Is there anything more luring than making money without any upfront investment? This is one of the most effective marketing strategies used by brands worldwide. The crypto industry is not an exception. With the introduction of crypto airdrops, users can earn new coins or tokens while performing certain tasks. How to make money from airdrops? What are the top crypto airdrops for 2024? This article answers all these questions and explains how to make money with crypto airdrops. Let's dive in and get crypto airdrops explained!
What is an airdrop crypto?
Crypto airdrops are distributional strategies used by cryptocurrency startups. They involve sending free coins to users who take specific actions or meet certain criteria. The latter differs based on the type of crypto airdrops.
The four common types of crypto airdrops include the following:
- Standard Airdrops. This is the simplest type of crypto airdrop, where a user only needs to provide their crypto wallet address and basic information to receive a crypto coin for free. As a rule, standard airdrops have a limited token supply. The number of distributed tokens may be fixed or proportional to the number of participants.
- Holder Airdrops. This type of crypto airdrop suggests the participants need to hold a certain amount of existing tokens in their crypto wallets to earn new tokens for free. The amount of tokens you can earn depends on the amount of existing coins you hold and the duration of holding them.
- Exclusive Airdrops suggest the participants are exclusively invited by the project team or partners. The airdrop participant's invitation criteria may vary based on different factors, including contribution, experience, reputation, etc. Exclusive airdrops are mainly used to attract new partners or influencers to the project.
- Bounty Airdrops. Participants in this type of crypto airdrop need to perform certain tasks or actions to earn coins for free. The tasks are commonly as simple as sharing posts, following social media accounts, writing reviews, etc. Launching bounty airdrops' main goal is to boost project engagement.
Like with any other crypto project, participants should conduct a thorough assessment before participating in airdrops. Such projects have benefits and drawbacks that you should be aware of.
- The major advantages of crypto airdrops include increasing developers' visibility in the competitive crypto market and letting participants earn crypto assets for free by completing quick and simple tasks.
- Crypto airdrops may have drawbacks, including security threats, the risk of falling victim to scams, and the exposure of your crypto portfolio to low-quality projects.
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How airdrop works
Now that we've got crypto airdrops explained, let's find out how an airdrop works. As a rule, an airdrop involves the following steps:
- The project development team announces the details of the new crypto airdrop on their website, forums, and social media.
- Users sign up for the project and provide their wallet address and other details required to complete specific tasks.
- According to the airdrop rules, the project development team validates the airdrop participants and distributes crypto assets to their wallets for free.
- In a nutshell, the participants receive free coins in their wallets and use them according to the airdrop's rules.
How to make money with crypto airdrops
Crypto airdrops can be a source of additional income for users who participate in them. Here are several ways to make money with crypto airdrops:
- Holding the tokens you've earned for free is the preferred way to make money, with crypto airdrops for participants that do not hint at quick returns. By getting tokens for free, you can monetise on future price growth (provided that the project behind the tokens is successful). However, this strategy may also have a downside. You may lose your gains if the project loses value or relevance over time.
- Selling the assets you've earned through airdrops is one of the most popular strategies for making money from airdrops. As soon as the earned tokens are listed on crypto exchanges or marketplaces, you can sell them. When opting for this strategy, remember the token's demand and supply, both of which can rise or fall over time, resulting in the asset's price change.
- Staking offers crypto owners an opportunity to earn passive income. Airdrop participants can earn more tokens or other cryptocurrencies as a reward by locking their rewards in smart contracts or platforms for a certain period.
- Referring is another way to make money with crypto airdrops. By inviting more users to join the community or platform, the participants can earn referral bonuses from more tokens or other crypto assets.
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Top crypto airdrops for 2024
Now that we have explained crypto airdrops and know how to make money from airdrops, let's consider crypto airdrops for 2024 so you can participate and earn tokens for free.
LayerZero
LayerZero is an interoperability project that connects different blockchains. This innovative initiative offers the foundation framework for dApps to operate smoothly across different blockchains.
