New Opportunity for Airdrops and Free Money!

Undoubtedly, the Cosmos ecosystem has marked the last quarter of 2023 and the beginning of 2024. This primarily refers to projects like Injective and Celestia, which, besides experiencing significant value growth, have also provided passive income to their holders through airdrops of new tokens within the ecosystem. Considering the success and attention that this L1 blockchain has garnered, many upcoming projects have decided to follow this pattern. Recently, there has been increasing talk about airdrops that are expected to happen on the SUI blockchain. Therefore, in the following text, you can learn more about SUI, how to buy it, and how to qualify for the allocation of free tokens from upcoming projects within the SUI ecosystem.

What is SUI?

SUI is a decentralized Layer 1 blockchain developed by Mysten Labs. It provides fast transaction processing with extremely low costs. Also, SUI is purposefully designed to support various applications. What sets it apart from other L1 systems is its emphasis on instant transaction finality, reduced latency, and increased transaction speed.

The total supply of SUI tokens is 10,000,000,000, with only 11% of the current supply in circulation. The token unlocking period is generally linear. However, it should be noted that in spring 2024, a slightly more significant amount of coins will be released. SUI reached its maximum value on the day of its release, in early May of the previous year, when the price of one token was $1.72. Following that, there was an expected decline as many early investors sold their tokens and took profits. As of the writing of this text, SUI is valued at $1.07. With new announcements related to staking and potential airdrops, we can expect the value of this project to increase.

Buying SUI Tokens

Opening a Martian Wallet

If you want to “stake” your SUI tokens and potentially qualify for upcoming Airdrops, install the “Martian Wallet Aptos and Sui” extension. If you’ve ever installed Metamask or any other web wallet, you know how simple this process is. However, since more and more people are entering the crypto space, let’s describe the process of opening a “Martian” wallet step by step:

1. Go to the Google Chrome browser and visit the Martian Wallet website.
2. Click on the “Add to Browser” button.
3. Once the extension is installed, a screen will open where you start the wallet creation process. Click on “Create a New Wallet.”
4. You’ll be prompted to create your password. Confirm it by entering it again, accepting the terms of use, and clicking “Continue.”
5. Anyone who has ever installed a web wallet knows the next step is the “recovery phase.” You’ll receive 12 randomly generated words you must write down on paper and save. These words provide access to your wallet if you forget your password. Keep the “recovery phase” safe and protect it from others to prevent anyone from stealing funds from your wallet. It’s safest to write down the words with a pen on paper, make multiple copies, and store them in several different secure locations.
6. The next step is to unlock the wallet by entering the password you set earlier and completing the process of opening the Martian wallet successfully.
7. The last thing you need to do is set the Blockchain to “SUI” since Martian is a multichain wallet that offers SUI and Aptos. You can do this by opening the extension, clicking on the top left corner where it says “Aptos Mainnet,” and changing it to “SUI Mainnet.”

Transferring SUI Tokens from Exchange to Martian Wallet and Staking

Important notice: The SUI and APTOS wallet addresses within the same Martian wallet differ. Therefore, pay extra attention when copying to ensure you’re on the SUI Mainnet.

Since multiple projects have announced Airdrops for staking SUI tokens, each requires locking up via their website. The process of staking SUI tokens involves several steps, which are more or less the same regardless of the project you choose. Below, we’ll explain them using the example of directly locking them on the Martian wallet:

1. Open the Martian Wallet Stake page.
2. Click on the “Connect wallet” option.
3. Once you’ve connected your wallet, you’ll see the option for staking where you’ll click on the “Stake more” button.
4. Choose the validator through which you’ll lock the tokens, specify the amount of SUI, and click on the “confirm stake” button.
5. Congratulations, you’ve just staked your SUI via the Martian wallet.

However, since there are still no official confirmations that Martian wallet stakers will participate in Airdrops, another option is to directly opt for a project that offers potential Airdrops. In that case, you would perform staking directly on their application:

$SCALLOP

This project has a scoring system; as expected, a higher number of points carries a greater reward. Additionally, to qualify for the SCALLOP Airdrop, it’s necessary to “lock up” SUI tokens in a minimum amount of $100. The process is similar to direct staking on the Martian wallet. Just to be sure, we’ll outline it briefly:

1. Open the Martian Wallet Stake page.
2. Connect your Martian wallet.
3. Through the “Lending pool,” enter the number of tokens, and the SUI will be automatically staked.

$VOLO

Volo is a DeFi liquidity provisioning platform designed explicitly for the SUI ecosystem. Providing liquidity with SUI on the Volo platform yields vSUI, a liquid version of SUI that can be used on various DeFi platforms. The growth and usage of vSUI are governed by Volo DAO governance. The locking process on the Volo website is as follows:

1. Open the Volo website.
2. Connect your Martian wallet.
3. Stake your SUI tokens.

Conclusion

Airdrops have been an easy way to earn passive income in the crypto world since its inception. However, many factors influence this. The amount of locked tokens, the duration of staking, and other factors play a role. Most projects take snapshots before announcing official information about distributing tokens to people interacting with their applications. Additionally, it’s important to note that every rumor about a potential Airdrop leads to sudden purchases of those tokens. This drives up their price, and by the time you decide to participate, the token value has multiplied. One of the main rules in such situations is “No FOMO” (Fear Of Missing Out). If you missed an opportunity, don’t chase after it. Wait for the next one, as there are plenty of opportunities in crypto.

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