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Arbitrum, zkSync and Sui? Three upcoming crypto airdrops to watch

By Daniela Ešnerová


Updated

Illustration of a package floating in the sky under a parachute
Arbitrum, zkSync or Sui airdrops are some of the most anticipated by the cryptocurrency community – Photo: Shutterstock.

The launch of Aptos and APT airdrop made waves in the cryptocurrency space last week, prompting many traders to wonder how they could become involved in other upcoming airdrops.

Market watchers have taken to crypto Twitter in big numbers to share their theories on potential upcoming airdrops – which is the free distribution of cryptos to early supporters.

Arbitrum, zkSync and Sui are some of the most highly desired airdrops. So what steps can traders consider taking to improve their eligibility for receiving airdrop tokens?

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Arbitrum

Arbitrum is a Layer 2 protocol designed to help speed up transactions on the Ethereum (ETH) network and slash transaction fees. Speculation about the Arbitrium airdrop has been rife since early October.

But the topic received renewed attention on the back of the heightened interest in airdrops last week.

In a series of tweets, cryptocurrency analyst and commentator Miles Derschner speculated on Twitter: “The Arbitrum token (and airdrop) is coming sooner than we think. People made $10,000-$50,000 from Optimism. Arbitrum is next.”

Derschner went on to list his suggested steps for traders wishing to “put [themselves] in the best position to receive an Arbitrum airdrop”. These included: bridging to and from Arbitrum, interacting with some of the 127 Arbitrum decentralised applications (DApps) – especially the Arbitrum-focused applications – and participating in Arbitrum Odyssey.

The third step will be particularly, believes Derschner, who went on to explain Odyssey “was an eight-week initiative that was launched in June, which involved users completing a series of tasks to win NFTs”. He added:

“Due to network congestion, they paused Odyssey. However, with the launch of Arbitrum Nitro (a major network upgrade), it is expected to be resuming shortly. This will likely be the #1 prerequisite to receive an airdrop.”

Derschner also recommended that traders wishing to claim airdrop tokens should keep up to date with Arbitrum’s Discord channel.

BTC/USD

66,751.30 Price
-0.440% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,506.58 Price
-0.090% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
+6.140% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.60 Price
+3.460% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

zkSync 2.0

While Ethereum Layer 2 network zkSync 2.0 launched on Friday, a research SIMETRI reported.  

“Last week, Matter Labs Chief Procurement Officer Steven Newcomb revealed in a Twitter Spaces call that details surrounding a zkSync token would be announced in early November,” SIMETRI wrote in a tweet.

Sui

Sui is a Layer 1 blockchain that launched in March. Last month, the team behind Sui, Mysten Labs, raised $300m in a Series B funding round. 

The funding, according to a Mysten Labs blog post, was used to “to expand its stellar team to accelerate Sui’s launch, invest in the Sui ecosystem and continue our expansion into the APAC region.”. 

While the SUI token airdrop was not confirmed, decentralised finance (DeFi) asset management dashboard DeFiYield has offered a number of suggestions to traders looking to increase their eligibility for receiving the token via an airdrop.

“Create a Sui wallet; request Sui testnet tokens; create Sui non-fungible token (NFT) on testnet; mint a Sui name on testnet,” said DeFiYield on Twitter

At the time of writing, it is important to remember that these susggestions are speculation until an airdrop event and its qualifying critera are officially announced. Investors should bear this in mind, along with carrying out their own thorough research, before deciding to get involved in any potential airdrop.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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