Greetings, farmers!
Two of the airdrops I have been actively farming have now concluded and it's time for a little analysis. I'll start with Movement and their recently finished testnet called Building The Parthenon. This was something I've been mentioning a lot in my previous posts and if you've been following and taking part, congratulations. It's over now, tokenomics are out the speculations may begin.
Now, here's when it gets interesting. The $MOVE token will launch first on the Ethereum mainnet where you can claim your tokens, sell them, hold them, whatever BUT if you decide to wait for the actual Movement chain to launch, you'll get rewarded with a bit more $MOVE tokens.
This little piece of information is quite intriguing and I'm sure many of us who have been watching token genesis events with an airdrop allocation know that the price will often start to decline pretty fast.
For example, $DYM, which launched last February, started a steep decline down from ~$8 to an all-time low of $0.95.
This is just one example, and there are several others like it, so I've adopted a certain mindset of forcing myself into selling at least 75% of my allocation. This is not just cold-hearted dumping but common sense, as I plan to buy back at a lower price if I'm interested in the project.
But here's the trick.
Some airdrops start to surge almost right after the TGE. It's rare but if there's enough demand and the valuation isn't ridiculous, it can happen. The recent GRASS airdrop is a good example of one where the token price starts climbing up, and in this case, quite aggressively as well.
On this daily $GRASS chart we can see the token pumping from $0.65 to an all-time high of $3.89 in just 10 days. After coming down for several days, $GRASS has managed to climb back up and isn't that far away from its ATH while currently trading at $3.11. Also, with $GRASS, I made an exception to my rule and sold only 25% at $1.5 but in hindsight, it's safe to say that holding the whole bag would've been the way to go here.
Here's a little DYM/GRASS airdrop comparison:
- My DYM allocation was worth $800 and dropped to $95
- $GRASS bag was $60 at launch and is now worth $185 even though I sold that 25%
Therefore I'm pondering should $MOVE be like $DYM, or more like $GRASS. 1.25x allocation is tempting and to my knowledge, Movement is a pretty anticipated network and I feel there's a bright future ahead. Then again, there's a bull run going on and surely many people want to get some extra funding to buy the tokens they've been drooling for...
If you have been active with the Movement testnet, you can register your wallets here but hurry up since it closes on the 2nd of December.
Mantra
RWA project Mantra also completed their testnet and will distribute 50M $OM tokens to eligible users. Fortunately, I happened to be one of them. Compared to Movement, the testnet was less time-consuming and pretty straightforward consisting of just a couple of quests where we needed to stake, claim, and send tokens onchain.
Another difference between these two projects is the token. Whereas the $MOVE valuation still remains a mystery, the $OM token is already out there trading currently at $3.52. $OM has gained a massive 15320% year to date and because of the current value, I'm more than happy with my allocation.
However, there's a catch.
The airdropped tokens are subject to a vesting period lasting 12 months. In a month we are supposed to be able to claim a certain amount while the rest are gradually released during the following 11 months.
Now, I see some pros and cons in this. The good thing is there probably won't be a major dump since huge amounts aren't released all at once. Also, the alt season is coming so $OM releasing gradually will prevent me from selling too soon. On the downside, the 11-month vesting period will most likely extend over to the next bear market so the last released tokens might not be worth that much anymore.
Still, Mantra testnet was seriously under-farmed in my opinion. Even though the tasks were super easy, only 124k out of 600k addresses qualified. Both numbers are very low considering what quality project is in question and how many tokens were allocated. This is a good reminder for me and anyone else to finish these no matter how repetitive and long they are - you never know with which one you going to strike gold.
Not only do testnet users get rewarded(although it's the biggest amount) so you might want to check your allocation here by entering your Mantra, Ethereum, Cosmos, and Stargaze addresses.
Still Ongoing Airdrops
Although Mantra and Movement are finished, for now, there are still some big ones to farm. In one of my recent blog post, I was also writing about Monad and Berachain which could potentially be generous ones based on the amount of capital they have raised.
Monad is still a bit obscure for me and is perhaps more for creators and devs as you get Discord roles by contributing your art and ideas. Berachain however is good old straightforward farming although I feel the owners of expensive NFTs will be served first.
Then there's Grass which has already proved to be a real winner and is now in its second season. The first one consists of 7 epochs and we are now on the second epoch of S2 so I think there's still plenty of time to get in.
Conclusion
Many people are saying that farming testnets is just a waste of time and the real money is in the airdrops that require initial capital. If and when Mantra pays off, it'll be one of the most generous airdrops I've taken part and indeed, it was a free testnet. Meanwhile, projects that do require some sort of initial capital like Mode have only given out dust.
From now on I'm going to follow my strategy of constantly focusing on 3 or 4 potentially big ones to do the tasks no matter how stupid or time-consuming they are. It seems the ratio of good and bad drops is something like 1 to 5, meaning you don't want to quit farming altogether after a couple of dust drops. The big one might be just around the corner.
Thank you for reading and happy Thanksgiving if you're celebrating!
Ongoing Airdrops:
š¹ Grass - Season 2
š¹ Sonic - Fantom is going to rebrand as Sonic. Play arcade games for a chance to get a $S token airdrop - invitation code: 2ljo4b
DISCLAIMERS:
This is NOT financial advice.
Thumbnail image created with Canva, other pic sources: CoinGecko, Mantra