Perhaps when people mention cryptocurrencies, the first things that usually come to people’s minds are the names of the main coins such as Bitcoin and Ethereum. However, due to the need for diversification and mitigating the weaknesses of some of these early digital coins, some new cryptocurrencies have been developed.
One of the latest entrants to the crypto space is Luna, which is the native token of the Terra blockchain. Terra is one of the blockchain protocols that utilize stable coins that are pegged to fiat currencies to facilitate global payment networks that have stable prices. The idea of Terra, as is explained in its white paper, was to optimize the fiat currencies’ wide adoption and price stability, together with Bitcoin’s censorship resistance to develop quick and affordable payments.
Understanding airdrops
In the crypto world, airdrops refer to the allocation of free coins or tokens to users through their wallets from the crypto project. Typically, several events can lead to the initiation of airdrops, but the bottom line is that the crypto investors or the coin holders get specified amounts of digital coins at no cost or after executing some tasks.
In some instances, to benefit from airdrops, you have to go through a KYC process. Sometimes the airdrops are tied to completing tasks, you may have to subscribe to a project’s newsletter, create awareness about the brand or even follow the crypto’s project’s social media pages.
A look at Luna airdrops
In the Terra community, airdrops have become a common thing and Luna holders have become keener about them a lot. In fact, one of the things that are being discussed a lot among the circles of Luna stakers is the airdrops. The Terra blockchain has a number of airdrops and we will look at a few because there are big occasional ones and small frequent ones.
- Genesis airdrops – These are kind of welcome rewards. Normally, some protocols award their stakes or in the case of Terra, the Luna delegators, a sizeable stack of the project’s stake. The genesis airdrop is a one-off gift and a handsome size. You can look at it as an “appreciation” token from the protocol for being among its initial or early supporters. To learn more on how to get this type of airdrop and others, you can check out the Loop.
- Weekly airdrops – As a Luna holder, you will normally receive some airdrops, and these are often weekly ones. Although not big, weekly airdrops come often. They are small gifts for your continued support of the project or having a stake in the company. The protocol rewards LUNA-tics airdrops in form of the project’s native coin, for simply delegating Luna. Delegating in the Terra protocol is what other projects refer to as staking or locking your funds in the system for an agreed period. Luna’s delegation or lock-up period is just 21 days. And when you have locked up your investment on the blockchain, the company rewards you in airdrops or some kind of dividends.
Now you know a thing or two about Luna airdrops, and you can get some of Terra’s native coins to enjoy the various airdrops and thus, grow your digital coins balance and wealth.
