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


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5- to six-figure-size airdrops have turn out to be 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 further “helicopter cash” has additionally led to a flurry of airdrop hunters looking for out the following massive 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-two platform, and MetaMask. Since final week, rumors that MetaMask could 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 by 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 energetic customers on Polygon and Ethereum. Supply: Delphi Digital

As proven within the graph above, the quantity of Ether (ETH) transacted by MetaMask Swap has seen a big enhance since late October, and the each day energetic 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% charge that MetaMask takes from every swap, the protocol has amassed $200 million in income in 2021. This determine is spectacular, particularly in contrast with opponents 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 probably wrongdoer behind the outsized bounce in customers on Polygon.

Proof of the pickup in exercise on Polygon can be discovered when wanting on the common gasoline price 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 price.

Common price of gasoline on Polygon. Supply: Polygon Scan

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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 energetic 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 couple of potential airdrop had 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’s potential that MetaMask will make use of some measures to counteract these attempting to sport the system with Sybil assaults, just like what was seen with Ribbon Finance.

The current airdrop from ParaSwap supplies a superb instance of a few of these “anti-airdrop hunter” countermeasures that could possibly be taken to thwart these trying to sport the system. The ParaSwap group made positive that solely 1.5% of unique addresses that engaged with the protocol obtained the airdrop, a lot to the chagrin of airdrop hunters and trustworthy early customers of the platform.

For the time being, it isn’t confirmed whether or not or not the group at MetaMask will launch its personal native token or whether or not an airdrop will happen. Because of this all the advised strategies for interacting with the platform to be able to obtain this rumored airdrop are nothing greater than hypothesis, for now.

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