What is an Airdrop in Crypto world? How can it benefit you? and Where to start? You might come across a news or an article about certain platforms like ZKsync, LayerZero, or EtherFi giving away FREE money to their users just to use their platform, and many people posted that they got a massive airdrops of four or even five figures worth of dollars. But, is this real? or does too good to be true?
This article will provide a quick explanations on the details of a Crypto Airdrop, it’s a quick crypto airdrop guide for you to start farming, so that you will be eligible for the next airdrop like Base Airdrop, Kroma, Jumper Exchange, and more. We will be focusing on one upcoming example airdrop in 2024, which is the Base Airdrop.
What is Airdrop in Cryptocurrency?
Airdrops has been becoming popular in the past few months, and can be thought of as the cryptocurrency equivalent of finding a pearl in an oyster—a potential treasure that could add value to your digital portfolio.
The first Cryptocurrency Airdrop in history happened back in 2014, with a project called “Auroracoin”. Since then, many platforms utilize the same idea of rewarding back to their users, and people has been farming airdrops ever since.
But why do those platform giving out literally free money in the first place? A quick answer is: User Engagement and Customer Acquisition. A blockchain platform is a distributed infrastructure which are made up of decentralized nodes, each keeping records of the transactions and the entire records of the entire blockchain. Network Participation is not only the key in keeping the platform running, but also adds to the layer of security because the more nodes you have, the more redundant it becomes.
In order to attract users, and gain market share in the Crypto world, it becomes customs for a kick-start project to giving out airdrops so that the user is aware of the project and start using it. If you want to farm for a crypto airdrops in 2024, then look for these criterias in order for the user to receiving the airdrops such as:
– Holding Tokens, usually the platform’s Governance Token
– Stake or Provide a Liquidity
– Swap or Bridge tokens
– Engage in the community such as Discord, Telegram or Twitter (X)
– Use the platform’s function or their partner’s feature
It’s worth mentioning that, most project will not announce ahead of time what are the criteria(s), and when the airdrop will be provided exactly. This is to prevent people coming to farm an airdrop and just leave.
Now, although, it seems like a pure luck, a reward falling down from the sky with no effort, this isn’t true. To ‘properly’ farm for an airdrop do requires quite an effort and do as many tasks mentioned above in a consistent manner, because you simply don’t know when the airdrop will be provided. Additionally, some platform will be distributing the airdrop based on 1) Number of Activities and/or 2) The value of assets being in transaction on the platform
Types of Tokens Distributed
Not all tokens received from airdrops are created equal. Some may serve as utility tokens, granting access to services and features within a project’s ecosystem. Others could be governance tokens, offering a voice in the project’s decision-making processes. Distributing tokens in this manner allows for a diverse range of functionalities and benefits for users.
Receiving a variety of tokens from airdrops, like those from Base, can diversify your portfolio and introduce you to new facets of the cryptocurrency world.
Additional Perks and Benefits
Beyond the immediate gratification of free tokens, Base Airdrops may offer additional perks that reward community participation and loyalty. These benefits can range from early access to new services to exclusive features that enhance your overall experience within the platform.
Revealing the Base Airdrop
Airdrops are like a present from the digital heavens for crypto enthusiasts—tokens distributed, often for free (*but may require you to have some asset or spend some gas fee), to various blockchain wallet addresses. Coinbase, largest US-based crypto exchange, has launched Base Airdrop, a strategic initiative targeted at revolutionizing the adoption and engagement of layer-2 solutions on the Ethereum network, making it easier for users to access and manage their crypto coins.
Base is an Ethereum Layer 2 (L2) chain developed by Coinbase to provide a secure, low-cost, and developer-friendly environment for building on-chain applications. It aims to enhance scalability and speed without replacing Ethereum, making it more accessible for users and developers. Base is designed to be the on-chain home for Coinbase products, users, and assets, while also serving as an open ecosystem for third-party development.
By leveraging the scalable OP Stack, Base Airdrop has achieved a milestone in making blockchain technology more accessible and useful to developers and the general public.
the function of base airdrops within Ethereum’s layer-2 landscape, outlines eligibility criteria, and enumerates the steps for preparation. You’ll learn to leverage these airdrops for potential rewards while steering clear of associated risks, such as airdrop scams. Get ready to enhance your crypto portfolio through informed participation in base airdrops.
The Birth of Base Airdrop
Base Airdrop emerged as a response to Ethereum’s pressing scalability issues. By implementing zk-rollups technology, Base Airdrop promises to enhance the efficiency of the Ethereum network, opening up new avenues for developers and users alike.
This initiative marks a significant milestone in Ethereum’s evolution, offering a glimpse into a future where transactions are faster, cheaper, and more accessible to a global audience.
