MetaMask Airdrop Rumors
If you didn't know already, MetaMask token has been confirmed by its developer consensus, and this will likely be one of the biggest tokens to launch in crypto. Welcome back to the Virtual Bacon Channel, where I teach you how to build wealth with crypto. A lot of you really enjoyed the airdrop videos, so I thought I would do one for MetaMask as well. But this is actually going to be one of the largest, if not the largest, airdrop in crypto if it actually ends up coming true. And that is a big if because although the MetaMask token has been confirmed, the token airdrop has not been confirmed. So, big disclaimer: everything we'll talk about today, all the steps below, will only be for community speculation. There hasn't been any official announcement of whether this token will be distributed to airdrop participants or not. And one last note, this guide will require you to complete transactions on the Ethereum mainnet, which will use up quite a bit of gas fees. I estimate you will need to spend about a hundred dollars in total gas fees to complete all the steps in this guide. Regardless, though, I still think it's worth it because the MetaMask token will be one of the biggest tokens ever.
Okay, let's jump right into it. Back in March of 2022, Joe Lubin, the founder of ConsenSys, has already confirmed that they want to pursue Progressive decentralization for the MetaMask wallet. And to do this, they want to create a DAO and intend to issue a token in the future. This news came after ConsenSys raised a Series D round of $450 million, which brought the firm's total valuation to a whopping $7 billion. They're definitely one of the biggest companies in the crypto space ever. Now, the comments from Joe Lubin also matched similar remarks from Jacob C., who is MetaMask's leader. During the East Denver conference in early March of 2022, he also noted, and I quote, "We believe really deeply in Progressive decentralization and doing it over time in ways that are meaningful and doing it in ways that are not a cash grab." They also said that they want to be cautious and not place the MetaMask token in jeopardy of regulators or give governance to airdrop farms. But the token is for sure confirmed, and they continue to emphasize that the token will become an important aspect of MetaMask's plan for community ownership. So, it is crystal clear that MetaMask will have a token.
Now, why is now the best time to try to qualify for the potential airdrop? This is because MetaMask has introduced a whole suite of DeFi functionalities over the last year. Way back in 2020, MetaMask had already added token swapping as a functionality to the wallet. This not only acts as a front end but actually acts as a tax aggregator, and MetaMask charges transaction fees as a DeFi service provider. Then throughout the past year, MetaMask has launched its own portfolio adapter that has been slowly integrating new features into it. Currently, you can track your coins, buy crypto with fiat, swap between different coins with the aggregator for swapping, stake Ethereum through Lido and Rocket Pool, and even move tokens between chains using their bridge aggregator. So, it is an all-in-one DeFi app already, and this is the main thing we'll be trying today to qualify for the MetaMask airdrop. These are the main on-chain tasks that you can complete. So, without further ado, here are all the steps that you need to do to qualify for the MetaMask airdrop.
Metamask Swap
Potentially, the first step is to use the swap function on MetaMask to trade some coins. To do this, open the MetaMask wallet extension, and you'll see the swap button. Click it, and a swapping page similar to Uniswap will pop up. You can choose to swap from any token to any other. For example, I'm going to swap some Ethereum to USDC.
In terms of how much money you need to swap, it doesn't really matter; any small amount will do. You just need to interact with this functionality. So, I'm going to swap 0.01 Ethereum to USDC. Also, for all the tasks we're going to do today, try to do them on the Ethereum mainnet and with Ethereum as the main coin you're using because MetaMask's wallet itself is very closely related to Ethereum. Even though there are other networks supported within the wallet, when it comes to MetaMask and ConsenSys, they want to do everything related to Ethereum and benefit the Ethereum network. So, by using Ethereum as the network you're working with, you increase your chances of being included in the airdrop.
Bridge to Metamask Portfolio
Step two is to use the bridge functionality on MetaMask to access the MetaMask portfolio website. To do this, open the MetaMask wallet extension again, and you'll see the bridge button. Click it, and this will open a new website that we'll be using for the rest of the guide. This is the MetaMask portfolio application they've developed over the past couple of years. Get familiar with this interface, and you can even track how many coins you have in your wallet using the portfolio button.
