Decentralized finance (DeFi) has continued to develop in 2021, with more projects springing up and offering earning opportunities. One popular way DeFi platforms create hype is via airdrops.
What is Airdrop
Airdrop is basically the release of a token completely free to holders of another crypto-asset in order to encourage the adoption of the offered token.
There are many reasons why organizations choose to perform airdrops. Airdrops are an effective method of getting quick crypto use and creating hype around a blockchain-based startup.
This practice has become commonplace with several protocols performing their airdrops in the past few months. This includes popular projects like PoolTogether, Uniswap, 1inch, Pangolin, Mirror, and many more.
In the case of Uniswap, it released its native token in September in what was one of the biggest airdrops in the crypto industry. The decentralized finance platform distributed 400 UNI tokens worth around $1200 then to users.
The tokens are now worth $11,200 today; this shows how lucrative airdrops can become. Now let’s explore 5 DeFi protocols that could perform an airdrop soon.
Paraswap, Uniswap, 1inch, and Sushiswap all have one thing: they are all decentralized exchanges (DEX). All of the DEXs have issued their tokens except Paraswap.
Paraswap does not have a token for its protocol and is considered one of the top decentralized platforms. It offers lower gas costs, unlike other decentralized protocols. Also, you could benefit from a potential airdrop in the coming months.
DyDx is one of the leading decentralized margin trading protocols dedicated to the Ethereum ecosystem. Last August, the creator mentioned the possibility of creating a token for the protocol.
It is most likely that the token will be distributed to the first users of the platform. This makes it a good idea to make a trade or two on dydx to claim a potential airdrop in the future.
Zapper is one of DeFi’s first dashboard services. This platform facilitates your entry into the world of decentralized finance and offers turnkey farming solutions.
The founder of Zapper revealed in a recent interview that the platform could create a token. It is not a bad idea to jump on Zapper to take advantage of a potential airdrop.
Argent is an Ethereum smart wallet that allows you to participate in projects. It enables users to access various opportunities within decentralized finance and offers other features.
For example, users can use the wallet to access Uniswap services to stake ETH or provide liquidity on Compound. Argent could decide to promote its project’s growth by offering a governance token to its first users.
SuperRare is the leading crypto art market on Ethereum. In recent months the world of NFT has experienced a strong enthusiasm which should increase in the months to come.
The founders of SuperRare want the platform to be wholly owned and managed by its community. It is therefore very likely that a token will be created for the occasion. Who knows, maybe the tokens will be distributed to the first users.
Could Uniswap Launch a New Airdrop?
Decentralized exchange giant Uniswap recently raised $500 million in its governance fund. This has prompted discussions on how best to spend the new largesse.
As expected, some portion of its community has not hesitated to call for a new airdrop, especially those that missed out on the airdrop in September. At the same time, others have called for the development team to grow larger. The recent airdrop of competitor 1inch could lead to a change, and the community could decide on a new airdrop.
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