Drop Airdrop on Cosmos (ATOM): How to be eligible?

Drop, a protocol focused on liquid staking based on Cosmos (ATOM)

Drop is a liquid staking protocol based on inter-blockchain interoperability The project is led by former contributors to P2P and Lido, the largest liquid staking protocol on the Ethereum blockchain.

👉 To better understand – What is liquid staking and what are its advantages?

Unlike Lido, This protocol is mainly dedicated to blockchains built using the Cosmos SDK, all connected using the Inter Blockchain Communication Protocol (IBC). Drop allows its users to liquid stake cryptocurrencies available on these particular blockchains.

Designed as an integrated application on Neutron, Drop allows its users, through liquid staking, to earn staking rewards without having to lock their cryptocurrencies.

The protocol can be integrated into decentralized finance (DeFi) platforms on Neutron, or on any chain connected to the IBC.

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How does the Drop protocol work?

In order to be usable by the greatest number, Drop comes in the form of a liquid staking application. When a user stakes with Drop, they receive dAssets tokens. For example, if they stake ATOM, they will receive dATOM.

Drop differentiates itself from other liquid staking protocols through its stake distribution approach. Instead of putting validators in competition, Drop wants to work with them to provide them with a liquid staking solution allowing them to obtain great rewards..

There are currently 3 different ways to liquid stake with Drop, and thus create dAssets:

• By depositing tokens in order to convert them into dAssets, then distributing the new tokens evenly among all Drop validators ;
• By performing the same procedure, but by distributing the dAssets to a single validatoralthough this second option is not the one put forward by the protocol;
• By using his cryptocurrencies already staked elsewhere, and exploiting the protocol to transform them into dAssets.

How to become eligible for Drop airdrop?

Early August, Drop has launched its testnet, the Droplets program. In order to participate and have access to the protocol in order to test it, you must have an invitation allowing you to participate in its testnet.

Luckily for you, with Cryptoast, we invite you to join the Drop adventure!

On this page, you can connect your wallet, directly on the application. Note that this only works with Keplr, Cosmostation and Leap.

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Once on the Drop app, you will have the opportunity to embark on the quest for the Droplets. This is the unit defined by Drop to quantify your involvement in the Droplets program.

Once on the app, you can earn Droplets in a variety of ways, and thus have access to part of the 100 million DROP tokens, or 10% of the total supply, promised as part of the first airdrop organized by Drop.

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First possibility: by carrying out liquid staking with Drop

Of course, if Drop launched its testnet, it was with the aim of verifying whether its protocol was viable. This is why he encourages all participants to carry out liquid staking..

First of all, you will need to obtain ATOM or TIA tokens. Then, thanks to the Drop protocol, do liquid staking by depositing your ATOM to get dATOM, or your TIA to get dTIA.

Process for exchanging ATOMs into dATOMs, and thus performing liquid staking

Concretely, The more cryptocurrencies you deposit in liquid staking via Drop, the more Droplets you get. For every dollar of dAsset held, you will earn 1 Droplet per day.

The more Droplets you have, the more chance you have of winning DROP tokensthose associated with the blockchain of the same name, as part of the airdrop.

Second possibility: use your dATOMs in the Drop ecosystem

However, Liquid staking isn't the only way to increase your chances of airdrop eligibility and thus earn DROP tokens. It is possible to participate in the Droplets program in other ways, since

you can multiply Droplets by using your dAssets within the Drop ecosystem applications.

For example, if you transfer $10 worth of dATOM on the decentralized exchange (DEX) Astroport for 10 days, you will earn 50 Droplets per day, or 500 Droplets. In fact, you will earn 5 times more by keeping your dATOM on Astroport rather than just doing liquid staking.

Be aware that the multiplier is larger if your trading operations involve dATOM and NTRN or USDC. In these cases, we are talking about a volume of Droplets multiplied by 50.

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Third possibility: by sponsoring your friends

The third and final way for you to accumulate Droplets is to generate a unique referral code from your account. You will need to share this with other people in order to earn 25% of the Droplets earned by your referrals..

Here is our referral code: NNjJtmK0

Also, be aware that if your referrals start sponsoring other people, you will get 12.5% ​​of the Droplets obtained by their referrals.

For example, if you refer someone who earns 100 Droplets and that person refers someone else who also earns 100 Droplets, you earn 37.5 Droplets in total.

It is important to know that these are Droplets in addition. You do not steal Droplets from the people you refer. In short, they will win all the Droplets they have accumulated and you will win bonus Droplets proportional to your referrals.

When will the Drop airdrop take place?

As of now, Drop has not announced an official date for the distribution of the 100 million DROP tokens. However, it was clarified that the airdrop will be aimed at participants in the Droplets program.and that it will reward those who have exploited the protocol over the long term.

Holders of a low amount of Droplets will not be sidelined, iThey will receive their full airdrop immediately upon general airdrop distribution..

The users who have accumulated the most Droplets meanwhile will obtain their tokens gradually over a period of 6 months.

Cryptoast Research: Don't Spoil This Bull Run, Surround Yourself With Experts

Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.

Zacharie Tazrout

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