Buy Crypto with Metamask Portfolio
In step three, you want to buy cryptocurrencies through MetaMask's portfolio functionality. Head back to the MetaMask portfolio website, and you'll find a "Buy" button at the top left. Click it, and it will open the buying tab. This is not a trading or swapping feature; it's a Fiat on-ramp that allows you to purchase crypto directly within the MetaMask portfolio from your region using your preferred payment providers. They support various regions around the world, so select your location.
Afterward, a list of payment options will appear, and you can choose your preferred one. Here, you can decide how much Ethereum you want to purchase. The total amount doesn't really matter, so I'll buy the minimum, which, in this case, is $30 for this payment provider. Select Ethereum as it aligns with MetaMask's focus on benefiting the Ethereum ecosystem.
Click "Get Quotes," and proceed with the purchase by entering your credit card or the payment provider of your choice. After completing this step, the Ethereum will be deposited directly into your MetaMask wallet, which is very convenient. Now, moving on to step four
Metamask Bridge Aggregator
In step four, you want to use the MetaMask Bridge aggregator to transfer some coins between different chains. Again, go back to the MetaMask portfolio website and navigate to the bridge tab using the selector. Here, you can bridge different tokens from Ethereum to other networks. For the purpose of qualifying for the airdrop, you can choose to bridge to any other network. In this case, I'm selecting the bridge to Arbitrum because Arbitrum is closely related to the Ethereum ecosystem, and we want to bridge ETH as the coin.
Ethereum is also the native coin on the Arbitrum network, making it an ideal choice. You can bridge any amount you prefer, so I'll bridge 0.01 Ethereum. MetaMask automatically chooses a bridge provider for you, in this case, it's Hop Bridge. You don't need to select another bridge or make any changes because the MetaMask bridge page is an aggregator, and MetaMask will select the best bridge provider for you. Let it choose the best quotes, and proceed to submit the transaction. Click "Confirm," and your transaction will go through. In a short while, your Ethereum will arrive on the Arbitrum network.
When you're finished with this guide and want to transfer the same Ethereum back, you can use the same process to bridge Ethereum from the Arbitrum network back to the Ethereum mainnet. On the bridge tab, change the "From Network" to Arbitrum and the "To Network" to Ethereum. Then bridge the desired amount back to the Ethereum mainnet. Please note that this will require additional gas fees, but it allows you to retrieve all the money you've bridged over.
Metamask Airdrop Final Thoughts
To qualify for the MetaMask token airdrop, I want to emphasize that even though the MetaMask token has been confirmed, we don't know for sure if it will actually be distributed as an airdrop. However, there have been strong signals, especially since MetaMask has incorporated the Swap and Bridge functionality, which you can see within the MetaMask wallet extension. They are clearly pushing the MetaMask portfolio DeFi application to their user base, so there's a decent chance that completing all the DeFi use cases today might qualify you for an airdrop if one happens.
Regarding the snapshot date, no specific dates have been announced yet, so there is still time to complete these tasks. At the time of recording in April 2023, the portfolio adapter is not widely adopted. I believe there's a good chance that if you complete these tasks, you can qualify.
Lastly, it's worth noting that you will need to spend around $100 to $120 in gas fees. If this is too costly for you, and you're only interested in free airdrops, then this might not be the right opportunity for you. You might want to target airdrops happening on testnets instead of a mainnet environment. However, airdrop qualifications on mainnet tend to be more lucrative because the requirement to spend a significant amount on gas fees discourages bots and airdrop farmers. It ensures that only genuine participants willing to use DeFi applications and functionalities can qualify for the airdrop. You can't just create numerous wallets and automate bots as you can on testnets or by joining Discord communities. That's why I recommend completing the tasks mentioned today to increase your chances of qualifying for the airdrop, even if MetaMask doesn't perform exceptionally well. It's still likely to be worth at least a thousand dollars.