Anticipated Impact on the Crypto Market
The impact of Base Airdrop could create a monumental ripple effect across the cryptocurrency market. Coinbase’s initiative simplifies the adoption process, potentially reshaping the crypto landscape and ushering blockchain technology to the forefront of innovation.
The allure of airdrops has historically attracted crypto enthusiasts, and Base Airdrop’s strategic approach could significantly enhance market liquidity and foster a robust, engaged community around blockchain projects.
Criteria for Eligibility
Although, the Base Airdrop is not confirmed yet, but there are rumors spread in the Crypto community. Any airdrop hunters know Coinbase’s base airdrop is coming and it could be one of the biggest Airdrop in 2024 due to it is launched by Coinbase themselves, and if you missed our intro earlier in this article, let us remind you again that, Coinbase is the largest US-based crypto exchange, so that’s why a lot of people are anticipate that the airdrop could be large.
Preparation and Consistency is the key. The exhilaration of potentially receiving an airdrop from a reputable platform like Base is high, yet readiness to act when the opportunity presents itself is key. Remember, this is not a one-time sign up thing. You need to put some efforts in order to get the prize.
1. Get a Crypto Wallet
To make sure that you will be receiving the upcoming airdrops, certain criteria must be met as airdrops require specific conditions. For starters, owning a cryptocurrency wallet is a non-negotiable prerequisite.
A good and popular example would be to get a Metamask or a Coinbase Wallet which can be addon as an extension to your browser. The good thing about the Metamask Wallet is that it also supports Base Network. Learn how to add the network to Metamask. Coinbase, on the other hand is the native wallet and is preferable if you’re intending on farming the Coinbase’s Base Airdrop.
2. Get some ETH from Centralized Exchange
- Create an account on the Exchange either on Binance, KuCoin or any platform of your choice.
- Deposit funds: Deposit the desired amount of fiat currency or other cryptocurrencies into your exchange account.
- Place an order: Navigate to the trading section of the exchange and place a buy order for Ethereum (ETH), for quick buy, select “Market Price”, otherwise, you can set your own desired price and set to “Limit Order”.
- Withdraw to Wallet: After purchasing Ethereum, withdraw it to your wallet. If you’re withdrawing to Ethereum Network, make sure to select the network to ERC-20, which is the Network Chain that ETH (Ethereum) is running on.
3. Bridge ETH to Base Network
Once you’ve withdrawn your ETH to your wallet. Next is to transfer ETH to the Base Network. If you’re confuse on what is the Network on Blockchain, then let us briefly explain:
A network on the blockchain refers to the interconnected nodes that enable the decentralized and distributed nature of the technology. These nodes work together to validate and record transactions, ensuring the security and integrity of the blockchain.
There are many blockchain networks due to various factors such as different use cases, scalability needs, governance models, and technological innovations. These diverse networks cater to specific requirements and preferences, leading to the proliferation of blockchain networks to address a wide range of applications and functionalities.
The original Ethereum token runs on ERC-20 Network, but as time goes on, its network fee (AKA Gas Fee) are getting very expensive. Gas fee on Ethereum network ranges around $0.2-0.7 but can sometimes can goes up to $2-10 per transaction. And, this is exactly why there are many new chains coming, offering cheaper gas fee, such as Base which is significantly cheaper with only $0.00025
Understanding the Bridging Process
The bridging process is key to claiming your stake in the Base Airdrop. It involves connecting a wallet, bridging assets, and depositing ETH through the official Base Bridge—a sequence of steps that must be executed with precision, including the crucial bridge assets step. Setting up a MetaMask wallet to interact with the Base Mainnet, for example, requires configuring specific network settings, a task that lays the foundation for a potential airdrop.
Furthermore, engaging with the Base Goerli Testnet could not only prepare you for the airdrop but also earn you an early builder NFT, a token of appreciation for your early support. And let’s not forget the practical benefits—simply minting a Base Bridge Pass could net you a small amount of ETH to start on the Base Network.
There are many platforms such as rhino.fi or jumper which offers lower transaction fee. However, we recommend that you bridge directly from their main page because this will guarantee that you get the airdrop from Base.
You can transfer your ETH to the Base Network via their official Bridge function:
https://www.brid.gg/base?token=ETH.
4. Interact with Base via Layer3
Doing transactions on the Base Network alone will get you to be qualified for an airdrop, but there is another fun way to do so. Layer3 is an immersive community platform that serves as a hub for individuals seeking to expand their knowledge and understanding of the revolutionary Web3 ecosystem. It acts as a promotional platform introducing various networks where users can participate in doing quests
Once you signed into their platform, you can search, do quests related to Base Network and earn the Cube NFT. Every CUBE is a unique credential for etching your Quests in blockchain history. Traverse chains, explore the best dapps, and own your crypto legacy. As a Credential to Unify Blockchain Events, CUBEs are ERC-721 tokens minted by completing Quests.
