Tips for Airdrop Hunting| Bankless Africa Weekly Newsletter
This is the Bankless Africa Newsletter, your one-stop plug for well-curated and up-to-date crypto and web3 news around Africa.
It's officially airdrop szzzzznnnnn!
There have been numerous crypto airdrops in recent times — Aptos came, Bonk brought in a mini bull run to the Solana ecosystem and the NFT market is currently booming, thanks to Blur. All these have generated lots of excitement and anticipation about the protocol that is going to airdrop next. Will it be Sui, Lens, Base, or even Magically?
Perhaps you're one of the many looking forward to the next big airdrop, but you really don't know how to find these opportunities or how to prepare for them. Not to worry, we've got you covered! In this special airdrop issue, we'll be walking you through all you need to know about airdrops and showing you how you can level up your airdrop-hunting adventure.
We'll also be keeping you up to date with the recent activities in Bankless Africa and bringing you up to speed with all the latest happenings in web3 Africa.
Gear up as we take you through this amazing ride, touching on:
What airdrops are
How to hunt for potential airdrop
Latest happenings in web3 Africa, and other hot web3 information.
Let's go get some free money!
🔊Podcast of the Week
The Bankless Africa Podcast of the Week is "Society Onchain | Panel Discussion at Africa Web3 Summit"
Bankless Africa's ThinkDecade sat down with Ayoola John at Coinbase NFT, Damien Duchamp, and Fatima Tambajang from Nvidia. The session was moderated by Elisha Owusu at Cointelegraph, and they discussed the different ways for societies to come on chains. They also discussed how blockchain processes foster transparency, and other wide range of topics including crypto, NFTs, airdrops, preferred chains, and so much more.
Tips for Airdrop Hunting
If you are a crypto enthusiast looking to earn some free tokens, you should try airdrop hunting! Airdrops are an excellent way to get free tokens from various crypto projects — some people have been lucky enough to bag over $10K worth of tokens for free through this means.
While the prospect of receiving airdrops sounds amazing, the big challenge lies with finding credible ones. That is why in this article we will cover everything you need to know to start hunting airdrops successfully, including top tips to keep you safe while you're on your hunting spree.
What is an Airdrop
A crypto airdrop is a mass distribution of free tokens or coins by crypto projects into certain wallet addresses. To be eligible for an airdrop, you are often required to perform (or have performed) certain actions, such as being a holder of a particular token, participating in a project's marketing campaign, or signing up or testing a dApp (Decentralized Application). Crypto projects often use airdrops as a marketing strategy to create awareness and circulate tokens.
Types of Airdrops
Airdrops differ according to eligibility requirements and other specifications. Here is an overview of the various types of airdrops that usually occur:
Retroactive airdrops occur when a blockchain project announces the launch of its native token and decides to reward early users of the protocol. The time or date to receive retroactive airdrops may be uncertain and the airdrop may not be guaranteed. However, it can be one of the most profitable airdrops if it finally happens.
Holder airdrops involve the distribution of cryptocurrency to investors based on the number of a particular coin or token held in their wallets. These existing holders may be rewarded with new NFTs or tokens as a result of their current holdings.
Bounty airdrops require you to complete specific tasks to be eligible for the airdrop — perhaps participating in a social media campaign to promote the project. Bounty airdrop tasks can usually be completed in a few minutes, after which you'll be required to provide your wallet address to receive the airdrop.
Exclusive airdrops offer free tokens to users through partnerships with third-party services. They are usually set as bounties or raffles.
How to Hunt For Airdrops
This is where it begins to get interesting: how exactly do you find profitable airdrops? Finding crypto airdrops can be hassle-free if you search in the right places using the right tools. Here is how you can get started:
Use websites like DeFi Llama, CoinMarketCap, and Airdrops.io to search for projects giving out airdrops.
If you find one, research the project to ensure it is legitimate and has a solid team and roadmap.
Use social media platforms like Twitter, Telegram, Reddit, and Discord to keep track of airdrop announcements.
Keep a record of the airdrops you intend to participate in, the actions you need to take, and the tokens you hope to receive. This will help you stay organized and avoid missing out on the action.
Be selective and quick to participate in airdrops from projects that you're interested in or believe to have good potential.
Tools You Need For Airdrop Hunting
There are several tools that will help you find airdrops quickly and easily. One of them is a keyword tracker. Keyword trackers like TweetDeck help you to monitor specific keywords or hashtags on Twitter and send notifications when a tweet containing that keyword or hashtag is used in a post. You can use keyword trackers to hunt for airdrops by setting up alerts for keywords like "airdrop," "free tokens," or specific project names. Keyword trackers save time and can help you find airdrops more efficiently.
“Hold on, does that mean you should only cling on to keywords trackers for airdrops”? Yes, Oh No, I mean “NO!”
Websites like DeFi Llama, CoinMarketCap, EarniFi, Airdrops.io, Airdrop Alert, AltcoinTrader, DappRadar, ICO Marks, and AirdropBob are your go-to hubs if you need to stay current on airdrops from top-tier projects. These sites help you find top crypto projects and dApps that are currently running airdrops. They also provide information about the funding scheme and investors behind a particular project, so you're better informed before you commit to trying out the protocol.
Tips to Stay Safe While Airdrop Hunting
This is where we sit and talk about safety. Finding airdrops also has its cons, like the risk of being scammed (rugged). Staying safe while airdrop hunting is an essential part of the hunting process so that you, the hunter, will not get hunted. Here are some best practices that should keep you safe while hunting airdrops:
Be careful while interacting with smart contracts. To be safe, use Etherscan or other blockchain explorers to detect whether a contract is proxied or not.
Double-check all URLs to avoid phishing sites and only connect your wallet to familiar and trusted applications.
Use multiple burner wallets to hunt for airdrops and NFT giveaways to avoid losing your asset.
NEVER give out your seed phrase. A legitimate airdrop project will never ask for your wallet seed phrase.
Airdrops are free and don't require you to send crypto. Any project requiring you to send crypto in return for an airdrop is clearly a scam.
On a final note, not all airdrops are guaranteed to be profitable, however, persistent hunters do trap quality opportunities. Happy hunting!
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Disclaimer: This post does not contain financial advice, only educational information. By reading this article, you agree and affirm the above, as well as that you are not being solicited to make a financial decision, and you in no way are receiving any fiduciary projection, promise, or tacit inference of your ability to achieve financial gains.