Rainbow Wallet Hints Airdroping on Ethereum, to Lure MetaMask Users
Rainbow Wallet is engaging in a fox hunt to win over MetaMask users by teasing airdrop on the Ethereum network. The Ethereum-based wallet Rainbow revealed in a Tuesday, December 12 update that it plans to unveil Rainbow Points in a reward initiative.
The reward program is dubbed a critical milestone towards delivering an inclusive community. Such is portrayed as the initial stage towards guaranteeing future Rainbow success as it teases token airdrop in the future.
Rainbow Point-based Initiative Rewarding On-chain Activity
Rainbow revealed that all Ethereum users are eligible for airdropped points relative to their on-chain activity. The eligibility varies with the wallet balance, though individuals ditching the MetaMask wallet for Rainbow would earn extra rewards. Also, the statement pledged to reward individuals who have held at least a single Rainbow non-fungible token (NFT) by Monday.
The Rainbow incentive model founded on points mirrors the fox hunt deployed by Blur to win over the dominant market share from then-leaders OpenSea. Blur offered points, which were later translated into BLUR token airdrop. At press time, Blur has issued tokens valued at several hundreds of millions of dollars since unveiling at the onset of 2023.
The point-based incentive to lure users from an established market leader constitutes a vampire attack. It allows the new protocol to incentivize activity using the rewards based on the uptake of its comparable service that rivals MetaMask.
The Ethereum-based wallet detailed in its Tuesday announcement that users importing their MetaMask wallet into the Rainbow would earn 150,000 points.
The dedicated users of Rainbow Wallet labeled true believers would reap the most points per each tweet thread. Such replicates the model deployed by Blur founded upon loyalty scoring for traders exclusively utilizing the NFT platform.
Rainbow Camouflage Vampire Attack as Fox Hunt
Rainbow unveiled the reward initiative in a tweet thread that cheekily identified the notion of a vampire attack. The post called out the prominent fox mascot identified with MetaMask.
Rainbow cast the initiative as a fox hunt and not a vampire attack. Rainbow urged MetaMask users seeking to enjoy and not suffer via Ethereum to embrace the platform.
Rainbow is yet to disclose finer details on whether the users should perceive the points program as the initial phase of the looming token airdrop. Market observers are projecting that Rainbow should embrace the initiative, lamenting that MetaMask had indicated it would launch a token early last year. Nothing came of the pledge.
Are Airdrops Deployed as a Channel to Accelerate Usage?
Airdrops involve free crypto tokens dispatched to wallets with crypto balances or early users and distributors of a newly established application or protocol.
Individuals benefiting from airdrops vary relative to the stipulations outlined by the groups sending the free tokens.
Airdrops offered by Blur and Pyth Network protocols mirror the play-to-earn tokens. Such appear to reward usage as recipients are the network’s participants.
The point-based initiative adopted by Rainbow Wallet is set to draw increased usage in anticipation of airdrops in the future. Such arises from the popularity realized by airdrops across the decentralized finance (DeFi) space. Such is evident in November’s incident, where a single user benefited from BLUR tokens valued at $8.4 million during the second phase of airdrops by the Blur NFT marketplace.
Barely a fortnight from Solana-based DeFi protocol, Jito declared airdroping 90 million JTO tokens. The airdrop coincided with the optimism of Coinbase listing the JTO token. Its realization took the distributed tokens to test $225 million in value.
Reviewing BLUR Market Performance Post-Airdrop
A review of BLUR market activity shows that the token is exchanging hands at $0.466702 today. It signifies a 4.62% rally in the last 24 hours, though still 5.5% down in the past seven days. Nonetheless, the token is still 33.8%, signifying the sustenance of the hype witnessed before the listing on Coinbase.
The daily trading volume averages $89,230,523.49, portraying a mild 0.7 decline in the last 24 hours. Blur is presently valued at $540.12 million from the 1.2 billion circulating tokens, as per CoinGecko data.
Despite its bullish performance today, BLUR’s price is 90.70% below its all-time high price of $5.02 realized ten months ago. Nonetheless, the BLUR token has witnessed accelerated recovery, with the current price being 205.50% higher than its lowest price, $0.153143, registered on Oct 12, as per CoinGecko data.
