Rewarding people for the onchain acitvity is not a new thing in the crypto market. We know this model very well as we have implemented the proof of content here. And the type of rewards we get are based on our actions on the chain too.
I recently came across the Rainbow Wallet. This wallet would reward your internal actions like Ethereum swaps, transfers and the wallet movement and then reward you for those actions. They offer you point system.
So let's take a look at the monetization of the ethereum activities on the Rainbow Wallet.
What is Rainbow Wallet?
Rainbow wallet is an ethereum wallet which allows you to store crypto, store NFT and the variet of other actions. This includes the DEX and the bridges. So apart from the ethereum, there are support for few other crypto too. And I suppose the swap between on and off chain crypto would get rewarded too.
Wallet is available for the android and the iphone. So you can download the wallet and also set your seeds and the keys. You have the control over those parts so rest assured they are not like coinbase and binance on that part. Wallet has more or less that typical sassy vibes on it's design and the fonts. You would kind of like such wallet if you prefer the simplicity.
You can check out the Rainbow Wallet here.
Monetizing Ethereum Chain activities
Say you sent few dollars through USDT from the rainbow wallet to the binance wallet. And then that would be considered as a valid action and it would earn you the rainbow points. These points would earn you enough leverage that makes you sell the points later on the bridge and the swap sites. So each point earned onchain has a value attached in a use case.
How would you be cashing out those points? As of now there are 3 methods that allow you to cash out the points. First being the coinbase, so the points can be bridged directly to the coinbase account, in second method there is a binance transfer from rainbow wallet. And finally third method where you can see the withdrawing from the rainbow to the bank.
What activities I can Monetize?
You can monetize the swaps, the most common activity that would earn you a good amount of the points. Another activity which is very much famous is the transfer of the ethereum based assets from one wallet to another, which could be yours or even some friend or some business. This is what is likely to get the monetized as you use the wallet.
Now the wallet would be acting like any other wallet say like Trustwallet, Binance, Coinbase etc. But here your actions are getting some points. These points are going to help you monetize your actions which is a good thing because we never see this happening in the Ethereum world much.
I'd recommend using the faucet activities with the rainbow wallet as it would earn you points as well as those sats for your faucet actions.
If you are new to the Crypto and wish to earn the first dollar or even cent through the onchain actions like collecting faucets, then Rainbow Wallet can be a good option for you to earn Ethereum. Just collect faucet Ethereum and then send it to the rainbow wallet and that would earn you the points which can be withdrawn to the Binance later.