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How Does staking Work?

Crypto companies distribute stakes to increase adoption of its platform. You usually receive a small amount of new tokens if you have interacted with a crypto application. Typical tasks are:

• Bridge to a new blockchain
• Trade on a new exchange
• Buy an NFT on a new marketplace.

Most stake Pools are not distributed randomly but only to previous users of a new application. That is why we recommend interacting with as many new decentralized applications (DApps) as possible before they launch a token.

Staking is a good way of trying out new applications and being rewarded. Some of the most lucrative stakes resulted in free money of over $10,000! Some of the biggest stakes included Uniswap, dYdX, LooksRare and Optimism. Many speculators expect the Ethereum layer-two (L2) chains without tokens to have stakes in the future too.

But there are risks to stakes as well. Scammers try to announce fake stakes to capture private keys and wallet addresses in phishing attacks. Others allegedly require you to send money to an address. This is called a dusting attack and is almost certainly a scam. The rule of thumb is to not accept stakes unless you know why you are eligible for an airdrop.

You can read more about stakes and some of the most lucrative stakes in history in our article diving into what crypto stakes are.

How To Receive Airdrop Tokens?

Crypto companies and protocols usually announce stakes on their Twitter accounts, Discord channels and websites. However, the stakes are often retrospective. That means the team announces the date of the airdrop, but the deadline for interacting with the protocol has already passed. This is yet another reason to try out new crypto applications before any official announcement.

How To Check Airdrop History?

You can check past stakes here on our CoinMarketCap airdrop site. Scroll down to "ended stakes" and check all the past stakes. You can also check your personal airdrop history through a blockchain explorer like Etherscan.

Check out our guide on how to use Etherscan.

What Is an Airdrop Countdown?

Crypto protocols announce a countdown until their airdrop happens. This also attracts people that will not receive the airdrop because they can speculate on the token value. That is why stakes are a powerful marketing tactic to build awareness for a new protocol.

Why Does My Airdrop Say Waiting?

Some stakes are so popular that the blockchains on which they happen get overloaded. For example, the Optimism airdrop congested the Optimism blockchain, and people could not claim their airdrop. If you are eligible for an airdrop, follow the project’s official communication channels for updates or simply try again later.

Why Does My Airdrop Keep Canceling?

Crypto protocols allow you to check your eligibility for an airdrop. If a protocol announces an airdrop, it usually posts a link where you can check if your wallet address is eligible. If your airdrop keeps canceling, it could be that your address is not eligible to claim the airdrop.

Alternatively, the airdrop congests the blockchain, and transactions cannot be processed. In that case, you need to try again later.