Airdrops ranging in size from 5 to 6 digits have become the new standard in the crypto space, and a growing number of analysts believe there is more to it than that. In September, dYdX distributed a large airdrop to its early adopters, and last week, Ethereum Name Services distributed around $ 17,000 to $ 30,000 in ENS tokens to platform users. The anticipation of additional “helicopter coins” has also led to a flood of airdrop hunters looking for the next big score.
The frantic attempt to interact with protocols and qualify for token drops could lead to increased activity on Polygon, a popular Layer 2 platform, and MetaMask. Rumors have been circulating since last week that MetaMask could possibly issue its own token, which is reflected in the increase in interaction on the MetaMask Swap.
According to data from Delphi Digital, MetaMask Swap activity “has seen a significant surge in usage in recent days” as rumors of a possible airdrop spread from influencers like Chico Crypto and a number of Twitter crypto organizations.
As shown in the graph above, the volume of Ether traded via MetaMask Swap has increased significantly since the end of October, and the number of daily active users (DAU) of MetaMask Swap on Polygon increased from 2,000 on November 6 to 9,000 on November 12 .
Due to the increased swap volume and the 0.875% fee MetaMask takes on each swap, the log has amassed $ 200 million in revenue by 2021. This is impressive, especially when compared to other exchanges year to date, and Curve has grossed $ 12 million.
High ether fees push airdrop hunters to Polygon
The high fees on the Ethereum network are likely to be the culprit behind the massive surge in users on Polygon.
Evidence of an increase in activity at 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 average transaction costs.
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According to data from Dapp Radar, the average 30-day number of MetaMask swap transactions has increased by 13.95% while the number of active users has increased by 18.25%.
The historical activity graph above also shows a massive surge in volume on November 11th, just as rumors of a possible airdrop became widespread on the 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 some action against those who try to trick the system with hacks. Sybil attacks similar to Ribbon Finance.
ParaSwap’s recent airdrop is a prime example of some of the “airdrop hunter” countermeasures that can be taken to prevent people from playing the system game. The ParaSwap team ensures that 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 is currently not confirmed whether the MetaMask team will issue its own native token or whether an airdrop will take place. This means that any suggested methods of interacting with the platform in order to get that rumored airdrop are pure speculation at the moment.