Top 3 Staking Coins with Potential Airdrops
Airdrop hunting in crypto isn’t just about vigorous trading activity or stockpiling transaction volumes. Sometimes, it’s about strategic staking.
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Staking is a method of earning in the cryptocurrency market, available for Proof of Stake (PoS) blockchains. Users delegate their tokens to validators who, in turn, have the technical capability to confirm transactions, maintaining the network's functionality.
Besides earning APR (Annual Percentage Rate), stakers may also receive airdrops from respective projects. For instance, users who staked ATOM in the Cosmos ecosystem were rewarded with tokens from Juno, Osmosis, Sifchain, and others.
Let's explore projects that might offer airdrops to their stakers.
Injective Protocol (INJ)
Injective is a blockchain platform that allows the creation of decentralized applications (dApps) in the decentralized finance sector. Built on Cosmos, it is compatible with other applications in the ecosystem.
Hundreds of projects, including decentralized exchanges for spot and futures trading, betting platforms, and lending protocols, are deployed on Injective. The blockchain boasts a base of 150,000 users, with investments from reputable funds like Pantera Capital, Jump Crypto, and CMS Holdings, totaling $52.6 million.
Injective Ecosystem. Source: twitter.com
Potential projects that might offer airdrops to INJ stakers:
- DOKI!. A memecoin centered around a little dragon named Doki. The team hasn't announced a token launch yet but is seeking “those with true dragon hearts” (hinting at an airdrop for active ecosystem participants).
- Helix. A DeFi platform for spot and futures trading, cross-chain swaps, and liquidity provision.
- NinjaRoll. A decentralized gaming platform.
Additionally, the Black Panther decentralized asset management protocol announced an airdrop. Last December, the team declared the token distribution of BLACK among active participants in the project and INJ stakers.
Though the first blockchain snapshot (recording of blockchain state to identify airdrop-eligible participants) has been taken, Black Panther continues to award POINTs, considered for the airdrop (1 POINT = 1 BLACK). A series of weekly snapshots will take place from March 1 to May 31. The upcoming one is scheduled for February 29.
To stake INJ tokens:
- Install the Keplr Wallet browser extension;
- Purchase INJ on a centralized crypto exchange;
- Transfer INJ from the exchange to your crypto wallet;
- Open the “Staking” tab in the Keplr Dashboard;
- Select the Injective network and choose a validator.
It's advisable to distribute tokens among one or two validators from the top-20 by the number of locked INJ.
The criteria for token distribution are unknown. However, based on NOIS project's experience, the minimum amount of INJ required for airdrop eligibility was 0.6 INJ.
Consider your deposit volume and retroactivity strategy to determine the optimal number of INJ for staking.
Celestia (TIA)
Celestia is a network of blockchains aimed at enhancing scalability through a modular approach. Unlike monolithic solutions, Celestia specializes solely in data availability, not enacting all four blockchain layers (execution, computation, consensus, and data availability) simultaneously.
Monolithic vs. Modular Architecture. Source: celestia.org
From a staking perspective, the project is appealing for the following reasons:
- TIA's Price Growth: Since the mainnet launch on October 31, 2023, the native token TIA's value has increased eightfold (from $1.9 to $17).
- Ecosystem Development: Modular blockchains could become one of the crypto trends of 2024. If so, we are currently witnessing its inception.
Celestia conducted three funding rounds, attracting $56.6 million from Polychain Capital, The Spartan Group, and six other Tier1 funds.
Movement Labs, part of the Celestia ecosystem, announced an airdrop. The project is creating a modular structure for deploying applications using the Move programming language in any blockchain environment. The mainnet is scheduled for Q2 – Q3 2024.
Additionally, TIA stakers might reap the airdrops from Eclipse and Hyperlane projects.
To stake TIA tokens:
- Install the Keplr Wallet browser extension;
- Purchase TIA on a centralized crypto exchange;
- Transfer TIA from the exchange to your crypto wallet;
- Open the “Staking” tab in the Keplr Dashboard;
- Select the Celestia network and choose a validator.
Prioritize validators in the top-10 by the number of locked tokens and consider their commission (ideally around 5%). Avoid validators linked to centralized exchanges, as projects might exclude them from airdrop recipients.
For liquid staking of TIA, visit the MilkyWay website, connect your wallet, select “Stake Now,” and specify the desired amount of TIA tokens.
Saga Airdrop Details for the Celestia Community. Source: Источник: twitter.com
The required number of tokens for airdrop eligibility is unknown. However, for the Saga project, it was 23 TIA. Always Do Your Own Research (DYOR)!
Manta Network (MANTA)
Manta Network is a versatile, multi-modular ecosystem developed for creating zero-knowledge (ZK) decentralized applications (dApps). The network is divided into two primary components, each fulfilling distinct functions while maintaining mutual compatibility.
Manta Networks includes:
- Manta Pacific. An affordable and scalable environment for launching EVM-compatible applications. Utilizes Celestia for data availability and Polygon zkEVM for enhanced performance.
- Manta Atlantic. A L1 blockchain within the Polkadot ecosystem, utilized for conducting transactions, fee payments, and staking.
Manta Atlantic and Manta Pacific Architecture. Source: docs.manta.network
Since its launch on January 18, 2024, the MANTA token’s value has risen from $2 to $2.7, peaking at $3.85. The Manta Network ecosystem is in its nascent stages of expansion, and early engagement in the project's evolution may yield future profits.
Potential airdrop projects for MANTA stakers:
- ZeroLend. This lending platform is running a “Zero Gravity Campaign,” rewarding users with points for staking MANTA.
- LayerBank. A decentralized lending protocol that has already announced an airdrop for MANTA stakers.
The average APR for staking MANTA ranges from 40% to 50%. While this may appear unrealistic, reminiscent of a “raise funds at any cost and vanish” scenario, the token's initial APR was over 100%, indicating a gradual easing.
Top Collators by Amount of Locked MANTA. Source: app.manta.network
To stake MANTA tokens:
- Install the Metamask crypto wallet extension;
- Add the Manta Pacific Mainnet network to Metamask via the official Manta Network website or ChainList;
- Buy MANTA on a centralized crypto exchange;
- Transfer MANTA from the exchange to Metamask;
- As MANTA staking is exclusively available in Manta Atlantic, transfer tokens from Manta Pacific to Atlantic;
- Connect Metamask to the website from step 2;
- Install the Manta Wallet extension and input your Manta Atlantic Address;
- Specify the token amount for exchange and complete the transaction.
Since Manta Pacific is EVM-compatible, a nominal amount of ETH will be required as a fee for the cross-chain transfer to Atlantic.
After the successful exchange, go to the “Staking” tab, select a collator (Polkadot network participants who collect transactions and submit them to validators), and commence staking. Note that the average minimum amount of MANTA for staking is about 1,000 tokens (roughly $2,700).
Other Cryptocurrencies for Staking
In addition to the projects mentioned above, other promising cryptocurrencies are also worth considering for staking. Their ecosystems include projects potentially ready to announce airdrops for stakers.
- Solana. A L1 blockchain whose ecosystem demonstrated significant growth at the end of 2023 and continues its own rise still.
- SUI. Another L1 blockchain. This project provides infrastructure for dApps, ensuring enhanced scalability and transaction processing speed. Built on DPoS (Delegated Proof of Stake) and the Move programming language for smart contracts.
- Pyth Network. A decentralized oracle (protocol for obtaining data from other blockchains or the traditional sector) that sources information from over 90 providers, including major centralized exchanges and market makers worldwide.
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