Always Have an Exit Strategy - Crypto Edition
Plus Airdrop Farming Opportunity
Merry Christmas Anon.
The F’er household is an even more wonderful place with the entire clan being under 10 years old and full of excitement for the next few days. We have been traveling and seeing family doing the traditional Christmas parties with family and close friends.
You know the type - a lot of people who see each other maybe a few times a year. Most of the people are a joy to be around, but every year there are a few who’s life isn’t firing on all cylinders. Maybe they are getting a divorce, or in an unhappy relationship, or toxicly single, or just clinged onto some ‘current thing’ and are ravenously drinking spiked eggnog and yelling about it to everyone.
Well, this week at a party the 3rd little F’er needed a drink so to the fridge I went, maneuvering through the crowd in the kitchen who coalesced around entirely too many desserts. After securing a dragon seltzer, I turned around to be face-to-face with the scroogey offender of the year…trapped between the fridge door, a corner cabinet, and no where to go and no help in sight…I was inspired with this week’s main topic.
Always have an exit strategy…
But before we get into that, lets talk some potential free money through airdrop farming and then this dovetails nicely into having an exit strategy.
Airdrop Farming Season
Airdrops are when a protocol deposits tokens in wallets - typically to users of the protocol or some other identifiable group.
Often these can be $100s to $10,000s depending on the protocol. In short, very lucrative if you get the right ones.
But why would a protocol just give you free money? Legitimate question.
Imagine you are a dev and coded up some program that does some crypto thing. It is everything you wanted it to be. But how do you get users to use your thing and, more importantly, how do you make money? Well an airdrop helps with both those problems.
Lets say I made a blockchain financial tracker. It produces on the fly information and metrics for all your coins in a slick interface. I could charge an explicit fee (and maybe I do), but its a get rich slow process and there is no reason a user stays with my protocol when someone else spins up a new one.
However, lets say I make F’er coin and you need to own and stake F’er coin to use the protocol. Now users are more sticky. You own F’er coin, its staked and locked up. The protocol mints new coins and give some to you and some to me. You don’t care too much since you are getting interest on your staked coin and access to a dashboard.
Next problem. How do I get a market for F’er coin? A market needs buyers and sellers across an exchange. Well the easiest way to do it is to airdrop F’er coin to early users. My protocol mints 1 million F’er coin. 250k go to early users in an airdrop, 500k go to me, and 250k go to give liquidity to exchange pools so the price isn’t too volatile.
And F’er coin launches with a $1 price and the 500k coins I kept for myself is a $500k payday.
In short - airdrops reward users, cash out devs, and create a market for a coin.
Airdrop #1 - Low Time & $0 Cost
Some airdrops take a lot of time. Some involve tasks like being active in discords, subjective picking by devs, or other long time committments. Others involve lots of use on a particular protocol - so moving money around on the protocol paying gas and hoping to get enough transactions.
However, some airdrops are pretty painless to qualify for and may also involve no real money required.
I got one of those to share. DOP Wallet.
It is currently in test, so it involves no money and to qualify you just need to follow 8 steps, which they conveniently have a button for. You just click the button on the UI and confirm.
As a testnet still, one of the steps is to get ‘free test tokens’ in your wallet so you can confirm transactions. Then you get ‘free crypto test assets’ in deposited and you just click a few buttons to encrypt one of those.
It is easy to follow - takes <10 mins and costs no money.
If you are worried about security, you can have metamask create a new empty wallet (save the pass phrase still since your airdrop will go there). Now you have no risk at all (this DOP airdrop is making its rounds so it seems like one with low risk of a rug as well.)
Allegedly after doing the first 7 steps you qualify. Step 8 is to get at least 3 referrals to get a potentially bigger airdrop.
There are over 2k free subscribers here reading this. So working together that is 100s of people getting the bigger airdrop if we use each others links.
Here is my referral for the DOP Wallet. If you use it, comment below and then drop your link. Let’s daisy chain and get a few referrals for everyone who subscribes and make some easy money for eachother.
Call it a nice Christmas gift to one another. If there are any other low-hanging or enticing airdrops I’ll share.
Now, once you get an airdrop, what do you do? The same things you should do for any asset you have…