Rainbow Wallet to Airdrop ETH Weekly on Tuesdays to Users

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Prominent projects such as friend.tech, Blast, Manta, Scroll, and margin.fi exemplify the trend of accumulating points for potential airdrop announcements. A standout example is Rainbow Wallet, which, despite having implemented its points system since late 2023, has only recently announced the utility of these accumulated points.

Rainbow Wallet Announces Phase 1 of Airdrop

Introducing Rainbow ETH Rewards.

We are airdropping our hard earned ETH to the most active Rainbow users every single week.

This is just phase 1, there are more phases to come, but for now let’s talk Rainbow ETH Rewards 👇 pic.twitter.com/HuntaGqWGI

— Rainbow (@rainbowdotme) June 25, 2024

According to Rainbow Wallet’s announcement, the first phase of their points system involves weekly ETH distributions to users. The details are as follows:

Eligibility: Users must accumulate at least 10,000 Rainbow Points to qualify for the rewards.
Distribution Method: Each week, the project will airdrop ETH to the top 1,000 users with the highest points from the previous week. The amount of ETH received will be proportional to the number of points accumulated.
How to Earn Points:
- Engaging in on-chain activities.
- Referring new users.
Airdrop Schedule: ETH rewards will be distributed every Tuesday.

Currently, the project has not specified the exact amount of ETH to be distributed weekly or the total value of the reward pool. The duration of this campaign also remains undisclosed.

Rainbow Wallet has hinted that the ETH airdrop is just the initial phase of their Rainbow Point development plan, suggesting that more airdrops of the project’s tokens and additional rewards are to come in the future.

About Rainbow Wallet

Rainbow Wallet is a dedicated Ethereum crypto wallet application known for its user-friendly interface and robust security features. Launched in 2019, Rainbow Wallet is the product of a collaboration between Christian Baroni, Jin Chung, and Mike Demarais.

In 2022, the project successfully raised $18 million in a Series A funding round, with significant participation from the venture capital firm Seven Seven Six, led by Alexis Ohanian, the founder of Reddit.