People are getting thousands of dollars worth of crypto in airdrops. Popular crypto analyst and trader Lucas Dimos explains how to maximize your chances, gives advice, and shares his predicted next altcoin project. We also share the analyst’s shares and recommendations. cryptocoin.com We have prepared for our readers.
Won its first major airdrop from Uniswap (UNI)
Waking up to see free tokens falling into your hot wallet can feel like winning the lottery. In crypto, it’s known as an airdrop. Airdrops are like giveaways, and developers often highlight their platform when rewarding early adopters of a project. Taking advantage of these airdrops is part strategy and part luck. These gifts can be worth hundreds or thousands of dollars. One of the largest was from Uniswap, which airdropped 400 UNI tokens to addresses using Uniswap v1 or v2 contracts in September 2020.
Lucas Dimos, a crypto investor since 2017, has been lucky enough to be spared several airdrops, including Uniswaps. These airdrops were valued at approximately $7,600, compared to UNI’s transaction price of approximately $19 on Tuesday. This amount was almost three times its value in the lottery. Lucas Dimos says that because he didn’t save the seed phrase, he was unable to log into his old wallet and no longer had access to the free coins. Since that experience, he has realized that some of these airdrops could escalate and is watching carefully where and when they might happen again.
Goal: Early-stage altcoin projects with strong use cases
It recently received an airdrop from Ethereum Name Service, a platform for registering .eth addresses to use the protocol. This airdrop was valued at around $2,200, compared to ENS’ trading price of about $41 on Tuesday. According to the Etherscan wallet, it has received three more airdrops worth a total of around $900.
The values of these airdrops vary and depend on the trading price of each crypto. Wallet holders can also receive different amounts depending on how long and how often they use a protocol. Lucas Dimos says this is one of the advantages of using a decentralized platform:
Instead of rewarding venture capitalists and big tech for using the product, you are often rewarded with a governance token or other utility token for using this protocol.
The popular analyst is constantly investing in early-stage altcoin projects, where he sees strong use cases. He’s open about what he’s investing in and shares his views on Twitter and TikTok, which has over 500,000 followers.
How to increase airdrop potential? Are there any dangers?
Lucas Dimos says projects often don’t pre-announce airdrop announcements due to something called the Sybil attack. This attack is when a person or organization creates multiple accounts or nodes. In this case, it is abusive of an airdrop by creating a bunch of shell accounts to maximize what you get.
Venture capital firms have even tried their hand at this strategy; The best-known event involved the airdrop of crypto firm Divergence Ventures and Ribbon Finance. So it’s largely a guessing game. Lucas Dimos recommends getting a MetaMask account, a web wallet or hot wallet that connects to your browser, to get started. Next, look for decentralized finance projects launched last year that may not have issued a token yet. The analyst says that if you can use their platform as intended, you’ll likely get an airdrop:
Most of it is speculation. The best way to tell someone to airdrop is to actually use Web3 apps, because what you’re actually doing is wasting your time and maybe spending some money to get it to work.
Like most things in life, the airdrop is not a free lunch. Interaction with some of these protocols may require some Ethereum (ETH) to cover gas fees. For example, the Ethereum Name Service platform requires you to pay a gas fee to the network when registering your domain name. Lucas Dimos makes the following statement:
The Ethereum Name Service airdrop was something I thought would come eventually. I didn’t know it would be this big or buy more addresses.
While Lucas Dimos says he hasn’t had a bad experience with airdrops, he warns of the risks and says, “There are as many scams as there are opportunities.” For example, some individuals reported phishing scams after seeing unusual tokens in their wallets. The popular analyst offers the following advice to stay safe:
Do not interact with any protocol you do not understand. If you buy a token from a project you are unfamiliar with, or from a disreputable project with an anonymous team behind it, be careful. Because doing things like navigating to the token’s website and linking to its page can drain your wallet.
A good rule of thumb is don’t touch it if you don’t know where it’s coming from, but the good news is that even if it’s there, it won’t do anything if you don’t mess with it.
As for the upcoming airdrops, few are speculating on it. One is from Fees.wtf, a simple platform that tells you how much you spend on gas fees for the leading altcoin Ethereum. The unverified Twitter account recently suggested that an airdrop could arrive by the end of the week and posted requirements to qualify. The other is from MetaMask. Joseph Lubin, founder of ConsenSys, which owns MetaMask, responded to a tweet in November, implying that a Mask token could be coming.
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