![]() ![]() Make sure you read the project’s whitepaper carefully or join their Discord or Telegram communities to find out more about the airdrop criteria. In the example above, 12% of the token supply is being airdropped, but not all projects allocate the same amount to airdrops. A project looking to airdrop its tokens will inform the community of it in this section. If you enjoy using a product, head on over to its whitepaper to learn about its tokenomics.Ī project’s tokenomics explains the initial distribution of its tokens and how the remaining supply will be vested over time. Most legitimate projects will have a working product before they start with snapshots. Scammers also lurk around these parts and might try and trick you into signing a transaction or parting with your private keys under the garb of an airdrop, so please beware. In many cases, the airdropped tokens you eventually receive are worthless. In turn, you will be expected to perform some mundane marketing activities to help promote the project. How Can You Get Your Foot In The Door?Ī “do your own research (DYOR)” cliche is warranted here because thousands of projects are promising snapshot-based airdrops these days. Upon meeting the minimum credit criteria, a snapshot of the network could help institutes airdrop student degrees anywhere in the world with the level of authenticity only a blockchain can provide. In a hypothetical (but a highly prospective) use case, such soul-bound tokens may even be used to send academic credits to students. The uses of snapshots are still evolving, and Vitalik Buterin, the founder of Ethereum, has even talked about soul-bound NFTs that are inalienable from the wallets that earn them. Snapshots are expected not only to help existing developers but also the innovators developing the next-generation blockchain utilities. Snapshots are also useful to DAOs, who can place restrictions on access to certain voting proposals based on various criteria. In such cases, a snapshot is taken at the time of fork to top up the balances of all wallets holding Bitcoin before the fork with new tokens from the forked network, i.e. For example, Bitcoin Cash (BCH) was forked from the Bitcoin blockchain. This forked chain contains blocks rejected by the majority consensus participants of the blockchain. When miners or network validators cannot reach a consensus on which set of blocks represents the main chain, it results in the blockchain being ‘forked’ into two separate chains with a common origin. Snapshots have another purpose – to ‘fork’ a blockchain. Collectively, the ‘free’ airdrops were worth roughly another $150,000, sent only to wallets that met the criterion of holding a Bored Ape, ascertained through a snapshot. But that’s not it, each BAYC holder was airdropped Mutant Ape and Kennel Club dog NFTs, as well as APE tokens. The now infamous Bored Ape NFTs were originally minted for less than $100, and today cost well over $150,000. Snapshots are also used by projects to build a brand. A snapshot was taken on September 1st, 2020, and wallets that had interacted with Uniswap smart contracts before that date were gifted tokens (eventually) worth $18,000. These are identified by looking at user activity.įor instance, Uniswapused a very simple criterion for its airdrop users had to have used the decentralized crypto asset exchange platform before September 1, 2020. The project developers design criteria to incentivize specific users that closely align with their goals. A snapshot comes to the rescue for such problems. Snapshot UsesĬrypto entrepreneurs who wish to gain traction on their applications must first incentivise and market the use of their tokens. While this might sound scary, this is exactly how information is laid out even on live blockchain networks, and it can be used for varying purposes. ![]() Transaction details of all tokens and NFTsĪ snapshot provides viewers all information about your wallet except your private keys.Individual wallet balances and tokens being held, including NFTs.The following details are extractable from these snapshots: The term ‘block height’ is used here as a unit of time in crypto parlance, defining the last block added to the blockchain as the last set of transactions included in the snapshot. In layman’s terms, it’s a screenshot of all the transactions on the blockchain at the time of the snapshot. At its all-time high, this airdrop became worth a whopping $18,000 to each beneficiary! Snapshots are central to such giveaways, and you might want to know everything about them to prop yourself up for the next freebie.Ī snapshot is the ‘state’ of a blockchainat a given block height. A couple of years ago, Uniswap, the leading decentralized exchange on Ethereum, airdropped 400 UNI tokens to active Ethereum wallets. “Airdrop” is a word that excites many investors, and the concept has been around for quite some time now. ![]()
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