What Is a Wallet Holder Offering?
In the crypto world, there are many ways new projects attract people initially.
Beginning days, ICO’s attracted crypto enthusiasts, but over time, when most ICO’s failed and became shady, a new format of initial offerings emerged they called IEO, STO etc.
There is also another way to attract initial users to projects that are called Airdrop.
Like ICO, Airdrop also resulted in unfair distribution of tokens towards whales or cheaters, failing the legitimate users who actually use and support the projects.
So, to reform Airdrop’s reputation, a new way of legitimately distributing crypto assets arose. This new way is called Wallet Holder Offering, in short WHO.
What Is a Wallet Holder Offering?
Wallet Holder Offering is a specific wallet giving away their partner tokens to users for completing certain tasks.
SafePal wallet is the first one to introduce this innovative airdrop mechanism that provides wallet users the first token reward allocation system of its kind.
In SafePal WHO is designed to reward their software and hardware wallet users by providing access to the airdrop tokens from wallet ecological partners in a secure, decentralized and user-friendly way.
And the reward token amount each participant receives is calculated based on how many participants are sharing the pool and how many tasks the participants complete.
For example, if you want to participate in any offerings on Safepal, you must have to have a certain amount of their own native SEP tokens in the wallet, which depends upon circumstances of the offering, such as reward allocation, tasks, timeline and have to pass certain tasks like joining or sharing wallet partner social media handles, after completing many tasks you get the reward.
Currently Available Wallet Holder Offerings.
Safepal is the first wallet that successfully conducted three WHO’s.
The first one is with Tokocrypto, which is Indonesia’s leading crypto asset exchange, and the second one is OpenOcean which is the world’s first DeFi & CeFi full aggregator; the last one is a Moonpot which is a no-loss lottery protocol on the Binance Smart Chain.
All three offerings received a good response from the Safepal users.
But currently, except Safepal, no wallet came forward to conduct the WHO’s. If some do, I’ll update the post.
Benefits of Wallet Holder Offerings for Blockchain Project.
Authentic User Base.
In the old Airdrop mechanism, blockchain projects may end up issuing tokens to whales or scammers, who do not bring any value to the project even they don’t care about the project. They just see Airdrops get rich quick schemes that don’t have any cost.
But in WHO, the project gets an authentic user base who understand the project and see value in it because they’ve already passed the many tasks where they get enough information about the project if they feel the project is not worthy or don’t have any prior knowledge about the project they can’t complete the tasks and not become a part in the airdrop.
Immediate User Base.
In WHO projects not only get a valuable user base they also acquire a user base pretty quickly, using the existing user base of wallets where they’re offering tokens.
Compared to Airdrops, where it’s hard to get public attraction, even a project is authentic the way back then to attract users having any known personality in a team or spending on marketing.
Cost Saving.
WHO substantially reduces the capital expenditures towards marketing funnels for acquiring initial users so the project team will be able to save time and effort towards administrative and marketing efforts and focus more on the project development.
Fair Distribution of Tokens.
Ultimately tokens are issued based on how many participants are participating and how many tasks the participants complete. Not based on current holdings of base coins where whales get most tokens.
Benefits of Wallet Holder Offerings for the Wallet User.
Get Better Insight.
Wallet users get a better insight into projects while completing different tasks that help to make better decisions.
Safety.
By using a third party wallet that is known and trustworthy, users are saved from falling prey to any scammy activities.
Simple and Easy.
Users get rewards by using the product. No complex rules. Rewards are sent straight to the wallet.
Conclusion.
Even though Wallet Holder Offering is still a new thing in the crypto world. In the future, this will be one of the best ways to attract more eyeballs to blockchain projects and the opportunity to earn more for users.
What do you say? Mention your thoughts in the comments.
If you got any useful insights from the post, don’t forget to share the post with family and friends.