Airdrop hunters flock to MetaMask Swap and Polygon
Airdrop hunters flocked to MetaMask Swap and the Polygon Network to qualify for a potential free token from the provider.
Airdrops with a size of 5 to 6 digits have become the new standard in the crypto space, and more and more analysts believe that there is more to it than that. In September, dYdX distributed a large airdrop to early adopters, and last week the Ethereum Name Service distributed around $ 17,000 to $ 30,000 in ENS tokens to users. The anticipation of additional “helicopter money” has also prompted a number of airdrop hunters looking for the next big money.
The desperate attempt to interact with protocols and qualify for free tokens has led to an increase in activity on MetaMask and Polygon, a popular Layer 2 platform. Rumors have been circulating since last week that MetaMask could possibly issue its own token, which is reflected in increased involvement in the MetaMask Swap.
According to data from Delphi Digital, MetaMask Swap activity “has seen a significant increase in usage in recent days” as rumors of a possible airdrop from influencers like Chico Crypto and a variety of entities have been spread on Crypto Twitter.
MetaMask Swap Volume versus Daily Active Users on Polygon and Ethereum | Source: Delphi Digital
As the graphic above shows, the volume of Ether traded via MetaMask Swap has increased significantly since the end of October and the daily active users of MetaMask Swap on Polygon increased from 2,000 on November 6th to 9,000 on November 12th.
MetaMask. 2021 sales | Source: Delphi Digital
Due to the increased swap volume and a fee of 0.875%, MetaMask had revenues of $ 200 million in 2021. This is impressive, especially when compared to competitors like SushiSwap.
High Ethereum fees lead airdrop hunters to Polygon
High fees on the Ethereum network are probably the reason for the massive increase in users on Polygon.
Evidence of an increase in activity on Polygon can also be found in the average gas cost of transactions on the network, which has increased since mid-October, when the network saw a significant increase in costs.
Average gas charges on polygon | Source: polygon scan
According to data from DappRadar, the average 30-day number of transactions on MetaMask Swap has increased by 13.95% while the number of active users has increased by 18.25%.
MetaMask swap statistics | Source: DappRadar
The graph above also shows a massive surge in volume on November 11th, just as rumors of a possible airdrop have been spread widely via crypto social media channels.
Whether the surge in activity will benefit those looking for an airdrop remains to be seen, and it is possible that MetaMask will take action against those who try to trick the system with malicious tokens. Sybil attack, similar to Ribbon Finance.
ParaSwap’s recent airdrop is a prime example of some countermeasures against “airdrop hunters” trying to fool the system. As a result, only 1.5% of the unique addresses that interact with the protocol get the airdrop, much to the disappointment of the airdrop hunters and early honest users of the platform.
It has not yet been confirmed whether MetaMask will issue its own token or whether an airdrop will take place. This means that any suggested methods of interacting with the platform in order to get this supposedly free token are pure speculation.
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According to Cointelegraph