Want more free crypto in your life? Of course you do! Its free and many airdrops are worth several thousand dollars today!
You can qualify to receive most airdrops for doing nothing other than holding staked coins in your crypto wallet! The primary coin that qualifies for airdrops on Cosmos is the ATOM coin. It secures the network and almost every new Cosmos project reserves a portion of their airdrop for ATOM stakers.
Here is how to qualify for those sweet sweet airdrops:
Step 1: Download Keplr Wallet. There is a web browser extension and a mobile app. Keplr wallet is the best wallet for interacting with all things Cosmos and it is super user friendly. Remember to write down your seed phrase!
Step 2: Purchase ATOM on a centralized exchange. ATOM is the key to the Cosmos network and you can stake it or trade it on the Osmosis DEX for other Cosmos coins.
Step 3: Send your ATOM to your Keplr Wallet and stake it! The staking reward % is displayed in the wallet so you know what you will be getting. Don't stake 100% of your coins, leave a fraction of a coin for gas (you will need it to withdraw or reinvest staking rewards). Also, do not stake with a validator that is owned by an exchange (Binance, Coinbase), and do not stake to a validator that charges 100% or 0% commission. Cosmos wants to incentivize decentralization so it wont airdrop to CEX-owned validators or Cosmos coins that are parked on a CEX.
Step 4: Join Cosmos social media so you get information about when airdrops happen and how to claim them. There are plenty of Discord groups and twitter pages if you want to stay plugged in. Too much work? just join r/cosmosnetwork and r/cosmosairdrops. They have detailed lists of every airdrop as well as how to qualify and claim the airdrops. Some airdrops drop right into your wallet but others require you to visit their website to claim. The information is regularly updated on these subreddits. Someone always posts when theres a new airdrop and then you will see a lot more posts about the new airdrop. You cant miss it.
Step 5: Consider buying and staking more coins in the Cosmos Network. ATOM will net you most airdrops but not all. Most people prefer to hold The BIG 3 - ATOM, JUNO, and OSMO. You can get JUNO and OSMO on the Osmosis Dex. Never used a DEX? Don't be intimidated, its super user friendly and the Keplr wallet makes it fast and cheap. You can learn how to use the Osmosis DEX in minutes and there are plenty of instructional vids on Youtube.
Step 6: Vote on governance. Some airdrops allocate more to people who voted on governance proposals for the coins they own. On the staking page, on the left side, you can scroll until you find the options for "staking" and "governance" on your coin. You need a tiny fraction of that coin for a transaction fee to vote.
Thats it! If your Cosmos coins are staked in your Keplr wallet, you just sit back and wait for airdrop announcements. Some airdrops will stagnate, others will moon! JUNO and OSMO were both free airdrops and now they are worth quite a bit.
Most airdrops will have various ways to qualify such as: ALL ATOM, JUNO, AND OSMO STAKERS HOLDING AT LEAST 20 COINS. If you meet multiple qualifications, do you get more coins in the airdrop? Hell yes you do!
-Frequently Asked Questions-
- What if I already have ATOM staked in another wallet? You can enter seedphrases from other wallets (such as Cosmostation, Exodus, or Atomic) into Keplr to link them. You want Keplr wallet for Cosmos, it gives the highest staking rewards and interacts with all Cosmos webpages fast and easy.
- Can I purchase other Cosmos coins on a CEX besides ATOM? Not currently, they want you to use the Osmosis DEX or Junoswap to get more Cosmos coins and you need ATOM to swap for them. This encourages people to interact more with the Cosmos Network.
- WTF is a validator for staking? You will see a list of them when you hit "stake" in your wallet and they validate transactions to give you a portion of the rewards you're owed for staking with them. You can "redelegate" to a new validator without penalty or waiting for unbonding.
- How long are my coins locked down during staking? Every coin is different but its usually between 14-28 days for "unbonding". During this period, you wont be allowed to sell or be eligible for airdrops. Some people may think this is a drawback but it prevents dumping and you will often see ATOM in the green when everything else is in the red because of this.
- Can I "undo" unbonding after initiating it? Nope, gotta wait it out and it feels like a lifetime when you're worried about missing airdrops.
- How do I sell an airdrop I don't want to keep? You can swap it on Osmosis DEX or Junoswap for ATOM then send that to an exchange and sell it.
- Can I qualify for airdrops with a coin that was airdropped to me? YES!!! Even memecoins like HUAHUA qualify you for additional airdrops if you choose to stake it. The Cosmos people want you to participate in as much as the Ecosystem as possible and they incentivize holding.
- Some new coins have CRAZY apr% for staking, is it real? Its real! Cosmos wants to give the most rewards for early adopters. Its usual for airdrops to have 1000%+ apr staking rewards right out of the gate. They want to incentivize people to stake and secure the network. The rewards will reduce with time and as more people buy in.
- Do I have to claim staking rewards or are they autocompounded? You have to claim them so make sure you're coming out on top when accounting for the transaction fee.
- My Keplr wallet is asking to connect to a projects website when I go there to claim an airdrop, is this safe? In most cases yes, your wallet needs to connect to the channel in order to recognize the new crypto. Nobody can access your wallet without your seedphrase and nobody can pull crypto out of your wallet without you authorizing the transaction. You can also claim an airdrop and immediately delete the channel from your wallet.
- I cant see my airdrop, where is it in my Keplr wallet? In the middle at the top of the Keplr wallet, there is a drop down menu, select the name of the new coin and you should see your airdrop.
- Why are there 3 options to authorize a crypto transfer from my Keplr wallet? Those are gas fees. Low, medium, and high priority and as you can guess, the higher priority transactions are faster but more expensive.
- I have very little money, how should I position it to maximize airdrops? Always start with ATOM because it qualifies for MOST airdrops. Every airdrop has different qualifiers but you would have gotten most previous airdrops with about 20 ATOM, 20 JUNO, and 20 OSMO. There are other networks on Cosmos that give regular airdrops like the Secret Network SCRT, but you're better off starting with the BIG 3 and then scooping up other Cosmos coins as you go. Some requirements have been as low as having 1 ATOM staked.
- Is my only option staking my coins to receive airdrops? Nope! You can also add to liquidity pools to "yield farm". You still have an unbonding period but you're loaning out your crypto and getting paid a portion of the transaction fees that accumulate from people swapping coins on the DEX. Many projects also allocate portions of the airdrop for liquidity pool providers. Plenty of vids on Youtube about Liquidity pools and you can learn it in minutes.
- Cosmos coins are going to get expensive if they keep gaining popularity, will airdrop requirements still be as high as 20 coins when each ATOM coin is worth more than $100!? Probably not because the point of airdrops is to grow the community so the threshold for qualifying will most likely drop as the value of ATOM rises. That way more people can participate.
- Is there a time limit to claim an airdrop? Most of the time yes. Usually at least 30 days and you wont be able to claim any airdrops you qualified for if you try to after the window has closed. They will always announce a time limit if there is one.
There are many incentives to hold Cosmos coins and participate in the network, its no wonder the system is seeing nice growth. Cosmos is currently working on bridges to well-established networks like ETH and BTC. ATOM is still a medium cap coin and there is much room for upside. DYOR and good luck.
Current APR% for ATOM on Keplr is 15.39%
Current APR% for JUNO on Keplr is 104.83%
Current APR% for OSMO on Keplr is 72.8%
Current APR% for SCRT on Keplr is 24.6%
Osmosis DEX----> https://osmosis.zone/
Junoswap DEX----> https://junoswap.com/
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