With countless projects in the crypto universe, both existing and emerging, there are almost endless opportunities to approach and eventually have in your portfolio.
However, some of these projects do not require you to spend money from your wallet; You can get units without exchanging any other currency (fiat or digital).
As? Through crypto airdrops!
An airdrop is an event in which you receive units of a project's token without having to pay anything, just by participating in an activity or through prior registration.
Don't worry, we'll tell you how it works and give you more details so you can earn crypto in the next airdrop.
How does a crypto airdrop work?
A project in the crypto universe can launch an airdrop event in different ways, requiring or not the active participation of people who have contact with said project.
First, there needs to be some connection between you and the project. This usually involves entering a wallet address you own into the project's ledger.
Crypto airdrops function as a type of incentive for projects looking to expand, attracting people who can contribute in some way to the advancement of the project, either by performing some task or simply offering liquidity by holding those tokens in their wallet.
As for the mode of communication, airdrops can be announced directly through the project's networks or even carried out silently, sending tokens to registered wallets with random criteria. In the latter case, it is enough to have your wallet connected to that project to have the possibility of receiving tokens. In the former case, some conditions are usually required.
In announced airdrops, what conditions may apply?
From the moment a crypto project announces that it will conduct an airdrop, there are two scenarios: one in which those who are part of the project will receive tokens just for participating and another in which some task will be required for the token distribution to reach you. The first is the common airdrop, with no compensation other than the connection between a wallet that belongs to you and the project.
When there are conditions, they are usually related to commitment to some mission of the project (for example, promotion to attract new people) or even the need to hold tokens in the wallet, requiring people to be hodlers of those tokens.
Where can I find out about upcoming airdrops?
The best part about living in a booming crypto universe is that, unlike in the 2010s (when only those who were very interested found out about the news in this field), there are now sources that actively follow activities as specific as the next airdrops that will take place.
If you want to actively search, just search for#airdropon any social network where hashtags generate little discussion forums, including here on Square. X, the old Twitter, is another possibility. The problem is that you'll have to do a bit of a puzzle if you want to search for airdrops this way.
If you prefer to look at sources that are dedicated to bringing you direct updates about new airdrops, there are three places that can help you: the airdrops section of DappRadar, or the sites AirDrops.io and AirDropAlert.com. On these portals, you not only find out about upcoming airdrops that will occur, but also what you need to do to participate in them.
What precautions should I take when participating in airdrops?
Do you know that old saying, "when the alms are big, even the saint is suspicious"? Well, that wisdom is necessary to avoid falling into certain traps that can occur in airdrops.
These traps are basically divided into two groups: those that involve the improper disclosure of your data and those that are related to volatility in prices that serve interests completely unrelated to those of actually supporting the project.
The first type of fraud, which involves data, can be called by several names: spoofing, phishing, and dusting attack. Spoofing and phishing involve the creation of fake profiles for promoting an airdrop, which serve exclusively to collect data from interested parties (and then misuse that data or even break the privacy of connected wallets). Dusting attack is small amounts sent to wallets that later serve as a "Greek present" (those tokens will later be used to track activities).
When it comes to the second type, focused on the quoted values, the most famous is the pump and dump. In a simplified way, a distribution (the airdrop itself) is carried out, a buzz is created around the project, and right after the interested parties buy and artificially increase the token prices, those who organized the operation sell everything, pocket the profit and leave. Note that what happens here has nothing to do with the idea of incentivizing people to participate in a project, but with a mere operation of inflated prices and liquidation.
The biggest caution is always to do a little more research on projects before looking to participate in any airdrop. Yes, there are many possibilities, but just because we are in a crypto bull run doesn't mean that any token will be "the opportunity of a lifetime." Find out more about the project before participating, because the cost of "shooting in the dark" can be much higher than you imagine.
A good option: Binance MegaDrop!
Want to see a good example of a really cool airdrop? Binance's MegaDrop, where you can earn huge amounts of cryptocurrency for free. You just need to participate by completing tasks like trading or inviting friends, and get the chance to receive amazing rewards.
Don't miss this opportunity to increase your holdings and explore new cryptocurrency projects. It's well worth learning how it works!
Have you already participated in an airdrop? Are you interested in taking advantage of one soon? Tell us!
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Photo by pranav9, available on Freepik
