In this lecture we will talk about bounties, airdrops, retrodrops
The success of any startup depends not least on PR-promotion. It is important that people learn about new business models, services in the crypto industry.
Cryptocurrency airdrop
Airdropping is a common tactic in the crypto industry that aims to draw attention to a project by giving away its tokens or coins for free.
To participate in the airdrop and receive a reward, one or more conditions must be met. For example, subscribe to the project pages in social networks, be a holder of a certain crypto asset or a user of a specific application.
How do cryptocurrency airdrops work?
Developers send free tokens according to certain criteria or when certain actions are performed. Startups often use airdrops to support well-known resources in the crypto industry.
For example, the Coinbase exchange has a special Earn section where you can watch a series of short videos about cryptocurrency, then take a test and, by answering the questions correctly, get some coins. A section with past and current cryptocurrency airdrops is available on the CoinMarketCap platform
Today, most startups simply accrue crypto assets to user addresses according to some criterion. For example, early adopters of a decentralized exchange can get its governance tokens for free. This is how DeFi project teams distribute tokens among active members of their community and draw attention to their project.
What are token airdrops?
Classical
Airdrop for users
Airdrop for cryptocurrency holders
Classical
You can get cryptocurrencies for performing certain actions. These can be messages in the chat, registration on the site, a post on various social networks. Each action has its own cost. In addition, the participant must record their actions and then transfer this information to the representatives of the project. After the organizers confirm that the user has completed the required actions, they credit the earned tokens to his wallet.
Airdrop for users
Tokens can also be credited for free to those who use a particular blockchain application. Such an airdrop is most common in the field of decentralized finance. For example, a command of some protocol credits its management tokens to all registered users or those who have performed certain actions. This is how they rewards their community.
Airdrop for cryptocurrency holders
With the formation of large ecosystems in the industry, tokens began to be distributed to the owners of native coins of “infrastructure” projects. For example, a startup that is launched on the Ethereum blockchain distributes its tokens to all holders of the second largest cryptocurrency by capitalization.
To increase your chances of participating in the airdrops, you can use the following methods:
store coins on different wallets;
be interested in current and future airdrops, search for data about them;
subscribe to thematic sites that announce upcoming airdrops;
subscribe to the calendar, which displays current events from the world of cryptocurrencies;
be an active crypto user.
To earn on airdrops, it is better to gradually become a member of the crypto community. To do this, you should register on Bitcointalk. You can get away with guest status, but the best drops go to community members — proven, professional users. These are exactly what cryptocurrency startups need.
Only experienced users are able to fully appreciate the advantages and disadvantages of a new development, and it is they who are trusted to test the idea through distribution. The higher the status of the user on the forum, the more money he receives, so it is worth registering.
Retrodrops
Retrodrops are giveaway rewards that projects distribute to their first users who interacted with their products at a certain time.
Currently, there are many ways to earn these free tokens, for example, we can retweet, follow social networks, leave reviews, etc.
Simply put, users contribute to the project, and in return they can receive a retroactive distribution of tokens. The amount of airdrop can be thousands of dollars, but sometimes it is useless.
For example, for DEX, users must provide liquidity, conduct swap transactions, interact with all project functions, etc., in order to subsequently receive retroactive rewards in the form of project tokens.
3 Biggest Retroactive Airdrops in the Crypto Space
Uniswap
1Inch
dYdX
Retroactive raises user awareness of DeFi products as well as the specifics of a single project. This brings more users to the platform and creates a community surrounding the project. Everyone loves easy money, especially retroactive airdrops.
Startup founders often use the Bounty advertising model. Cryptocurrency bounty involves people completing certain tasks and getting rewarded for them. The result is an active community supporting the project.
The term «Bounty» is used by gaming communities and is intended to reward users for reporting a bug or for contributing to development.
Rewards are usually paid in the form of cash (fiat) or game tokens. Basically, it is a reward mechanism offered by a company to individuals in exchange for performing some tasks for the company.
Types of bounty programs:
Pre-bounty
Post-bounty
Pre-bounty is a preparatory stage, designed to highlight startup ideas in social networks and attract investors.
Post-bounty — the program is aimed at building a community, finding bugs and improving the service. At this stage, tasks are designed for a more professional level of performers.
Main types of tasks
List of tasks that a program participant usually needs to complete:
Activity in social networks — subscription to groups, likes, reposts, advertising posts.
Subscribe to startup news by email.
Attract referrals.
Installing a mobile or desktop version of the wallet (if it is in the project).
Translation and distribution of technical documentation (Roadmap and Whitepaper).
Any user can take part in the Bounty program. Usually, the execution of tasks does not require professional knowledge, only the possession of graphic and video editors is necessary.
Where can I find information about new and upcoming Bounty?
Profile forums, social networks and sites providing such information: Bountyhunter, Airdrophome, Bountysuite and others.
How much can you earn on a bounty
There is no answer to the question. Participation in the program is roulette. It all depends on how the price of tokens will change after they enter the market. Most of the new coins are not competitive and their value is very low.