In a tweet published on 7 December 2023, LayerZero Labs announced the upcoming token development schedule for the first half of 2024. To qualify for the airdrop, participants must transfer tokens to the LayerZero network and participate in various LayerZero dApps, like liquidity farming, swapping, staking, and voting.
MetaMask
Most of us know MetaMask as one of the most popular Ethereum crypto wallets and a gateway for blockchain apps. In March 2022, Joe Lubin confirmed the release of a native token to grant governance via a DAO. Besides, there have been rumours about a potential airdrop in 2024. To improve your MetaMask airdrop eligibility, you can use the built-in features of the crypto wallet, including depositing tokens, using the swap feature, connecting your wallet to different dApps, etc. You may also make your transactions more frequent, which can be considered other criteria for the airdrop qualification.
EigenLayer
The project aims to commoditise decentralised trust by using Ethereum's secure network. Stakers on EigenLayer will receive additional staking rewards on top of what they already earn from Ethereum or other liquid staking derivatives. Although the airdrop hasn't been announced yet, you can qualify by staking rETH or stETH on the EigenLayer testnet.
ZkSync
ZkSync is another Ethereum-based project. It implements zk (zero-knowledge) technology to deliver faster transaction fees and lower gas fees. They have hinted at a governance token airdrop at the end of June 2024. To increase your chances of being eligible for the ZkSync airdrop, you should participate actively in the testing phase by participating in activities on the ZkSync network.
Ambient
Ambient is a DEX (decentralised exchange) that allows for two-sided AMMs. The project features a single-contract architecture, which reduces gas and taxes. It lets users manage their collateral in a single place without moving their holdings between different pools. The release of the Ambient airdrop is likely to take place in 2024. You can swap, set limit orders, and add liquidity to improve your Ambient airdrop eligibility.
Marginfi
Marginfi is a Solana-based decentralised lending and borrowing protocol that lets users lend tokens and earn yield. In addition to offering bowling and lending, marginfi also provides swapping opportunities. All borrowings on the protocol are over-collateralised.
Although the airdrop hasn't been officially confirmed yet, there is a chance that it will be released in 2024. To improve your eligibility for the airdrop, you can earn points by depositing on marginfi (you can earn 1 point per dollar daily). By following, you earn 4 points per dollar daily. You can also earn money by referring new users to marginfi.
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Atlendis
Atlendis is a lending protocol. It lets borrowers earn loans from lenders without collateral. Because of high risks, it compensates lenders with attractive returns. The protocol serves institutions, protocols, and individuals in the finance sector by offering a flexible way of obtaining capital from the lending markets. Although the airdrop hasn't been officially announced yet, there are speculations about it taking place somewhere in 2024. To improve your eligibility for the airdrop, you can deposit supported assets into Atlendis staking pools.
Shardeum
While you explore the best crypto airdrops 2024, Shardeum is one of the fastest next-generation smart contract blockchains, delivering the best experience on the Layer-1 network. The projected speed is up to 2,000 transactions per second. The blockchain runs on the PoS and proof-of-quorum consensus mechanisms. To improve your eligibility for the Shardeum airdrop, connect to the Shardeum testnets and obtain testnet tokens before interacting with any Shardeum testnet apps.
Kamino
Kamino is one of the first DeFi protocols to integrate Lending, Liquidity, and Leverage functionalities into a unified and secure DeFi product suite. The project has announced its intention to release the KMNO token and conduct an airdrop for early adopters. Seven per cent of the total token supply has been dedicated to the airdrop. KMNO tokens will be granted to users engaging in trading activities on the platform.
In conclusion
Participating in crypto airdrops is a great opportunity for users to earn tokens for free as a recognition of their loyalty. Early adopters can become members of vibrant communities and discover new ways to make money with crypto airdrops. It's worth mentioning that the top crypto airdrops for 2024 mentioned in this article should not be considered investment advice. We shared a collection of crypto airdrops rumoured or announced to be released this year. It is advisable to do your research and analysis before making an investment decision or qualifying for airdrops.
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