What is TON Airdrop? The newest crypto craze

1. What is TON Airdrop?

1.1. What is TON?

The Open Network (TON) is a blockchain infrastructure crafted to facilitate swift and scalable transactions, while also providing support for a range of decentralized applications (dApps).

Initially envisioned by the creators of Telegram, TON's objective is to deliver an accessible blockchain platform capable of serving a vast user base, thanks to its distinctive architecture that incorporates multiple blockchains.

Despite Telegram's disassociation from TON owing to regulatory hurdles, the initiative persists through the efforts of a decentralized collective of developers who remain dedicated to realizing the project's foundational goals.

1.2. What is Toncoin?

Toncoin, birthed by the Open Network and an offshoot of the Telegram Open Network initiative, is designed to expedite secure and economical transactions across the global digital economy. This is achieved through a scalable multi-chain blockchain structure.

As the cornerstone cryptocurrency of the TON ecosystem, Toncoin has diverse uses. It facilitates fee payments for transactions, bolsters decentralized exchanges, and underpins TON's services. Moreover, Toncoin plays a pivotal role in the governance of the network, granting its holders a voice in the decision-making process.

1.3. What is TON Airdrop?

TON Airdrop is unveiled as a strategy to allocate a substantial quantity of TON tokens (Toncoins) to its community members. The airdrop's chief objective is to motivate both existing and prospective users to actively participate in TON's ecosystem and utilize its offerings. Here's the mechanism behind it:

Eligibility and Allocation: To qualify for the airdrop, individuals were generally required to complete certain actions, such as becoming a member of the TON community, signing up on their platform, or using their applications. These criteria could involve maintaining a minimum token balance, engaging with smart contracts, or contributing to the network's governance.
Goals: The purpose of the airdrop was to distribute Toncoin ownership more broadly, bolster the network's security by expanding the token holder base, and promote the widespread use of TON's decentralized applications.

Recently, TON Foundation has announced a $600,000 TON token airdrop to NFT traders and holders on the network in an effort to spur growth in the ecosystem. The airdrop targets active traders and hodlers on Ton's Getgems, xRare and TonDiamondsNFT NFT markets between April 11 and April 23.

2/ Eligibility criteria & snapshot

The airdrop snapshot was taken on April 23rd at 8:00 AM CEST. Active traders and holders on @getgemsdotio, @xrarenft, and @TonDiamondsNFT from April 11th (2 PM CEST) to April 23rd (8 AM CEST) were eligible, excluding NFT collection owners,…
— TON 💎 (@ton_blockchain) April 25, 2024

Airdrop distribution criteria will be based on the number of ponts (points) earned from activities, including the number of NFT collections traded, total NFT trading volume, and number of NFT transactions made.

These efforts are important because although TON has skyrocketed to enter the top 10 cryptocurrencies by market capitalization, its onchain metrics remain weak.

TVL of TON

2. How does TON Airdrop work?

Selection of participants

Airdrops can be either exclusive or public. Exclusive airdrops are targeted at a specific group, such as early investors, community members, or holders of a particular cryptocurrency. Public airdrops, on the other hand, are open to anyone who fulfills the criteria set by the project team.

Criteria for eligibility

Participants usually need to complete specific tasks to qualify for the airdrop. These tasks can include joining the project’s social media channels, referring friends, holding a certain amount of another cryptocurrency, or participating in the project’s community activities.

Distribution of tokens

Once the eligibility criteria are met, the project team distributes TON tokens directly to the participants' cryptocurrency wallets. The number of tokens distributed can vary depending on the project’s goals and the participants’ level of engagement.

3. Advantages and disadvantages of TON Airdrop

3.1. Advantages

TON Airdrop impacts the ecosystem and its members in various ways:

Wider user base: The free distribution of tokens drew a larger crowd to the platform, potentially boosting the use of its dApps and offerings.
Community engagement: Airdrops are an effective strategy for community development. TON strengthened its community by incentivizing participation.
Early Adoption: By participating in airdrops, you can become an early adopter of new projects, giving you an edge in understanding and leveraging new technologies.

3.2. Disadvantages

While Airdrops are generally well-received, they also come with challenges:

Regulatory examination: Airdrops often fall under the scrutiny of regulatory bodies, which probe into their classification as potential securities offerings.
Token value dilution: Airdrops pose a risk of devaluing tokens, particularly when substantial quantities are released swiftly without corresponding market demand.
Security concerns: The surge in airdrop-related activities can escalate security threats, such as scams and phishing attempts aimed at unwary individuals.

4. How to join the TON Airdrop

4.1. Preparation

To participate in TON Airdrop, you need to do the following:

Create TON wallet (additional instructions for creating a wallet)
Interact with applications (dApps) on TON

4.2. Participate in dApps

Suggestions for participating in Dapps are as follows:

4.2.1. XTON - Launchpad platform developed by TON

Click on the join link and open the application on Telegram
Click "Launch new project in April Whitelist"
Complete the Point search mission
Connect to TON Wallet

4.2.2. Storm Trade - Derivative DEX on TON

4.2.3. STON.fi - DEX on TON

Join this link

5. Conclusion

TON Airdrop is an exciting opportunity for cryptocurrency enthusiasts to receive free tokens and become early adopters of innovative projects. By staying informed, meeting eligibility requirements, and securing your participation, you can potentially benefit from these token distributions. However, it’s crucial to remain vigilant and aware of the associated risks to make the most out of the TON Airdrop experience.

Disclaimer: This is not investment advice, all DeFi activities have risks so users need to manage capital when participating. Not all are 100% airdropped so don't expect too much.

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