Rainbow Introduces Points-Based Program to Reward Users
Rainbow, a crypto wallet available on mobile and browser, has launched a new points-based program aimed at rewarding existing users and attracting new ones. To determine initial eligibility for the program, Rainbow took a snapshot of user activity on Ethereum on December 11. As an incentive to explore its platform, Rainbow has allocated a minimum of 100 points to every Ethereum user. Additionally, Rainbow is specifically targeting MetaMask users by offering a points bonus to those who have utilized MetaMask’s swap service in the past year, with the bonus amount based on their transaction volume.
Rainbow’s Unique Approach
Rainbow’s points program is reminiscent of a “vampire attack,” a strategy used by projects to entice users from competitors by offering greater incentives. However, Rainbow insists that this is not a vampire attack but rather a “fox hunt,” alluding to MetaMask’s logo resembling a fox.
Points Allocation and Redemption
Rainbow has reserved a specific number of points for its current users and holders of Rainbow NFTs. These points can be redeemed using version 1.9.11 of the Rainbow mobile wallet application. While it is not explicitly stated, there is speculation that these points may be exchangeable for future native tokens issued by Rainbow or make users eligible for an airdrop.
Points in the Crypto Space
In the crypto industry, points are often granted as incentives for various activities within networks or platforms. These accumulated points can potentially be used for distributing crypto tokens through airdrops. Several projects have recently employed this strategy, such as Jito and Blur, which rewarded their users with tokens based on accumulated points. Other projects utilizing a points system but not yet announcing token giveaways include FriendTech, MarginFi, and Orbiter.
Hot Take: Rainbow’s Rewarding Strategy to Attract Users
Rainbow’s introduction of a points-based program demonstrates its commitment to rewarding and attracting users. By offering incentives and bonuses, particularly targeting MetaMask users, Rainbow aims to establish itself as a competitive player in the crypto wallet market. This approach aligns with the broader trend of projects utilizing points systems to incentivize user engagement and loyalty. As Rainbow continues to develop its platform and potentially introduces native tokens or airdrops, users stand to benefit from their active participation in the ecosystem.
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