May
20, 2021
4 min read
This story originally appeared on ValueWalk
Do you know that there are over 9,800 cryptocurrency projects listed on CoinMarketCap alone? This list excludes other periphery projects that launch every day on leading AMMs like Uniswap and PancakeSwap, for instance.
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It goes to demonstrate how intensively competitive crypto is as an industry. Driven by the principles of community, blockchain is a hard nut to crack for projects planning to roll out different practical solutions.
At the pace of innovation and increasing efficiency, especially with the proliferation of interoperable blockchains and easy access to funds, competition will only increase.
Accordingly, to stand out from the crowd, cryptocurrency projects—and it doesn’t matter their value proposition—need to employ inventive tactics to draw the attention of users and investors.
Why Crypto Airdropping is Necessary
Crypto Airdrops are popular marketing techniques used by projects to spark activity, decentralized token distribution, and help build a vibrant community.
Here, crypto projects will freely distribute tokens to drive awareness, assign value, and turbocharge the building of communities.
This style of marketing is aggressive and was previously frowned on.
However, it has become the norm. Airdropping is especially critical for startups who want to bootstrap their project by targeting network users of a particular platform.
It is necessary, with the cut-throat competition and investors pushing hard, angling for instant success, crypto airdrops can be a suitable way of complementing traditional marketing methods like social media campaigns, blogs, and press releases.
In this case, a startup, for instance, might aim for on-board users of the Binance Smart Chain (BSC), Ethereum, NEO, Polkadot, or others.
For network users, an airdrop can be an opportunity to make free money, especially if the token’s valuation increases over time.
Although the startup instantly wins from these airdrops, this strategy is massively beneficial for token recipients in the long run.
Crypto Airdrops For 2021
In 2021, these are the 5 cryptocurrency Airdrops to watch out for:
DePo Exchange
This is a non-custodial exchange aiming to be the first DeFi multi-market aggregator. It will bring together DeFi, NFT marketplaces, and the whole crypto market, merging them and creating a one-for-all portal for network users.
To celebrate “this innovation in DeFi,” the exchange will be airdropping one percent of its total supply, rewarding the first 10,000 early adopters. At launch, the project will open with a market cap of $750k from a supply of 100 million tokens.
The airdrop starts on 21 May 2021.
Venus
The project is a money market on the low-fee and scalable Binance Smart Chain (BSC). Venus enables the lending of digital assets and the generation of synthetic stablecoins backed by a basket of BEP-20 assets. All collaterals by Venus are represented in VTokens.
The Project is rewarding XVS and vXVS holders with Venus Reward Token (VRT) tokens.
Token holders, including those with tokens in Binance, are set to receive the free VRT tokens at a rate of 1,000 VRT per 1 XVS.
They will also be airdropping 1 VENUS NFTs per 10 XVS, but these will be sent to non-custodial wallets.
The snapshot is on May 17, 2021.
CAIZCoin
This is a financial platform compliant with relevant Islamic laws and approved by Islamic scholars.
The project is distributing $100k of CAIZ tokens for users who complete simple social media tasks.
To receive a portion of CAIZ coins, a user would have to follow their Twitter account and retweet with the #CAIZCoin hashtag, chat with their Telegram bot and join their Telegram group, and follow them on Instagram.
CAIZ rewards will be distributed on December 26, 2021.
SherpaX
ChainX Polkadot-based project is leading the way in Bitcoin cross-chain DeFi. The native currency of ChainX is PCX.
SherpaX—a fork of ChainX, will be airdropping 10.5 million KSX tokens to PCX holders at a ratio of 1:1 in an Initial Airdrop Offering (IAO). They also plan to issue more tokens every year.
KSX distribution is set for mid-June 2021, when SherpaX becomes a Polkadot Parachain.
Hydra
Hydra is an open-source and public chain seeking to implement critical economic features while using proven technologies for data transmission.
The project will distribute 18,585,932 HYDRA to HRC-20 LOC holders over 350 days. Snapshots will be after every 50 weeks. Eligible users will receive two percent of their LOC holdings as HYDRA coins.
Conclusion
Airdropping tokens is a great way for projects to gain traction in a competitive sphere. It presents a win-win for the startup and users. DePo Exchange, Hydra, CAIZCoin and other Airdrop recipients will be in for a good treat, with zero capital investment, especially if the project’s valuation takes off, lifting token prices.