Get Rich with 0 Money Down: Airdrop Farming

It sounds too good to be true but Web3 is the only place where you get rewarded for being an early adopter. Welcome to Airdrops!

Author

Rakesh Lahoti
March 21, 2023

In 2 days, I’m about to get thousands of dollars deposited into their crypto wallet … FOR FREE!

How? Why? How can I get some of that sweet stimmy check money?

I know, I know, you’ve questions. I’ve got answers, just give me 5 minutes and you’ll know exactly how it works (and how you can do it too).

What is an Airdrop? ✈🎁

An airdrop is when a crypto project creates its own token and distributes it to early adopters. They do this to incentivize users to participate in the ecosystem and test things out. It’s a cheap and effective way to increase awareness of their project. People who participate get rewarded later with free tokens, win-win!

Arbitrum is the biggest layer 2 on Ethereum. On March 23, they’re going to airdrop the $ARB token to every person that used the Arbitrum ecosystem.

To qualify for an airdrop, you have to use the platform. Here were the requirements:

  • Bridge your ETH/Crypto to Arbitrum

  • Provide liquidity

  • Transaction value

  • Transaction frequency & interaction

  • Activity on Arbitrum Nova

These are all actions that are provable on-chain (so you can’t lie about it).

What does the $ARB token do?

It gives the user governance rights over the Arbitrum DAO, a decentralized autonomous organization. Each $ARB token gives you 1 vote.

“Arbitrum DAO will have the power to control key decisions at the core protocol level, from how the chain's technology is upgraded to how the revenue from the chain can be used to support the ecosystem,” the Arbitrum Foundation said in a statement.

Risks ⚖

There are tons of risks when using new and untested technology. Your funds could be lost from a smart contract bug. The protocol could get hacked. You could get phished. There are a million ways you can lose your money hunting for airdrops.

But the best way to stay safe is through knowledge. Sorry but there are no shortcuts here. But once you learn it, you’ll be armed and ready!

How do I get the $ARB Airdrop?

Sorry but it’s too late for that. The snapshot was taken in February so trying to get it now is pointless. But that doesn’t mean there won’t be more airdrops in the future.

So if you’re just starting out, get some funds on-chain and start using new projects. There are also websites like https://defillama.com/airdrops and https://airdrops.io/hot/ that list projects with upcoming airdrops.

Or you can follow people like Miles Deutscher to stay up to date on DeFi.

Another great follow is FastLife for Airdrop hunting

That’s it for this week!

If you liked this, do me a solid and forward it to someone who would be interested in learning about Web3. It’s the best way you can help grow The Crypto Bootcamp!

Thanks,
Kesh