It is worth mention that Layer3 themselves is currently on the Airdrop Phase 2. By participating in their platform, you shoot 2 birds with one stone, farming the airdrops for both Base Airdrop and Layer3 Airdrop.
5. Join social network
In the ever-evolving landscape of cryptocurrency airdrops, staying informed is not just beneficial—it’s essential. Stay updated with the latest airdrop news from Base by following their official channels:
- Twitter – https://x.com/base
- Warpcast – https://warpcast.com/~/channel/base
- Discord – https://discord.com/invite/buildonbase
- Github – https://github.com/base-org
Verifying the legitimacy of these announcements by seeking out profiles with blue checkmarks. Regularly engaging with the community to stay abreast of the latest developments.
Most of the time, if Base would announce its airdrop timeline, they would have done so in these social platform. Keep an eye on their profile and get in early is your best bet, they might have some requirements for the eligibility of Base Airdrop.
Exclusive Insights into Base Airdrops
Unlike standard airdrops that distribute tokens to the masses, exclusive airdrops selectively reward recipients, targeting individuals based on specific criteria beyond mere token holdings. These exclusive airdrops are a nod to those who have made noteworthy contributions to the community or have been involved in particular projects, making them eligible for an exclusive airdrop.
Such bounty airdrop not only rewards engagement but also offers unique incentives that can enhance one’s influence within the network, making bounty airdrops an attractive opportunity.
The Rarity Factor
What makes exclusive airdrops alluring is their rarity. Unlike standard airdrops that are distributed on a broad basis, exclusive ones such as Base Airdrops are tailored to specific groups, often rewarding them for their time and contributions to the project. A tiered system that allocates tokens based on engagement levels further adds to the rarity and perceived value of these airdrops, incentivizing active participation within the platform.
This strategy not only rewards loyal users but also fosters a strong, dedicated community that is personally invested in the success of the blockchain network.
Networking Opportunities
Participating in Base Airdrops offers several benefits:
- It lines your digital wallet with tokens
- It opens doors to invaluable networking opportunities within the crypto community
- The relationships formed through active engagement can lead to rewards that extend far beyond the immediate financial gains
- It lays a foundation for future crypto ventures
- It ensures a vested interest in the project’s success
Beware of Scams!
Not all that glitters is gold in the world of crypto airdrops. Scams are a constant risk, lurking around every corner, ready to snare the unwary. To navigate these treacherous waters, one must be well-versed in the signs of deceit and the best practices for ensuring a secure airdrop experience.
Best Practices for Airdrop Security
The golden rule for airdrop security is to engage only with verified and trustworthy smart contracts. Extensive research and due diligence are your best defenses against the sophisticated scams that dot the crypto landscape.
Identifying Red Flags
Airdrop scams often dangle the carrot of high-value rewards, such as free money, to ensnare unsuspecting victims. Be skeptical of offers that seem too good to be true and lookout for inconsistencies in language or branding that might signal a scam. To stay informed and protect yourself, consider the following:
- Never click on an untrusted link – Even on the popular side like Medium. You’d think that any link in this popular website is trustworthy, yes? Wrong! Even here, some articles is embedded with fishy links. Don’t believe us? Well, see the image below:
As you can see that the article is trying to point to the Base’s Official Website, but the link is clearly not. The correct official website of Base is: https://www.base.org/. If you read the article and didn’t think it through, clicked on the link, connect your wallet, then all your funds could have been drained in a matter of seconds.
- Check the profile carefully – Don’t trust anyone on social media, not even those with yellow tick next to their profile. If you look in the any popular main twitter post, you will see that there are many replies that seems to be legit but actually not. Take a look as an example:
Here, you can see that this profile seems ok, they even have a yellow tick mark next to the name. But in fact, it’s a scammer. This person pretends to be Wormhole (another popular platform)’s official profile. If you look closely, you can see that the @ name is incorrect. The official Wormhole profile is @wormhole.
Usually, the scammer will use a trick such as: “Claim airdrop now within 72 hours” to create a sense of urgency, so you react and click to their link without thinking about it.
Summary
As we’ve navigated the intricacies of Base Airdrops, from their technological underpinnings to the strategies for maximizing their benefits, it’s clear that they offer an exciting avenue for crypto enthusiasts to expand their digital horizons.
By understanding the eligibility criteria, preparing diligently, and participating wisely, you can not only reap the rewards but also contribute to the vibrant and ever-evolving crypto ecosystem. Remember to stay vigilant against scams, consider the tax implications, and leverage airdrops as part of a broader investment strategy. Embrace the potential of Base Airdrops and let them be a springboard for your crypto journey.
