaging with zkSync-based applications. Although details on the distribution are not fully disclosed, the airdrop is expected around June 13, according to The Block.
3. ZKX Airdrop
ZKX is a perpetual trading protocol built on StarkNet, a Layer 2 scaling solution for Ethereum. The protocol aims to democratize access to global yields and provide a self-custodial and community-governed trading platform.
Since its launch in 2022, ZKX has gained traction, securing $4.5 million during its seed funding round with backing from notable entities like StarkWare, Amber Group, and Huobi.
ZKX has disclosed the date and criteria for their next airdrop on their website. They’ve dedicated 15% of their token supply to community airdrops.
Ethena Airdrop for ChangeNOW PRO Users
An exciting opportunity is now live on ChangeNOW’s Twitter: the Ethena token airdrop. This event offers participants a chance to receive free Ethena tokens by following simple instructions shared on ChangeNOW’s Twitter. Head over to ChangeNOW’s Twitter to participate and stay updated on this exclusive airdrop!
