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Airdrop Rumors Result in Cluster of Activity at MetaMask Swap and Polygon

Five-to six-figure size airdrops have turned into the new norm in the crypto area, and a developing number of experts accept there are something else to come. In September, dYdX dispersed a massive airdrop to early clients, and last week, the Ethereum Name Service gave out generally $17,000 to $30,000 in ENS tokens to platform clients. Expectation of extra “helicopter money” has additionally led to a flurry of airdrop hunters searching out the following huge score. The frantic dash to engage in with protocols and qualify for conceivable token drops led to an uptick in activity on Polygon, a popular layer-two platform, and MetaMask.

According to data from Delphi Digital, activity through MetaMask Swap “has seen a huge increase in usage in recent days” as rumors of a possible airdrop spread by influencers like Chico Crypto and a range of Twitter crypto entities.

Since last week, rumors that MetaMask may release its own token have been circulating, and this is reflected in the increased engagement on MetaMask Swap.

As shown in the graph above, the volume of Ether processed through MetaMask Swap has seen a significant increase 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. at 9,000 on November 12.

High Ether Fees Push Parachute Hunters Toward Polygon
The high fees on the Ethereum network are probably the cause of the disproportionate jump in the number of users on Polygon.

Due to the 0.875% increase in swap volume and fees that MetaMask takes on each swap, the protocol amassed $ 200 million in revenue in 2021. This figure is impressive, especially compared to competitors like SushiSwap, who earned $ 70 million a year. to date and Curve which has grossed $ 12 million.

Evidence of the resumption of activity on Polygon can also be found by looking at the average cost of gas for transactions on the network, which has been on the rise since mid-October, when the network saw a significant increase in the average cost of gas. transactions.

According to data from Dapp Radar, the average number of 30-day trades on the MetaMask swap increased by 13.95% while the number of active users increased by 18.25%.

The historical activity chart above also shows a significant spike in volume on November 11, as rumors of a potential drop circulated widely on crypto social media channels. It remains to be seen if the spike in activity will pay off for those looking for an airdrop and it is possible that MetaMask will use some measures to thwart those who attempt to mess with the system with Sybil attacks similar to what has been seen. with Ribbon Finance.

The recent ParaSwap drop provides a good example of some of these “anti-airdrop hunter” countermeasures that could be taken to thwart those looking to mess with the system. The ParaSwap team ensured that only 1.5% of the unique addresses that had engaged with the protocol received the airdrop, much to the chagrin of the airdrop hunters and honest early users of the platform. At this time, it is not confirmed whether or not the MetaMask team will release their own native token or if a drop will occur. This means that any suggested methods of interacting with the platform in order to receive this drop rumor are currently only speculation.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move comes with risk, you should do your own research before making a decision.

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  • Airdrop Rumors Result in Cluster of Activity at MetaMask Swap and Polygon
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