You are here
Home > All Crypto > Airdrop rumors end in a swarm of exercise on MetaMask Swap and Polygon

Airdrop rumors end in a swarm of exercise on MetaMask Swap and Polygon


5 to six-figure-size airdrops have turn into the brand new norm within the crypto sector and a rising variety of analysts imagine there are extra to return. In September dYdX distributed an enormous airdrop to early customers and final week the Ethereum Identify Service gave out roughly $17,000 to $30,000 in ENS tokens to platform customers. Anticipation of extra “helicopter cash” has additionally led to a flurry of airdrop hunters looking for out the subsequent large rating. 

The mad sprint to have interaction with protocols and qualify for potential token drops led to an uptick in exercise on Polygon, a well-liked layer-2 platform, and MetaMask. Since final week rumors that MetaMask might launch its personal token have been circulating and that is mirrored within the elevated engagement on MetaMask Swap.

In response to knowledge from Delphi Digital, exercise via MetaMask Swap “has seen an enormous utilization enhance in current days” because the rumors of a potential airdrop are unfold by influencers like Chico Crypto and a variety of crypto Twitter entities.

MetaMask swap quantity vs. each day lively customers on Polygon and Ethereum. Supply: Delphi Digital

As proven within the graph above, the quantity of Ether transacted via MetaMask Swap has seen a big enhance since late October and the each day lively customers (DAU) of MetaMask Swap on Polygon has surged from 2,000 on Nov. 6 to 9,000 on Nov. 12.

MetaMask 2021 income. Supply: Delphi Digital

On account of the elevated swap quantity and the 0.875% payment that MetaMask takes from every swap, the protocol has amassed $200 million in income in 2021. This determine is spectacular, particularly in comparison with opponents like SushiSwap, which has earned $70 million year-to-date and Curve which pulled in $12 million.

Excessive Ether charges push airdrop hunters to Polygon

Excessive charges on the Ethereum community are the doubtless offender behind the outsized leap in customers on Polygon.

Proof of the pickup in exercise on Polygon may also be discovered when trying on the common gasoline value of transactions on the community, which has been on the rise because the center of October when the community noticed a big enhance within the common transaction value.

Common value of gasoline on Polygon. Supply: Polygon Scan

Associated: Portal companions with Polygon to advance DeFi on Bitcoin

In response to knowledge from Dapp Radar, the 30-day common variety of transactions on MetaMask swap has elevated by 13.95% whereas the variety of lively customers has risen 18.25%.

MetaMask swap statistics. Supply: DappRadar

The historic exercise chart above additionally exhibits a big spike in quantity on Nov. 11 proper as rumors a few potential airdrop have been broadly circulating on crypto social media channels.

Whether or not or not the spike in exercise will repay for these looking for an airdrop stays to be seen and it is potential that MetaMask will make use of some measures to counteract these making an attempt to sport the system with Sybil assaults just like what was seen with Ribbon Finance.

The current airdrop from ParaSwap gives an excellent instance of  a few of these “anti-airdrop hunter” counter measures that may very well be taken to thwart these trying to sport the system. The ParaSwap workforce made certain that solely 1.5% of distinctive addresses that engaged with the protocol acquired the airdrop, a lot to the chagrin of airdrop hunters and trustworthy early customers of the platform.

In the mean time, it isn’t confirmed whether or not or not the workforce at MetaMask will launch its personal native token or whether or not an airdrop will happen. Which means that the entire steered strategies for interacting with the platform with a purpose to obtain this rumored airdrop are nothing greater than hypothesis, for now. 

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it is best to conduct your individual analysis when making a call.