Airdrops have been in the crypto industry for quite a while. Almost right from the start. During the bull runs, not-so-good times, and hypes. In fact, many crypto enthusiasts joined the bandwagon by participating in an airdrop and tasting their first free coins.
So, let’s remind ourselves what airdrops actually are. In a nutshell, an airdrop is a giveaway of coins or tokens to wallet addresses with a goal to promote awareness of a cryptocurrency or blockchain project. In return, users need to perform a (usually) small action such as retweeting a post, writing or translating content, inviting friends to join the airdrop, etc. For users, it’s a great way to earn some additional coins. For companies, it’s an efficient marketing method that will spread awareness of their projects.
Airdrops in 2024: Complete Airdrop Farming Guide
With the meteoric rise of DeFi, airdrops have also switched to this booming space. In fact, the majority of DeFi projects are distributing their tokens. For instance, the 1INCH Foundation has announced its first airdrop on December 25th, 2020 (Merry Christmas!), while the second one was announced on February 12th, 2021, and has involved distributing 6 million 1INCH tokens. Both airdrops had the same goal—allowing the users to collect some free tokens.
And Uniswap, the leading decentralized exchange, decided to distribute UNI tokens to anyone who used the exchange before a certain date. Everyone who used Uniswap received 400 UNI tokens for free. At the time, these tokens were worth between $2 and $4. However, since the entire market exploded over the past 12 months, each UNI token is now worth around $30. Quite a reward, don’t you agree?
What exactly is DeFi, and why do we have airdrops there?
DeFi is a hot new thing in the blockchain world. And trust us, it’s quite a big thing. In case you’re not familiar with it, DeFi stands for “decentralized finance,” and it refers to decentralized financial applications that aim to disrupt traditional financial intermediaries. One of the primary benefits of DeFi is that it cuts out intermediaries from transactions, and therefore, increases the efficiency and speed of complex systems. Most of the DeFi applications are built on Ethereum and are powered by smart contracts. The popular DeFi applications today include decentralized exchanges, stablecoins, lending and yield farming platforms, etc.
But why do projects distribute airdrops?
For the same reason that other blockchain projects do that: to attract users and increase engagement. And there is one more important reason: community building. After all, airdrops have proven to be a powerful marketing and community-building tool. Let’s take a look at the two popular DeFi airdrops.
In 2020, Uniswap distributed nearly $1,400 in tokens in order to increase their involvement with the platform and encourage other DeFi enthusiasts to use the protocol. After the initial success, the exchange airdropped a new stash of 1INCH tokens. This new airdrop distributed about 4.8 million tokens to users who interacted with Mooniswap. Finally, Uniswap decided to distribute the whopping 6 million 1INCH tokens to the platform’s most active traders. To be eligible for the airdrop, the traders must have used Uniswap in at least 20 separate days and have made at least three trades in 2021.
According to the official statement by Uniswap, there are around 25,000 traders that are eligible to participate in this airdrop, and each will receive 240 tokens or $1,350 at current prices.
Another famous DeFi airdrop comes from Stake DAO. According to the official announcement of the project, Stake DAO will distribute 1.5% of tokens for “active members” of a long list of popular DeFi projects. Among these, the two largest allocations were reserved for addresses that donated to Gitcoin’s Round 8 and participants in DAO governance.
Ok, this all sounds great, but how do I actually find and collect DeFi airdrops?
So glad that you’ve asked.
How to find and collect DeFi airdrops?
Some good news here: it’s relatively easy since we are doing the work for you. By work, we mean discovering new airdrops, researching the projects behind them, and finding out the requirements for participation.
And, we dedicated an entire page to DeFi airdrops on our website. There you can see a list of popular and verified airdrops, with their worth, total giveaway amount, entries per referral, KYC requirements, and more. You will also find a description of projects conducting airdrops as well as potential referral options.
As you can see, it’s not so hard to find and collect airdrops. But wait, what if you have already received DeFi airdrop tokens? Wouldn’t it be great to be able to check it with a couple of clicks? Well, you actually can.
A place to find your airdrop tokens
Yes, my friend, we even came up with that. A page that allows you to quickly and easily check if any tokens have been airdropped to your wallet. In other words, a lost and found section of the airdrop world.
Start earning with DeFi airdrops
Participating in DeFi airdrops is a perfect way to enter this booming space. Let’s face it: DeFi is going big, and you should definitely be part of it. And airdrops can be your entry ticket. For starters, they are perfect for both beginners and experienced crypto enthusiasts. And they are less complicated and risky compared to yield farming, liquidity mining, or borrowing and lending. If you want to learn more about earning on DeFi, have a look at our previous blog.
Finally, with DeFi airdrops, you have nothing to lose. And with airdrops, DeFi isn’t so difficult. Now it’s your turn. Try collecting some free tokens and see how things will work for you. Good luck, and don’t forget to stay safe.
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