Airdrops should come to mind when you think of Cosmos. Being the internet of blockchains, new projects on the cosmos ecosystem usually will allocate portion of their token distribution as airdrops.
The 2020 UNI Airdrop from Uniswap was at one point worth US$17,968! Those who saw the chance and took advantage of it made a ton of profits.
So, if you don’t want to miss out on another amazing opportunity, we will take a look into the upcoming Cosmos airdrops in this article.
What are airdrops?
Airdrops are a form of token distribution, usually a reward for early adopters who participate in securing and supporting a network. This would involve crypto projects sending tokens to users that frequently interact with new and existing platforms.
This concept is almost similar in, for example, Starbucks sending you a gift card because it is your birthday. However, airdrops from these crypto projects are mostly used to raise awareness for the project rather than to encourage consumers to spend money.
The Cosmos ecosystem is rapidly evolving, and many new projects based on the system are receiving airdrops for early stakers/to those who staked ATOM.
How can you become eligible for a crypto airdrop?
Since crypto airdrops are largely intended for promotional and marketing purposes, ensuring your eligibility for future events can be difficult.
Each airdrop has its own set of criteria for determining eligibility, you mostly need to be either stake tokens, participate in LP pools or vote on governance proposals. A snapshot for an airdrop is also frequently communicated after the fact, making qualification difficult.
[Author’s Note: Not financial advice — this is what I’d do if you have some spare cash lying around, stake 10 $ATOM, 30 $OSMO and 10 $JUNO. This would probably entitle you to all future airdrops in the Cosmos ecosystem.]
All staking on Cosmos is to be done via the Keplr wallet.
You can also claim airdrops by visiting the projects’ official websites. You can discover some resources in the resources section below that may assist you with useful links.
ConfidentInCrypto is a channel you may want to delve into for related Cosmos Airdrop news. He provides step by step guides in navigating the Cosmos ecosystem in airdrop claims, staking and even NFTs.
CryptoConscious is another channel you may want to turn on your notification bell on. His channel purely focuses on airdrops on the Cosmos ecosystem. Personally, I found it a very useful resource in finding newer projects and airdrops on Cosmos.
To get the latest updates in Cosmos’s airdrops, here are some of the resources I refer to.
On Twitter, follow @Cosmos_Airdrops for the most up-to-date information on the Cosmos Ecosystem, which is dedicated to airdropping information. They provide daily updates on airdrop claims and news, a must follow if you are looking into getting yourself immersed in the Cosmos Ecosystem.
I find myself browsing their profile daily to keep myself up to date in the latest news regarding Cosmos. Take a look at the list of upcoming airdrops just on Juno.
@Cryptolikemo is another account to follow if you want to stay up to date on the latest news and resources on the Cosmos ecosystem.
The account also provides threads on strategizing airdrops, governance, and farming on the Cosmos Ecosystem, in addition to Airdrop news.
The community has also constructed a spreadsheet to keep track of the current airdrops, which includes links to the latest news, where to claim your airdrops, claim dates and snapshots information.
You may find the link to the spreadsheet here.
Reddit is also another alternative you can look towards in finding news on the latest airdrops.
Are airdrops safe?
Despite their popularity, however, crypto airdrops aren’t always as risk-free as they seem.
There will be airdrops that are nothing more than pump-and-dump operations because users receive “free money” in their wallets.
More specifically, the developer creates a token in the hopes of generating enough interest for it to be listed on an exchange. When tokens begin to trade, the inventor sells a large chunk of their holdings, causing the price to plummet.
Another aspect of airdrops we have to ponder about is its dilution. As airdrops on the cosmos ecosystem becomes a norm in token distribution, the value of the token might be diluted.
The problem with the fully diluted market cap is that while it shows a higher market cap, it ignores any potential decrease in price of the token with the eventual increase in its circulating supply.
As airdrops grow more common in the Cosmos ecosystem, we must all be aware of the risks that come with them. Apart from that, they have the ability to give incredible value to early adopters via airdrops.
I strongly advise everyone not to seek diamonds and get blinded with the chase. Even though it is exceedingly unlikely if they are documented by credible sources, airdrops still pose a risk investors undertake.
You probably don’t have the time to keep track of all future airdrops, NFA, but all you have to do is stake these tokens in respective quantities on your Keplr wallet to be eligible for most of the future airdrops.
10 $ATOM = USD$300
30 $OSMO = USD$300
10 $JUNO = USD$420
Beyond getting airdropped, Cosmos continues to innovate and improve it’s ecosystem in becoming a major competitor in the space. They are innovating so many things which bolster the crypto space into mass popularity and adoption. For that very reason, I am bullish on Cosmos in 2022.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief