Are you already staking your LUNA to secure the network and earn rewards? Did you know that on top of these benefits, you can earn additional airdrops too?
But what are airdrops, where do they come from, and where can you claim them?
What are airdrops?
Spoiler alert: Airdrops are basically free money!
Airdrops are the free distribution of newly-minted cryptocurrencies, given as rewards to specific target members of a blockchain network.
In the case of Terra, airdrops are mostly distributed for free to LUNA stakers. These airdrops can essentially be seen as additional rewards for stakers, and as regular dividend payments in the form of airdrops.
But why would these new protocols give out their tokens for free?
New protocols building in the Terra ecosystem can use airdrops to reward the loyal users who are staking their Luna tokens.
Airdrops are often also used as a marketing tool to raise awareness of different protocols in the Terra ecosystem. When you claim native airdrop tokens, you are more likely to learn more about these new protocols, and try engaging with their projects.
You earn some free extra money for staking, while protocols raise awareness and gain users. Win-win!
Where do I claim Terra airdrops?
Excited to claim your free airdrops on Terra? Here are some ways you can go about it.
First, when you interact with various protocols on the Terra network directly, you will find that they might nudge you to claim your free airdrops.
Hence if you are staking some Luna tokens and think you would be eligible, you can simply go to the few major Terra protocols to check on a regular basis.
However, this might be time consuming and you might miss out on some new airdrops that you were unaware of.
There are also less tedious ways of checking and claiming airdrops.
Terradrops.io is a platform that allows you to track all the airdrops you are eligible for across all Terra protocols. They even show you the value of the airdrops, and offer a ‘Claim All’ function.
Terra Smart Stake is another similar platform. It showcases the different airdrops you might be eligible for, their APRs, and the airdrops that you have yet to claim.
If you are already using Ape Board, the Terra section of the project also shows your unclaimed airdrops. However, it seems to not show the airdrops from all protocols, so do keep that in mind too.
When you claim your airdrops, do compare the transaction fees when claiming on the protocol’s app itself, versus these third party platforms. Transaction fees are typically cheaper by claiming directly from the protocols themselves.
For stakers of small amounts of Luna, the value of the airdrops might be even smaller than the transaction fee. So do your own checks, compare and evaluate before claiming.
It should be now clear how staking offers attractive benefits, in the form of rewards and airdrops.
Airdrops can also help you get exposure to promising new projects early, a win-win for both you and the new projects.
If you are staking Luna, you can simply visit the platforms suggested above to keep track of your airdrops. To keep updated of new airdrops, you can also be active in Twitter or social media groups with a big Lunatics fan base.
Happy staking and earning airdrops!
Featured Image Credit: Chain Debrief