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Why This Analyst Is Bullish on Crypto Testnet Airdrops in 2024

source-logo  beincrypto.com 12 February 2024 08:14, UTC

Miles Deutscher, a cryptocurrency analyst, announced to his 446,900 social media followers that testnet airdrops represent the simplest method for accumulating wealth in the crypto sector.

Deutscher told his followers that there are “many more to come this year.”

Testnet Airdrops Not as Lucrative, Easier to Access

In a series of posts on X (formerly Twitter), Deutscher acknowledged that while testnet airdrop payouts may not be as substantial as mainnet airdrops, they serve as an excellent opportunity for newer investors to hone their on-chain skills without assuming excessive risk.

“Testnet airdrops are the easiest way to turn $0 into thousands of dollars. It’s the closest thing you can get to “free money” in crypto.”

Essentially, testnet airdrops operate by rewarding users who actively participate in testing the network.

This benefits the network by enabling bug identification and showcasing the platform to users, thus generating word-of-mouth momentum for the project.

Read more: Crypto and NFT Airdrops: What Are They and How Do They Work?

Deutscher outlines various upcoming testnet airdrops he is eagerly anticipating. His top selection is Berachain, an EVM-compatible L1 blockchain built on top of the Cosmos-SDK.

“This is one of the biggest testnet airdrop opportunities right now, and it’s relatively simple to get involved.”

He also highlights Metis, Shardeum, Particle, and Data Ownership Protocol as other testnet airdrop opportunities worth exploring.

Crypto Airdrops in 2023: $4.6B in ‘Free Money’. Source: CoinGecko

Investors have different motives for participating in airdrops. For some, the airdrops is just an added bonus for their passion for testing out new blockchains.

Miles Deutscher Picks Top Testnet Airdrops

However, the majority of investors do hope for the the token to appreciate once listed on the exchange.

The advantage of this, is getting before the listing on crypto exchanges, which many often hope means attracts more investors, which could positively impact price.

Read more: What Are Altcoins? A Guide to Alternative Cryptocurrencies

On February 6, BeInCrypto reported that leading crypto exchanges, such as Binance, announced the listing of the airdrop token – Dymension.

Dymension garnered attention for its innovative approach, utilizing the Inter-Blockchain Communication standard to secure and interconnect rollups. This modular blockchain raised $6.7 million in a private token round.