How can you use Rainbow to maximise your chances of the next airdrop?
Dimitri Mouëllic
6/27/24
The Ethereum ecosystem has recently witnessed a competition between Rainbow Wallet and MetaMask, fueled by incentives and rewards for users.
Rainbow Wallet has just launched a points program, called Rainbow Points, offering rewards based on users' on-chain activity within Ethereum. This program distributes points to all Ethereum wallet holders, with additional bonuses for those migrating from MetaMask to Rainbow and for holders of at least one Rainbow NFT.
Rainbow cheekily presented this initiative as a "fox hunt," teasing MetaMask users with more enticing rewards. Users can earn up to an additional 150,000 points by importing their MetaMask wallet into Rainbow, with the most devoted Rainbow believers accumulating the highest points, following a loyalty model akin to Blur.
This strategy echoes Blur's rewards model, an NFT marketplace that challenged OpenSea by distributing points, eventually leading to an airdrop of the BLUR token. It's a form of "vampire attack," where a new project offers incentives to use its services, competing with an established leader like MetaMask.
This battle to attract users comes with speculation about a potential token airdrop. Airdrops involve free distributions of tokens to holders of existing cryptocurrencies, a common practice in the DeFi space. MetaMask had also hinted at launching a token, although nothing concrete has emerged on that front yet.
These airdrops have become a popular way for new protocols and applications to reward early users or contributors. Examples like Blur and Pyth Network have distributed tokens on a large scale, rewarding participants in the network. Recently, Jito, a Solana-based DeFi protocol, announced a massive airdrop in anticipation of its token listing on Coinbase, significantly increasing the value of the distributed tokens after the listing.
Go to the parachute tab and enter the following code in "Use Referral Code," and you'll receive additional points: Z6M-GTX.
You'll then need to sign and authorize to register.
Next, the wallet will scan all your previous activities to allocate points to you.
Engage in on-chain activities on ETH or other networks via Rainbow Wallet. This includes trades, bridges, and holding at least one Rainbow NFT. The wallet is compatible with Arbitrum, optimism, base, polygon, BNB Chain, and Zora.
nvite other users to join Rainbow by sharing your referral code. You'll receive 10% of the points they earn, and they'll also get extra points.
Points are distributed every Tuesday at 4:20 PM EST. Make sure to regularly check your rewards.
This competition between Rainbow Wallet and MetaMask illustrates the battle for user adoption in the Ethereum ecosystem, where incentives, rewards, and airdrops play a pivotal role in attracting and retaining users.
