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Airdrops cause Solana to grow 3,000 percent in one year


Solana prices have jumped more than 50 percent in the past month. Experts believe that AirDrop new projects in the Solana blockchain, in addition to high fees from the Ethereum network, are possible reasons for the price increase.

Over the past six months, the supply of tokens to users through AirDrop has intensified, and various Blockchain projects have used this method. The most notable of these airdrops are Uniswap and MEME. During their airdrop, the two Blockchainks offered between $ 20,000 and $ 600,000 to their token holders. The interesting and tempting point of these airdrops is that you do not need to do anything special to receive them, and it is enough to have the desired coin or token block.

Solana is one of the projects that has hosted many airdrops over the past three weeks. One of Ethereum’s competitors, Solana is an open source project that aims to use decentralization technology to give decentralization to the financial industry.

Of course, it seems that Solana did not have a predetermined goal to support this volume of airdrops, and this started with AirDrop Cops Tokens (COPE). Solana Decentralized Exchange, called Serum, was responsible for the recent airdrop of coupon tokens, during which 2,000 tokens were awarded to participants in a joint hackathon hosted by Solana and Serum.

After this airdrop, the token coup was listed on March 30 (April 10) at a price of 50 cents at the Serum exchange and its price increased to $ 5.43 on April 11 (April 22). The increase in the price of the coupon token brought a profit of $ 10,860 to the holders of this token.

Solana price chart
4-hour chart of Solana / Tetra transactions

The success of AirDrop Cope led other projects with similar names, such as HOPE, ROPE and KOPE, to offer and airdrop their tokens on the platform. The activity of these projects in Solana coincided with a 55% increase in the price of this token.

Airdrops performed on the Solana network can not be considered ineffective in increasing its price. Users must also have some SOL tokens in order to receive AirDrop tokens on this network. For example, you know that adding new tokens to digital currency wallets (including the Sollet wallet, which is Solana’s official wallet), is itself a smart contract transaction. You will need a small amount of SOL tokens to complete this transaction and add new tokens to Solana’s wallet. So the logical rationale is that users should quickly start buying Solana tokens so that they can add new tokens to their wallet and participate in airdrops in order not to miss out on AirDraps.

Some may now be worried that the “airdrop season” is over and they are lagging behind this lucrative market. A Solana fan wrote on Twitter that the Solana ecosystem has just begun and will continue to do so. The text of the tweet states that many projects are being developed for implementation in the Solana network and that these projects will soon be available in various Solana protocols (including betting market and derivatives market protocols).

New users are like blood in the veins of Blockchain projects, and their presence is essential to the success of these projects. Using airdrops is a good way to attract new users and transfer liquidity from one protocol to another.

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