Rainbow’s new point initiative seeks to attract MetaMask users with benefits founded on Ethereum wallet activity.
On Tuesday, Ethereum wallet Rainbow unveiled its Rainbow Points rewards program. It called it ‘the initial step towards including the community in Rainbow’s future success, and possibly teasing an imminent token airdrop.’
Rainbow Explains Airdrop to Ethereum Users
Rainbow claimed that all users of Ethereum were airdropped points on the basis of their on-chain activity. This included their wallet balance, with additional rewards for shifting from MetaMask, a famous wallet, to Rainbow.
Additionally, their on-chain activity entailed holding at least a Rainbow nonfungible token (NFT) at the time.
Rainbow’s points-founded incentive structure reminiscences that of Blur, a leading nonfungible token marketplace, which took away leading market share from Open Sea by providing points that finally resulted in the BLUR token airdrop. Since earlier this year, Blur has provided tokens with hundreds of millions of dollars.
Vampire Attack Deployed Against Reputable Market Leader
It is considered a kind of ‘vampire attack.’ A vampire attack refers to a situation where a new protocol or project offers more rewards or enticements to utilize its comparable services over that of a reputable market leader.
According to Rainbow’s announcement, users could receive up to 150000 additional points for importing their MetaMask wallet into Rainbow. A tweet thread showed that Rainbow ‘real believers’ or dedicated wallet users will ‘acquire the highest number’ of points.
Rainbow indicates that the move recollects Blur’s mode that partly revolves around a ‘loyalty score’ for traders who utilize the nonfungible token platform.
According to a tweet thread concerning the rewards plan, Rainbow defiantly restructured the concept of it being a vampire attack and called out MetaMask’s famous fox mascot.
Rainbow wrote that instead of being a vampire attack, it was a fox hunt. It also said it would help MetaMask users seeking to enjoy and not suffer through Ethereum.
Despite a request for comment, Rainbow failed to respond. The request involved confirming if the points program must be an initial step toward a future token airdrop. Early last year, MetaMask revealed its plans to introduce a token. However, nothing that materialized.
Airdrop Targets Solana and Ethereum Users
Airdrops are free cryptocurrency tokens transferred to wallets with an existing cryptocurrency, for instance, Solana and Ethereum. It also involves sending the tokens to early users’ or contributors’ wallets. The conditions of the groups sending the tokens determine those who receive an airdrop. Like play-to-earn tokens, airdrops from protocols such as Pyth Network and Blur reward the network’s participators.
Airdrops are pretty famous in the decentralized finance (DeFi) space. In November, one user received BLUR worth $8.4M in the Blur NFT marketplace airdrop’s ‘second season.’
Last week, Jito, a decentralized finance protocol on the Solana platform, revealed a 90M token airdrop in expectation of the JTO token’s listing on Coinbase. After being listed on Coinbase, the distributed tokens’ overall value hit 225M.
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