Airdrops involve cryptocurrency projects (or blockchain companies) rewarding users free coins in their existing wallets, subject to meeting certain conditions. It’s become quite the trend as — as it essentially translates into ‘free money’ for the users receiving them (provided the coins being given out are valued by the market).
Let’s first enlighten you on how you can get in on the Airdrop action.It’s fairly easy to participate in an Airdrop — all you need to do is meet certain conditions set out by the party executing the Airdrop. These can include:
Having an ERC20 compatible cryptocurrency wallet: This is essential as most coins are ERC20 tokens, and will therefore be Airdropped to this wallet of yours. Basically you have to have the wallet which the coin getting Airdropped supports.
Meeting secondary conditions: The organisations Airdropping their tokens can also put several checks to ensure that people are not generating random wallet addresses in order to grab a bunch of coins from the company. In some cases, you need to just wait for the tokens to come in your wallet, while in some cases you need to complete some social media tasks. For example, you need to sign up, then re-tweet and refer a friend. Next, join Telegram group maybe, and there you are with free tokens in your wallet!
Maintaining a minimum balance in your wallet: Some Airdrops can require to have a minimum balance of a certain cryptocurrency in order to be eligible for the Airdrop. Ex: This can vary — from having 1 ETH in your wallet to maybe having a 100 units of whatever the cryptocurrency being Airdropped is.
Meeting all the above conditions in time: Airdrops have a cutoff date. Getting an ERC-20 wallet, or signing up for a Telegram group days after the Airdrop has been initiated may not get you anything. Always make sure you’re meeting the conditions or or before the cutoff date. After the provided time, you should get your free tokens Airdropped in your wallet!
If you want you can try at CoinSwitch,they have built an AirDrop tracker platform. It keeps track of all the
ongoing crypto AirDrops and highlights key information like coin description, AirDrop date, and giveaway worth. It also lists the step that needs to be taken to be eligible to receive the AirDrop. We will soon include functionalities where users can track, rate and report the Airdrops and hold a community discussion.