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At the present moment, there’s no denying the allure of cryptocurrency airdrops. Many people have earned significant sums, becoming wealthy by participating in airdrops, making the hunt for hot airdrops more enticing than ever. However, not everyone becomes wealthy through airdrops, especially newcomers. Therefore, advice on airdrop participation is invaluable, especially for those new to the scene or those yet to see results. Here are the summarized experiences from our airdrop hunting that we’d like to share with you. Please read carefully because we believe it will be very useful for you to be able to receive crypto airdrops, whether you are new to airdrop hunting or have participated but have not achieved the desired results.
Common Mistakes to Avoid to Receive Crypto Airdrops
Subjectivity causes us to lose a lot of money.
Each project will have different participation requirements when distributing airdrops. Many people used to think that the OATs on Galxe were worthless until Space ID distributed an airdrop to those who had claimed the OATs, or when Aptos airdropped a few thousand dollars to those who had minted APT testnet NFTs.
It’s evident that carelessness combined with subjectivity can lead us to trade hundreds to thousands of dollars. The moments of neglect mentioned above have made us reconsider. Not underestimating certain items too easily from promising projects, being subjective, and losing focus during airdrop activities are things to avoid in any case. To improve this situation, everyone should create a Google spreadsheet to manage the airdrop process.
Never procrastinate.
If tasks can be done, do them right away, rather than waiting for the perfect moment. Because some projects have deadlines for completing tasks or can close suddenly due to an overwhelming number of users, causing project responses to be overloaded. In these cases, you will miss the opportunity to complete the task because they have closed.
In our lives, when participating in the market, each person has their own time budget, and everyone has their busy periods. But to make money, we need to invest our time and intellect in it. Everything has its price.
Taking control of information sources for informed decision-making
For the majority of newcomers in the airdrop hunting scene, their initial approach is to participate in airdrops based on casually encountered information or posts shared by Key Opinion Leaders (KOLs) in the market. However, over time, you’ll realize that this approach is not very effective. Firstly, when you read information on social media, others have already read it as well, diminishing your competitive advantage. Secondly, many airdrop opportunities primarily benefit KOLs because they receive significant referrals from communities like yours. It becomes challenging to compete for rewards with KOLs. That’s why actively seeking out projects for airdrops helps us avoid being passive followers of signal channels. Creating a unique advantage for ourselves by staying ahead of the game.
Read more: Useful Platforms for Airdrop Hunting Support
Not Calculating Costs
As we mentioned, Airdrops aren’t always entirely free. The process of engaging with a project sometimes demands you to incur certain costs when the project has moved to the mainnet. For example, in the recent case of Arbitrum, they airdropped tokens to users who interacted with the ARB network by swapping tokens or adding liquidity. To perform these tasks, you needed to have ETH on the ARB network. The rewards for Arbitrum’s airdrop were also distributed into different tiers based on the number of transactions and your volume on the network. The higher the volume and the number of transactions, the more ARB tokens you received. There are cases where the volume and the number of transactions didn’t meet the minimum requirements, so the conditions for receiving ARB weren’t met.
Therefore, if you don’t calculate the capital you invest, there’s a high likelihood that you may participate in many airdrop projects, only to find that none of them airdrop any coins or the amount you receive doesn’t justify the effort you put in.
Half-hearted Engagement
Half-hearted engagement means that people are not actively participating. For example, most AMM projects offer more than just swaps; they also involve providing liquidity. So, if you only execute a few symbolic swap orders, the chances are high that you won’t receive the airdrop. And if everyone provides liquidity but constantly adds and removes it, the likelihood of receiving a reward becomes very low. The reason projects grant retroactive rewards to users is because they contribute to the product, not just to receive an airdrop.
So, if you’re participating in airdrops, do it as genuinely as possible. Experience it as a real user would, as airdrops serve as a marketing tool. There is no specific standard to determine what qualifies as sufficient engagement, but in general, if conditions allow, try to participate multiple times with a reasonable value to minimize these situations.
Experiences to Hunt Airdrops more Effective
To make airdrops more effective, there’s no need for anything overly complicated; it requires a high level of expertise in the cryptocurrency market. It simply involves adhering to discipline, doing it seriously, and being meticulous. Here are some tips for you when you want to conduct airdrops effectively:
- Keep your account chains such as Discord, Twitter, Email, wallets, consistent. To achieve this, create multiple profiles, and each profile should have separate accounts for Twitter, Discord, etc. It’s also important to keep the information of these accounts in a spreadsheet for easy tracking.
- Participate in all activities that can be done related to the project. Projects surrounding the network should be approached with a reference perspective.
- Only connect your wallet to legitimate project websites and reputable projects. This helps protect your wallet from being hacked, leading to unfortunate asset loss.
- Ensure that funds sent to wallet addresses are different. For example, each account on a CEX exchange should send to a different wallet address and avoid interactions between them.
- Airdrop activities are increasingly susceptible to Sybil attacks, so prioritize quality over quantity.
- Balance the amount of assets you invest in airdrops and be prepared for potential losses.
- Limit high and unnecessary transaction fees. Extremely high fees could be associated with phishing attacks.
Conclusion
These are our recommendations for those seeking advice on airdrop hunting. We hope they are useful for you. Don’t forget to follow our articles regularly to stay updated on valuable knowledge and hot news in the cryptocurrency market.
