Airdrops Farming Guide
An airdrop is an event where a DeFi project or protocol distributes cryptocurrency assets to a specific group of users within the project's community. These assets are usually native to the project and can have varying values, ranging from a few cents to thousands of dollars, depending on the level of hype and publicity surrounding the project.
Airdrops can be conducted in two ways:
- Assets are transferred directly into users' wallets
- Users can claim their airdrop by visiting the project's website
When an airdrop is announced, the project usually discloses the eligibility criteria. In this article, we will share some tips to help you when farming airdrops in DeFi.
With airdrops, people can earn life-changing money. Some airdrops are even likely to be worth more than 1,000 USD.
In this article, I will explain how to improve your management of airdrop farming. Let's go through the 5 essential topics:
1. Staying active on chain
Long-term activity is proof that you are an engaged user. During bear markets, many people stop being active on chains, but staying active sets you apart from the crowd. Most wallets are dormant during times of low airdrop hype and only become active when an airdrop is announced. To be in the top 1 %, don't be like that.
2. Staking your cryptocurrency on different chains
Major projects like Arbitrum, Cosmos, Optimism or ZkSync may distribute assets to users who contribute to their TVL. They could also allocate a percentage of crypto assets to projects so that they can give back to their communities. When it comes to staking, volume is important. It's better to stake 300 USD than 1 USD. However, it can be risky if a protocol gets exploited, so choose where you stake carefully.
3. Focusing your airdrop farming on a few projects
Airdrop farming can be time-consuming and expensive due to fees. It's better to focus on farming a small number of projects properly, than a large number of projects poorly. Some airdrops will be much larger than others, so it's important to identify the best ones and focus your farming efforts on them.
If you want to farm airdrops on Cosmos and Arbitrum, which can be large and have a decent probability of success, you can start by farming and staking on these blockchains and keeping up-to-date with the latest news.
4. Interacting with new protocols
Many protocols are currently being launched on Arbitrum, Optimism, ZkSync, Cosmos, and Aptos. They are often highlighted via AMAs or quests, as is the case with Arbitrum or Optimism. These protocols may receive allocations for future airdrops, and you could be eligible for them if you have interacted with these projects. Interacting with new projects during the bear market is proof that you are an engaged user.
5. Staying up to date
It can be challenging to analyze all the information on your own. To stay informed about the latest airdrop news and developments, consider following Twitter accounts that gather and share the best information. Additionally, subscribing to newsletters can help you stay informed on a weekly basis. Join the Discord servers of the blockchains and protocols that you follow.
Conclusion
Airdrops can be a lucrative opportunity to earn cryptocurrency assets in the DeFi space. By following the tips discussed in this article, you can increase your chances of successfully farming airdrops. It's important to stay active on chain, stake your cryptocurrency on different chains, focus your airdrop farming efforts on a few projects, interact with new protocols, and stay up to date with the latest news and developments. With that, you can position yourself among the top 1 % of engaged users in the DeFi community, and potentially earn free money through airdrops.
Analyst opinion
Four essential platforms to help you with airdrop farming:
Defillama airdrop dashboard. Here, you can find tokenless / new protocols that will potentially have an airdrop in the future.
Twitter is essential! Everything that is in DeFi is also on Twitter. Follow closely your favorite blockchains or protocols which might have airdrops. Twitter is like a newspaper, where you can find all the latest information about a project. Also, you can enable notifications for your favorite Twitter profiles.
Discord is the essential app number 2! You can follow similar things as you can on Twitter, but when you cannot find the necessary information about an airdrop, just join a blockchain or protocol Discord server and ask what you want to know. Answers will come back soon enough.
Charlie DeFi will support you step by step in finding and farming airdrops! Our team of analysts gather information on the latest airdrops, then share the exact process of how to acquire each one in the premium section.
Analyst
Airdrops Farming Guide
Airdrops Farming Guide
4. Adding a chain to the MetaMask wallet
5. Adding tokens to the MetaMask wallet
