Five to six-digit weather forecasts are becoming the new norm in the crypto sector, and a growing number of analysts believe that more is to come. In September, dYdX rolled out a massive giveaway to early users, and last week the Ethereum naming service offered platform users about $ 17,000 to $ 30,000 in ENS tokens. The expectation of additional “helicopter money” has also triggered a wave of airborne hunters looking for their next big hit.
The mad rush to find out the protocols and claim a potential drop in tokens has resulted in a small increase in activity on the popular Level 2 platform Polygon and MetaMask. Since last week, there have been rumors that MetaMask can issue its token, and this is reflected in the increased participation in the MetaMask exchange.
According to Delphi Digital, MetaMask Swap activity has “grown significantly in recent days”, as there are rumors of a possible airdrop from influencers such as Chico Crypto and several Crypto Twitter organizations.
Change the volume of MetaMask in relation to daily active users on Polygon and Ethereum. Source: Delphi Digital
As shown in the chart above, the volume of over-the-air (ETH) transactions made through MetaMask Swap has increased significantly since the end of October, and the number of active MetaMask Swap users on Polygon has increased from 2000 on November 6 to 9000 in November. 12.
Profit MetaMask for 2021. Source: Delphi Digital.
As a result of the increase in exchange volume and the 0.875% commission required by MetaMask for each exchange, the protocol generated $ 200 million in revenue in 2021. This is impressive, especially compared to competitors like SushiSwap, which brings in $ 70 million annually. , so it’s some distance away. and Curve, which raised $ 12 million.
High Ethereum taxes push airdrop hunters to landfill
High fees on the Ethereum network are the probable reason for the large jump in user numbers on Polygon.
Evidence of activity recovery on Polygon can also be found by looking at the average cost of gas for online transactions, which has been rising since mid-October, when the network saw a significant increase in average transaction costs.
Average cost of gas in the landfill. Source: polygon scan.
Related: Gateway is collaborating with Polygon to develop Bitcoin DeFi
According to DappRadar, the average number of transactions over a 30-day period on MetaMask Swap increased by 13.95%, while the number of active users increased by 18.25%.
Exchange statistics MetaMask. Source: DappRadar
The historical activity chart above also shows a huge increase in volume on November 11, when rumors of a possible airdrop spread widely across crypto social media channels.
It remains to be seen whether the increase in activity will pay off for those looking for airborne droplets, and it is possible that MetaMask will use some measures to counteract those who try to manipulate the system with Sybil attacks, similar to what was seen with Ribbon Finance. …
The recent ParaSwap airdrop is a good example of some anti-airdrop countermeasures that can be taken to discourage those who try to tamper with the system. The ParaSwap team ensured that only 1.5% of the unique addresses that participated in the protocol received air drops, much to the annoyance of air drop hunters and honest first-time users of the platform.
It is currently unconfirmed whether the MetaMask team will release its own token or whether an airfall will occur. This means that all the suggested ways to interact with the platform to get this rumored air drop are speculation at the moment.