Rainbow unveils 'points' for Ethereum users, eyes Metamask community with bonus
Quick Take Rainbow, a mobile and browser-based crypto wallet, introduced a points program. On Dec. 11, Rainbow took a snapshot of Ethereum user activity for program eligibility. Every Ethereum user was allotted a minimum 100 points as an incentive to engage with the platform. Additional points were offered to MetaMask users who used its swaps service in the last year.
Rainbow, a crypto wallet accessible via mobile and browser, rolled out a points-based program designed to reward current users and attract new ones.
On Dec. 11, Rainbow captured a snapshot of user activity on Ethereum, forming the basis for initial eligibility for the program. It has allocated at least 100 points to every Ethereum user as an incentive to explore its platform. Moreover, Rainbow is targeting users of popular web3 wallet Metamask by providing a points bonus to those who have used MetaMask’s swap service in the last year, with the amount based on their transaction volume.
Rainbow’s points program resembles a strategy commonly known as a “vampire attack.” This approach is used by projects to attract users from competitors, usually by providing greater incentives. However, Rainbow stated that this tactic “isn’t a vampire attack; it’s a fox hunt,” referencing MetaMask’s logo which resembles a fox.
Rainbow has also reserved a specific number of points for its current users and those who hold Rainbow NFTs, according to its announcement. Rainbow added that these points can be redeemed using version 1.9.11 of their mobile wallet application.
Although not explicitly stated, there’s ongoing speculation that these Rainbow points might be exchangeable for future native tokens issued by Rainbow or make users eligible for an airdrop.
In 2022, Rainbow raised an $18 million Series A led by Seven Seven Six, the VC fund set up by Reddit co-founder Alexis Ohanian.
What are points?
Typically in the crypto space, points are granted as incentives for activities such as participating in a network or interacting with a digital platform. These accumulated points can potentially serve as a basis for distributing crypto tokens through airdrops, a strategy that has been employed by several projects recently.
For example, Jito, a liquid staking protocol on the Solana blockchain, rewarded its users with points for staking SOL. Similarly, the NFT platform Blur distributed tokens to its users based on the number of points they had accumulated through their activities. Other projects that utilize a points system but have not yet announced any token giveaways include FriendTech, MarginFi and Orbiter.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin, XRP and Vantard (VTARD) capture investors’ attention with price gains
The Daily: Dogecoin investors drop class-action lawsuit against Elon Musk, Michael Saylor plans $100K bitcoin party and more
Dogecoin investors have dropped their class-action lawsuit against Elon Musk, which accused him of manipulating the price of DOGE during its 2021 surge from less than $0.10 to around $0.70.JPMorgan analysts anticipate positive regulatory changes for crypto under President-elect Donald Trump, with clearer frameworks likely to benefit the industry.President-elect Donald Trump nominated bitcoin advocate Robert F. Kennedy Jr. for U.S. Secretary of Health and Human Services on Thursday.The following article is
Matrixport Included Developments That Will Affect Bitcoin in December in Its Weekly Report! Here Are the Details
Matrixport's latest weekly report highlights a number of positive factors that have underpinned Bitcoin's recent strong performance.
Trump's Inflow Wave Has Ended! Spot Bitcoin and Ethereum ETFs Experience First Outflows Since Election!
It ended a wave of inflows and outflows in spot Bitcoin and Ethereum ETFs that has been ongoing since Donald Trump was elected president on November 5.