A beginner’s guide to airdrop farming and the way to cryptocurrency’s sweetest freebies
If you are new to hunting and farming airdrops and not sure how or where to start? Then this guide is the perfect place to start from. Airdrops have an immense risk-reward ratio that favours all parties involved from projects like Uniswap, Arbitrum, Optimism, Starknet, etc.
After reading this article, you too can participate in this massive life-changing opportunity.
Every Crypto project owner and the airdrop farmer alike would agree with Steve Harvey that “Success in any venture is not limited to your ability to achieve your goals but your determination to spread a positive impact beyond your own life” especially as the relationship benefits all of the parties involved.
The project Owner: “The project needs visibility”
The farmers: “That’s why we are here”
The farmers: “We need to earn more money to cater to farming and personal needs”
Project Owner: “We got you”
Meanwhile, Miners on the chain: “Keep up the great work the both of you”
Every airdrop hunter’s dream is to “LAMBO” as quickly as possible and with ease… but before you think of airdrop farming as a GET-RICH-QUICK-SCHEME, you might want to look at the few requirements for success in this space:
Key Requirements:
- Be Prepared: This isn’t just a Boys Scout slogan, it is a necessity in life and business. Airdrop farming should be treated as a business. Stay organized! Develop a progress tracker to track progress across networks and protocols, ensuring consistency.
- Time Investment: Align your participation based on your time of availability. More hours allow for exploring more networks and protocols.
- Budgeting Matters: How much can you spare for this? Decide if you’ll use testnets (free) or invest in mainnets (recommended: more on testnets VS Mainnets here). Start small, then scale up as you get hold of the basics and with experience.
- Wallet Strategy: Choose between burner, fresh, or existing wallets, considering historical transactions and Sybil avoidance.
- Setting Goals: Determine whether you aim for the top 10% or a broader reach (35%+). Tailor your engagement accordingly.
- Network Selection: Choose promising networks/protocols based on current trends and potential. Consider both low-risk and higher-risk options.
- Eligibility Criteria: Understand the typical requirements (transactions, volume, activity, bridging, etc.) and explore additional factors like Galxe quests, domain names, and wallet age.
- Tools & Resources: Leverage the use of tools like zkCodex and Trustalabs to track your score and optimize your efforts.
What Really Is An Airdrop?
An airdrop is an event where a crypto project or protocol distributes cryptocurrency assets to a group of users within the project’s community based on specific eligibility criteria. These assets are usually native to the project and can have varying values, ranging from a few cents to thousands of dollars, depending on the level of hype and publicity surrounding the project.
These airdrops are often used as a marketing strategy to either:
- Promote a new project: By giving away tokens, the project can generate interest and attract new users.
- Reward existing users: This can build a stronger community and incentivize users to continue using the project.
Now what is airdrop farming?
In contrast to simply getting airdrops, airdrop farming involves actively searching for and joining airdrops to get as many tokens as possible. This might involve:
- Looking for new projects: People who farm airdrops try to find new projects that might give out tokens in the future.
- Doing tasks: Sometimes, airdrops require users to do things like following the project on social media or joining their online groups.
- Using multiple wallets: This is a strategy where people create several wallets to try and get more airdrops, but it’s not well-liked by many and might go against the project’s rules.
Looking to increase your crypto earnings with airdrops? This guide dives into the essential aspects of airdrop farming, helping you make informed decisions and maximize your potential rewards.
How to succeed with airdrop farming
Airdrop farming is a hot topic lately, and people are looking for advice on where to start and how to do it well. This guide will explain the basics of airdrop farming and answer common questions to help you get started.
Before moving deeper into strategies, it’s crucial to grasp the core elements of airdrop farming, which require:
- Time: Dedication to consistent engagement.
- Organization: Maintaining systematic tracking of activities.
- Budget: While not mandatory, having funds can increase success rates, especially with on-chain activities.
- Knowledge of the Airdrop eligibility criteria
In this article, I will explain how to improve your management of airdrop farming. Let’s go through the 5 essential topics:
1. STAYING ACTIVE ON CHAIN
Long-term activity is proof that you are an engaged user. During bear markets, many people stop being active on chains, but staying active sets you apart from the crowd. Most wallets are dormant during times of low airdrop hype and only become active when the airdrops go full swing. To be in the top 1 %, you must stand out from the crowd.
2. STAKING YOUR CRYPTOCURRENCY ON DIFFERENT CHAINS
Major projects like Arbitrum, Cosmos, Optimism, or ZkSync may distribute assets to users who contribute to their TVL. They could also allocate a percentage of crypto assets to projects so that they can give back to their communities. When it comes to staking, volume is important. It’s better to stake 300 USD than 1 USD. However, it can be risky if a protocol gets exploited, so choose where you stake carefully.
3. FOCUSING YOUR AIRDROP FARMING ON A FEW PROJECTS
Airdrop farming can be time-consuming and expensive due to fees. It’s better to focus on farming a small number of projects properly than a large number of projects poorly. Some airdrops will be much larger than others, so it’s important to identify the best ones and focus your farming efforts on them.
If you want to farm airdrops on Cosmos and Arbitrum, which can be large and have a decent probability of success, you can start by farming and staking on these blockchains and keeping up-to-date with the latest news.
4. INTERACTING WITH NEW PROTOCOLS
Many protocols are being launched on Arbitrum, Optimism, ZkSync, Cosmos, and Aptos. They are often highlighted via AMAs or quests, as with Arbitrum or Optimism. These protocols may receive allocations for future airdrops, and you could be eligible for them if you have interacted with these projects. Interacting with new projects during the bear market is proof that you are an engaged user.
5. STAYING UP TO DATE
It can be challenging to analyze all the information on your own. To stay informed about the latest airdrop news and developments, consider following Twitter accounts that gather and share the best information. Additionally, subscribing to newsletters can help you stay informed every week. Join the Discord servers of the blockchains and protocols that you follow.
Bonus: Mega airdrop farming hack:
Join a community where airdrop updates are shared consistently. This way you will always know, how and when of every important airdrop.
In conclusion, airdrop farming offers lucrative opportunities but requires strategic planning, consistent engagement, and prudent resource management. By aligning your efforts with realistic goals and focusing on high-potential networks, you can optimize your airdrop farming endeavors for maximum returns.
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