Cryptocurrency enthusiasts are always looking for new ways to get the most out of their cryptocurrency holdings. You can use airdrops as a method to accomplish this goal.
Airdrops distribute tokens or coins to a community at no cost, making them a form of cryptocurrency distribution. Airdrops are also known as “community distribution rounds.” Airdrops could be an excellent way to build your cryptocurrency portfolio without spending money.
Airdrops are a common form of marketing that cryptocurrency projects use to broaden their audience and expand their user bases. The practice of “airdrops” makes individuals who meet specific requirements, such as holding a particular cryptocurrency or joining a Telegram group, eligible to receive free coins or tokens.
In this guide, we will discuss what is an airdrop, and how to maximise the potential of your cryptocurrency portfolio by participating in the best airdrops.
What is an airdrop?
Airdrops are the practice of a company or project giving away free cryptocurrency in the form of coins or tokens. Airdrops are a great way to raise awareness about a project, attract new users, and reward current users.
Before receiving an airdrop, participants must fulfil several stipulations, which the project announces on its website or social media channels.
An “airdrop” is the practice of giving away cryptocurrency tokens or coins for free to a significant number of users. The distribution of a specific cryptocurrency’s tokens for free is known as an “airdrop.” Its primary objective is to broaden public awareness of and interest in the asset.
Distributors can use different methods to distribute airdrops, such as using social media platforms and cryptocurrency forums or requiring participants to complete specific tasks.
How do I get airdrops?
The process of taking part in airdrops is straightforward. Finding the airdrops that you want to participate in is the first thing you need to do. You can accomplish this by following the cryptocurrency projects’ social media channels or subscribing to their newsletters, whichever method you prefer.
The next thing you need to do is meet all the requirements to participate in the airdrop. These requirements can include the possession of a particular cryptocurrency, participating in a Telegram group, or completing a survey.
Once you have satisfied the requirements, all you need is a wallet that supports the cryptocurrency you want to receive, and you will be required to provide the address of your wallet to receive the coins or tokens that have been airdropped.
Providing the correct address for your cryptocurrency wallet is crucial because once the coins are sent to you, they cannot be retrieved.
The Top 7 Airdrops to Maximize Your Crypto Portfolio
These seven cryptocurrency airdrops have gained immense popularity among investors and have existed for a considerable time. They are known for enhancing the portfolios of their holders. Read on to better understand how to capitalise on these and explore their features and values.
- Uniswap (UNI) Airdrop
- DeFiPie (PIE) Airdrop
- Polkadot (DOT) Airdrop
- Gitcoin (GTC) Airdrop
- Aave (AAVE) Airdrop
- Chainlink (LINK) Airdrop
- Compound (COMP) Airdrop
1. Uniswap (UNI)
Uniswap is a decentralised exchange that enables users to trade cryptocurrencies without the involvement of any intermediaries.
The Uniswap airdrop rewarded users with 400 UNI tokens if they had used the platform before a specific date—currently, one UNI token is valued at around USD 25.
2. DeFiPie (PIE)
DeFiPie is a decentralised finance (DeFi) platform that offers its users lending, borrowing, and trading services.
Users with a minimum of 100 USDT in their wallets could receive 10 PIE tokens as a reward from the DeFiPie airdrop.
3. Polkadot (DOT) cryptocurrency
Polkadot is a multi-chain platform that connects different blockchain networks.
When launched, users with at least 0.1 ETH in their wallets could receive 100 DOT tokens as a reward from the Polkadot airdrop. Currently, one DOT token is around USD 35.
4. Gitcoin (GTC)
Gitcoin is a decentralised platform that connects developers with open-source projects.
Gitcoin hosts an airdrop of GTC. Users on the Gitcoin platform who had contributed to open-source projects received a reward of 100 GTC tokens as part of an airdrop organised by the cryptocurrency’s developers.
5. Aave (AAVE)
Aave is a decentralised lending platform that enables users to borrow cryptocurrencies. Users can lend and borrow cryptocurrencies using the Aave platform.
A free AAVE token was distributed randomly to each AAVE user in 2020 as part of a promotion known as an airdrop. The AAVE token traded for around $400 per token.
6. Chainlink (LINK)
Chainlink is a decentralised network of oracles that connects smart contracts to various outside data sources.
The LINK token was distributed as a free airdrop to Chainlink users in 2019, at which point each received 1 LINK token. The LINK traded for about USD 40.
7. Compound
The compound is a decentralised lending platform that enables users to borrow cryptocurrencies. Its symbol is COMP.
Maximise Your Crypto Portfolio With These Top Airdrops
Compound users were given a free airdrop of 400 COMP tokens in 2020 as part of the COMP token distribution. The COMP token is currently trading at approximately $600 per token.
Conclusion
Earning free coins or tokens through airdrops is a fantastic way to increase the value of your cryptocurrency portfolio. You can participate in airdrops and earn rewards from some of the best cryptocurrency projects if you follow the steps outlined in this guide.
It is essential to avoid falling victim to scams and only participate in legitimate airdrops. If you do the appropriate research and put in the required effort, airdrops can be valuable to your cryptocurrency investment strategy.
