Rejoice if you’re hurting from the bear market (like most of us) because relief is coming.
Before you ask, no, we are unfortunately not predicting a price rally (although we definitely wouldn’t be opposed).
Below we will explain what an airdrop is and two projects that are preparing to airdrop free tokens to users, and how you can get involved.
What Is An Airdrop?
Airdrops are one of the coolest parts of crypto.
Basically, airdrops are free tokens gifted by projects to users. The potential for free money incentivizes people to use the project, which makes airdrops a powerful method for new projects to bootstrap some initial usage.
Airdrops are often very lucrative for users. It is not uncommon for airdrops to be worth thousands of dollars, with some users earning up to five or even six figures.
It’s a low-risk, high-reward strategy… precisely what you want during a bear market.
The first project to recently announce an airdrop was decentralized exchange (DEX) aggregator 1inch.
The airdrop will be distributed equally among all wallets that made a 1inch swap on Optimism up to September 1st. Unfortunately, this means that if you haven’t already done so, you will not be able to qualify for the airdrop.
Unlike 1inch, this one you still have a chance to qualify for.
SudoSwap just released their plans to release the SUDO governance token, and a significant amount of SUDO is due to be airdropped.
The best way to qualify for the airdrop is to purchase and lock XMON tokens, as 41.9% of the total SUDO supply goes to XMON lockers at a rate of 10,000 SUDO per XMON. But don’t let the price of XMON – which is currently trading at ~$35k – dissuade you. There are no rules stopping you from buying and locking a small amount of XMON.
With each XMON token holder receiving 10,000 SUDO, you can simply take the percentage of XMON you purchase and multiply by 10,000 to calculate how much SUDO you will receive.
Airdrops are one of the best ways to land some free money, and our advice is to take advantage of these opportunities as you find them.
However, airdrops are not entirely without risk. It is well established that most people dump their airdrop soon after receiving it. This means that if you receive an airdrop, unless you are very confident in the token appreciating over time, it is probably in your best interest to sell it ASAP.