Monday, November 29, 2021

Airdrop rumors result in a swarm of activity on MetaMask Swap and Polygon


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5- to six-figure-size airdrops have change 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 a massive airdrop to early users, and final week, the Ethereum Name 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 massive rating.

The mad sprint to have interaction with protocols and qualify for attainable token drops led to an uptick in exercise on Polygon, a well-liked layer-two 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 information from Delphi Digital, exercise via MetaMask Swap “has seen an enormous utilization enhance in current days” because the rumors of a attainable airdrop are unfold by influencers like Chico Crypto and a variety of Crypto Twitter entities.

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

As proven within the graph above, the quantity of Ether (ETH) transacted via MetaMask Swap has seen a major enhance since late October, and the day by day lively customers 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% price that MetaMask takes from every swap, the protocol has amassed $200 million in income in 2021. This determine is spectacular, particularly in contrast with rivals like SushiSwap, which has earned $70 million year-to-date, and Curve, which pulled in $12 million.

Excessive Ethereum charges push airdrop hunters to Polygon

Excessive charges on the Ethereum community are the doubtless perpetrator behind the outsized soar in customers on Polygon.

Proof of the pickup in exercise on Polygon may also be discovered when trying on the common fuel value of transactions on the community, which has been on the rise for the reason that center of October when the community noticed a major enhance within the common transaction value.

Common value of fuel on Polygon. Supply: Polygon Scan

Associated: Portal partners with Polygon to advance DeFi on Bitcoin

In response to information from DappRadar, the 30-day common variety of transactions on MetaMask Swap has increased by 13.95% whereas the variety of lively customers has risen 18.25%.

MetaMask swap statistics. Supply: DappRadar

The historic exercise chart above additionally reveals a big spike in quantity on Nov. 11, proper as rumors a couple of potential airdrop had been extensively 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’s attainable that MetaMask will make use of some measures to counteract these making an attempt to recreation the system with Sybil assaults, much like what was seen with Ribbon Finance.

The current airdrop from ParaSwap gives instance of a few of these “anti-airdrop hunter” countermeasures that might be taken to thwart these seeking to recreation the system. The ParaSwap group made certain that solely 1.5% of unique 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 intervening time, it is not confirmed whether or not or not the group at MetaMask will launch its personal native token or whether or not an airdrop will happen. Which means the entire advised strategies for interacting with the platform in an effort to obtain this rumored airdrop are nothing greater than hypothesis, for now.

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