Airdrops are back in vogue after the recent five-digit token drop from the Ethereum Name Service protocol sparked a flood of protocol engagements from hopeful crypto enthusiasts who wanted to take part in the next “crypto stimulus check”.
Paraswap is the latest project to reward early adopters, despite their declaration in early October that the project has no intention of airdropping. The decentralized stock market aggregator designed to help decentralized financial traders and decentralized applications find the best rates currently available in the market.
ParaSwap is not planning an airdrop
– ParaSwap (@paraswap) October 1, 2021
This attempt at throwing airdrop hunters was likely made to prevent crypto holders from trying to “play” the system by launching a Sybil attack in which an account uses multiple fake addresses to contact the Interface of Paraswap to interact to get a bigger airdrop.
Unfortunately for many honest DeFi users, ParaSwap’s attempt to weed out nefarious actors seems excessive, as data shows that of the 1.3 million addresses that interacted with the protocol, only 20,000 are eligible for the PSP airdrop .
I had used Paraswap with about 6 wallets, but only received the Airdrop in one of my least used wallets.
Pumped to claim something $ PSP, but it seems that a lot of early and dedicated users are not authorized.
The requirements are probably too restrictive, disappointing for the community
– Goose (@DavidJGoosey) November 15, 2021
The intensified review, which resulted in only 0.015% of the total number of wallets interacting with the platform that qualified for the airdrop, was a boon to those who qualified as the smaller pool of participants resulted in a larger allocation of PSP -Token for each qualification led wallet.
Users at the lowest Airdrop tier received 5,200 PSP tokens, while the middle tier received 7,800 PSP and the most active traders received 10,400 PSP tokens.
Despite the turmoil the qualifying criteria caused with the DeFi community, most recipients are putting their new PSP tokens in for up to 643% APY.
– ParaSwap (@paraswap) November 15, 2021
Related: OMG price drops by a third after BOBA airdrop snapshot
Data from CoinGecko shows that PSP’s price ranged from a high of $ 2.10 just after launch on its first day of trading to a low of $ 1.18 at noon and at the time of writing at a price of 1.43 USD was traded.
Assuming PSP price stays at current levels, this could be another five-digit stimulus check for DeFi users who continue to benefit from their willingness to interact with new protocols and evolve the cryptocurrency ecosystem.
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