Discover three essential directives to simplify the process of maximizing your earnings from Bitcoin airdrops and seize the opportunities they offer.
It’s not simple to take advantage of cryptocurrency airdrops; there are a lot of factors to take into account if you want to maximize your earnings from this activity. We’ll try to make it simpler in this article by providing you with three directives.
Use numerous wallets as the first tip to maximize cryptocurrency airdrop revenue
When an airdrop is scheduled to be released to the community and is mentioned in a project’s roadmap, a lot of users hurry to complete on-chain transactions to qualify and receive free cryptocurrency.
Due to tight competition and the project team’s distribution criteria being kept secret, going “blind” is essential. This does not mean you must perform operations at random, but rather that you should try as many as possible, including token swaps, liquidity provision, NFT purchases, bridge use, etc.
All of this might be sufficient to be eligible for an airdrop, but using multiple wallets is one approach to maximize the impact of such action.
If you received $1,000 from an airdrop with one wallet, imagine repeating the identical actions on 10 wallets. Profit comes from increasing airdrop money, not expecting one spot to be qualified.
By employing many wallets, you can focus on multiple areas of expertise at simultaneously, for as using one address for smart contracts, another for DEX liquidity, and another for NFTs.
The ideal course of action is obviously to carry out as many operations on each of our accessible wallets as you see necessary.
A “sybil attack” is a type of action that is FORBIDDEN by projects that distribute airdrops; if you are caught engaging in it, you risk being banned.
It is advised to use different monies for each address rather than “recycling” the same funds over several accounts to avoid detection. It is even preferable if each address is “funded” from a different wallet, whether it be an exchange or a private wallet, as opposed to from the same wallet.
The most crucial tool for success in crypto airdrops is patience
The second piece of advice focuses on a disposition that we frequently employ in daily life: patience.
Unfortunately, it might take up to 2 years from the time a crypto project team suggests an airdrop to the time the tokens are made available to the public, however this period is typically 12 to 18 months.
Doing the “little job” and using the project’s services only once while waiting for the airdrop is not sufficient in this time limit.
The idea of “repeat users,” or recurring operations and interactions with layer 2 smart contracts, has received a lot of attention from several of the DAOs that have airdropped to their community, like Optimism and Arbitrum.
By repeating operations on various occasions, one must be patient and maintain concentration.
It might be a good idea to put a job on the schedule to serve as a reminder to oneself that there are occasionally transactions that need to be completed on a blockchain or according to a specific protocol.
It is recommended to carry out at least 5 transactions per month in the areas of swaps, bridges, and liquidity provision. You can complete all of the tasks in a single day, but what matters is that you repeat the process at least three to four times over the course of several months.
The likelihood of receiving an airdrop theoretically increases significantly if you occasionally engage with dApps on the blockchain for an entire year (even if you only take a few actions, but regularly).
On the other hand, it will be quite challenging to receive cryptocurrency as a present if you complete 200 tasks in a single afternoon and then abandon the entire thing.
Spend less on commissions
The most crucial piece of advise is to avoid paying commission fees on any transactions that take place if you have little money to invest in airdrop searching.
Unfortunately, they differ according on the blockchain you’re using, as well as other elements like the day of the week and the price of gas on L1s.
To save gas, choose airdrops with low costs or just transact on testnets.
Testnets are used to find bugs and improve the mainnet network before it starts.
Faucets offer test tokens for “demo accounts” on testnets. These tokens are equivalent to their blockchain-based counterparts.
This faucet can request “Ethereum Goerli Testnet” ETH (demo) tokens.
If you want an airdrop, you can transfer demo ETH tokens from the Goerli network to other testnets we are more interested in or use a faucet, if one is available, directly from that testnet.
When a blockchain debuts, the testnet launches first, providing you an advantage over people who solely use the mainnet.
If you want to avoid wasting time on testnets, which are statistically less profitable than mainnet activities, watch gas prices everyday and trade when they are lowest.
If you’re utilizing layer 2 or the Ethereum network directly, there are a number of helpful tools available to track the price of Ethereum gas.
As transaction fees can change even within a few hours, you can also pick the time of day that is most convenient for you.
As a general rule, it is wise to take advantage of times when gas is less than 40 gwei and to stay away from circumstances when it is more than 50 gwei.