As markets continue to move sideways, crypto companies are trying to increase user engagement through airdrops. Among them are some well-known names in the space as well as new projects searching for their place. They all seek to arouse interest in digital money and their own products with giveaways of coins and tokens.
From Binance Rewards to Wall Street Memes, October Brings a Number of Airdrops
Airdrops are a popular way to win some crypto by interacting with new or well-established platforms in the industry, a reward for those who are willing to get involved, see potential, or are simply out hunting for some free digital cash. Not least, they offer newcomers an opportunity to try cryptocurrency, and not necessarily after spending fiat.
The world’s largest cryptocurrency exchange, Binance, has been at loggerheads with regulators around the world this year and the clash has brought it bad publicity. However, despite the challenges, including legal battles, probes, and de-banking in the U.S. and Europe, the crypto behemoth managed to hit 150 million users this past summer and wants more.
The trading platform is now offering to disperse a total of $88,888 of tether (USDT) among active traders in the form of fee rebate vouchers, as well as up to 100 USDT per new registration. In addition, the exchange’s deposit program, Binance Earn, launched a promotion for users of its Dual Investment product who will have the chance to win rewards totaling $18,888 in BTC token vouchers.
Another top-tier exchange that has had its share of regulatory pressure in 2023, Bybit, urges customers to earn 200 USDT if they invite new users under its referral program. Ahead of the Ethereum Cancun Upgrade, the trading platform also launched a “Cancun Supreme Scorer” event giving participants an opportunity to get some of the $80,000 USDT in a prize pool by making price predictions.
Some more propositions on the airdrop scene in October were recently highlighted in a post published by the crypto educational portal Coindoo. The article features detailed guides on how to take part in the distributions of coins, tokens, and other crypto rewards as well as information about the applicable terms and deadlines.
Among these are a “crypto search engine” called Bitfinder, a cryptocurrency investment app utilizing account abstraction technology, and a platform offering users help in choosing the most suitable mining method for their hardware, all of which are airdropping the proprietary tokens of their ecosystems. There’s also a project titled Wall Street Memes, with a stated goal of fighting the “orchestrated monopoly on financial markets” through tokenization, which is giving away some of its tokens, too.
Websites like Airdrops.io provide updates on current and future offerings. The latest proposals listed there include a recent one organized by cryptocurrency exchange Okx for new account holders as well as some to hope for such as a potential airdrop by Coinbase’s Ethereum layer-2 network, Base.
Source: Airdrops.io
While airdrops can be carried out by legitimate crypto companies seeking to attract and retain users or mark significant events for their ecosystems, it’s also worth noting that caution should be exerted when signing up for free digital cash offered by lesser known or entirely new platforms.
Proper research is due before registering as projects would often require recipients to make a purchase in advance or connect wallets, share accounts, and other sensitive information in order to participate in an airdrop. A high-profile case that spurred enthusiasm but also stirred controversy this year is Worldcoin, which requires an iris scan to send users some WLD tokens.
To learn more about airdrops and acquaint yourself with some of crypto history’s most famous examples, you can check Bitcoin.com’s educational article on the topic.
What do you think about crypto airdrops and do you expect more giveaways in the coming months? Tell us in the comments section below.
