Crypto Wallet Airdrops? What You Need to Know

The cryptocurrency community has been in a frenzy with projects and protocols consistently airdropping billions of dollars in tokens to their loyal supporters. Though this may seem like something limited to just DeFi protocols, Layer 2s, and new blockchains, another category of crypto projects planning multi-million dollar airdrops: wallets. Let’s look at which wallets are most likely to airdrop and how one can potentially become eligible for their tokens.

The history of airdrops in crypto dates back to 2020, when Uniswap was the first large DeFi project to reward early exchange users with free UNI tokens. At their peak, these tokens were worth tens of thousands of dollars and served to quickly decentralize Uniswap’s operations and incentivize users to interact with the platform. Since then, almost every major cryptocurrency project has had an airdrop, including Layer 2s like Optimism and Arbitrum, blockchains like Celestia and Aptos, and protocols like the Ethereum Name Service and Blur. Recently, there has been a growing trend around protocols offering users “points,” which are a way for users to understand a rough estimate of how many tokens they will receive when a project has its token generation event.

Some of the most popular protocols with points farming include the real estate app Parcl and the re-staking platform EigenLayer. However, there is one category that remains chronically under-utilized: wallets. Indeed, a few popular cryptocurrency wallets have recently introduced points features, hinting at the release of a token sometime soon. Though points do not necessarily guarantee a token, they more likely than not will translate into some form of value.

The first wallet to introduce points was the Rainbow Wallet, an EVM-based wallet that prides itself on user-friendliness and a consumer focus. Their fun, colorful interface is aimed at making the intimidating process of interacting with blockchain simple and straightforward. They have a desktop extension, mobile app, and the popular Rainbow Kit that developers can use to integrate wallets into their applications easily. Interestingly, the Rainbow Kit will eventually make it possible to use a “burner wallet” on multiple applications, allowing for applications like Friend.Tech and Daimo, which require users to create a new wallet to interact with it, to share the same account. Another prominent feature is Rainbow’s heavy use of keyboard shortcuts, allowing users to interact with all their needed wallet functions with a few quick keystrokes. 

Last December, Rainbow unveiled a points program to incentivize users to interact with their wallets. There are various ways to earn points, and an initial airdrop was given to users with active Ethereum wallets as determined by NFT and token trading volume. To earn points, users must install and use the Rainbow Wallet and interact directly with the in-app features like swapping and bridging. Unfortunately, Rainbow charges a fee for this service, so it will never be the cheapest option. Users must decide if they value points or lower transaction fees. Given the status of Rainbow as a user-friendly wallet great for beginners, it could gain a lot of traction whenever a wave of mass adoption comes to crypto. Use referral code MQVWJH on signup for additional points.

The second wallet to introduce points is Rabby, a security-oriented EVM-based wallet. Rabby was created by the team behind portfolio tracker and decentralized social platform DeBank. It prides itself on ensuring an incredibly secure experience for its users. It does so by simulating every transaction before doing it and asking users to confirm when they are interacting with a suspicious application. One of their most useful features, along with fee-free in-app swapping, is the ability to top up gas tokens on various blockchains. They also include an easy-to-use approval management feature so users can revoke smart contract access to their funds in case of an attack. These capabilities and seamless integration with any dApp that uses MetaMask make it a great choice for more seasoned blockchain users.

Their points system is similar to Rainbow’s, giving points for referrals, swaps, and top-ups. The code “REFERRALCOD” can be used to get additional points upon sign-up.

Though these are the two main wallets to have points systems, there is certainly a chance other wallets airdrop tokens to users as well. MetaMask was previously rumored to release a MASK token, as they also have integrated swapping and bridging features. Also, Solana’s Phantom could have a future airdrop and boasts similar features. Essentially, any wallet with built-in DeFi features could one day release a token to decentralize its operations, and these features could be utilized to build a strong portfolio based on the infrastructure powering Web3 and the next generation of the internet. 

By Lincoln Murr

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