WTF?! The wave of ‘DAO’ airdrops.

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Written by

Dzoelx

Crypto guy|freelance writer|computer programmer

2 years ago

In community: Cryptocurrency and Blockchain(7b7f)

Topics: Investment, Altcoins, Smart Contracts, Free, Adoption, ...

I missed out on the famous Uniswap airdrop. If I had known it was just the start of a wave, I wouldn’t have felt so bad. Well, missing out on a few thousand dollars by less than 24hrs should pain regardless.

Thanks to the airdrop’s success and unspoken marketing breakthrough it had for uniswap and the ethereum blockchain; projects have learnt a new way to fill up the space with ‘overpriced’ tokens in the name of a ‘DAO’.

Damn WTF? Thousands of dollars earned for almost free? Like a “drink coffee and get paid” promo; these extravagant airdrops have enriched active members on the space in one of the most bizarre reward strategies you could ever imagine.

Quick riches are already identical to the crypto space, these drops further cement this identity. I did earn a few thousand dollars from these airdrops though…not enough to make anyone ‘rich’ but every dollar counts.

Uniswap, Forth, SOS, ENS, Gas…it is impossible to make a complete list of new and existing projects that have launched a DAO and dropped a good percentage of their tokens on old users and beneficiaries who qualified in certain ways.

One good thing about these airdrops is that they surely get the attention of a greater part of the cryptocurrency community who barely knew about these projects and even the world outside it. Exchanges are also quick to list the ‘DAO’ tokens and enable trading as soon as possible. The normal listing process can be forgotten. Who cares when there’s surely some juicy trading fees to be made? I wouldn’t too!

In addition to the ‘claiming’ culture, new DAO are spicing up the airdrop redemption process; like charging a little fee and rewarding referrers as well. If you’ve used up to 0.05eth in transaction fees, then consider checking out the WTF airdrop and Claiming some free DAO token. Yeah, that’s my referral link attached!

Depending on how much you have spent on transaction fees, you might be on your way to owning a ton of tokens for ‘free’. I hope you keep your claimed tokens and participate in the DAO.

DAO? Lol, do these projects really achieve their goal of a Decentralized Autonomous Organization when their tokens are quickly traded on exchanges by the beneficiaries of their airdrop? The new owners couldn’t care less about how a DAO works and if there exists a DAO at all.

These tokens are no different from every other smart contract token filling up the whole space. Only one principal achievement, marketing. OpenDAO quickly gained over a hundred thousand followers as its airdrop beneficiaries scampered to find out who their the new ‘Santa’ is. Influencers who seemingly claimed a ton of the drop picked up their devices and tweeted the hell out of the benevolent project.

Same event is seen in other similar projects; Gas, ENS…you name it. When the hype dies, the ‘quick buyers’ can only count their losses as they wait for the DAO to go live. Nope, they wait for the price to go up…again.

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