A crypto airdrop is a marketing campaign in which a cryptocurrency company or organization distributes free tokens or coins to a large number of recipients. Crypto airdrops can be a useful tool for both cryptocurrency companies and individual users. Since every crypto user today is on the look for a viable airdrop that they can get their hands on, in this article we will be telling all about the new Plenty Network Airdrop and how you can be eligible to receive this airdrop.

What is Plenty Network?

Plenty Network is a decentralized trading platform for crypto that aims to provide its users with an efficient and seamless trading interface. The exchange is built on Tezos: A blockchain designed to evolve. Tezos is a decentralized, open-source blockchain platform that supports smart contracts and enables the creation and execution of decentralized applications (dApps). It was launched in 2018 by the Swiss-based Tezos Foundation, which raised over $230 million in its initial coin offering (ICO).

The Plenty Network is marketed as A protocol for protocols. The platform lets you Earn emissions and trading fees by easily Providing liquidity, stake, and voting services. It has both stable as well as volatile liquidity pools with trades that are marked by zero slippage.

Not just this you can also Trade your veNFT locks and Swap PLENTY and WRAP for PLY tokens on the network. It allows you to smoothly Bridge from Ethereum and Polygon so that you can migrate your tokens with no hassle. The plenty network also has a TVL of 4.5 million dollars.

New Token and Airdrop Launch

The network earlier had a token called PLENTY. However, it is now launching a new PLY token for the users. According to their future roadmap, they plan on releasing n airdrop of 3% on the total circulating supply. the total circulating supply of the token is around 30 million. Of that, 1.7% of it will go as an airdrop to those who have used the Tezos application, some to testnet users and 1.3% to those who have used some Ethereum DeFi protocol.

According to the team, “The PLY airdrop will help grow plenty.network by increasing awareness and adoption of the platform among web3 users. By distributing tokens to a wide range of individuals, the airdrop will introduce Plenty and Tezos to a large number of potential users. This can drive traffic and engagement, leading to increased usage and more transactions on both Plenty and Tezos.”

Eligibility criteria

To be able to receive the PLY airdrop, you need to have certain prerequisites that you must meet. It is important to remember that the snapshots taken to decide whether you meet the eligibility criteria or not are taken on December 31st with a starting point of July 1st 2022.

For Tezos Users

This airdrop, like most others of its kind, is a vehicle to not just popularise the use of the token but also reward the loyal and long standing users who have harnessed the Tezos platform for a while. The users of Plenty, Kolibri, Youves, objkt, FxHash, Liquidity Baking, ctez, the Plenty bridge, the ghostnet release of plenty.network, and Dogami are among the most active users of the Tezos and each has eligibility criteria to meet.

The users of the respective platforms need to meet the following criteria in order to be eligible for the airdrop

For other Web 3 Users

If you haven’t used the Tezos platform you still do have a chance to get the airdrop. Plenty is Airdropping PLY tokens to users from other blockchain ecosystems, such as Binance Smart Chain, Ethereum, Polygon, Optimism, etc. this would take the token and the platform to a broader demographic and also increase awareness significantly. In the medium article published by the network they also established that “By distributing the token to users who are already active in other DeFi communities, the Plenty team can introduce these individuals to the unique features and benefits of Tezos. This can help to attract new users and liquidity to the Tezos DeFi ecosystem, which can in turn drive innovation and growth within the Tezos network.”

Following is the list of eligibility criteria you would have to hold for the respective platform you have used.

How to use the Plenty Testnet

Using the Plenty Testnet is one of the prominent ways in which you can stand a chance to receive the PLY airdrop.

Step 1

The first and foremost thing you have to do is download the Temple wallet. To download the Temple Wallet extension, follow these steps:

  • Go to the google chrome web store on your PC.
  • Search for “Temple Wallet” in the web store or you can also visit this link
  • Tap the “Install” button to begin the download.
  • Wait for the app to download and install on your browser.
  • Once the installation is complete, tap the “Open” button to launch the extension.

Alternatively, you can visit the Temple Wallet website and follow the instructions provided there to download the mobile app.

Once you have downloaded and installed Temple Wallet, you will need to create a new wallet or import an existing wallet in order to begin using the app. As a substitute, you can also download the Naan wallet

Step 2

The next important thing you need to do is on your wallet you have to select the network. To do so follow these steps:

  • Click on your temple wallet extension
  • Unlock your wallet
  • Look on the top right for the default network option “Tezos Mainnet”

  • When you click on it a drop down list of various networks will appear

  • Choose the Ghostnet Testnet network option

Step 3

The third step requires you to request a Tez from the Faucet. This Tez will be needed for the gas fees that are charged on every transaction. To request these Tez you just need to follow the given simple steps

  • Go to your temple wallet
  • Copy your wallet address
  • Paste it in the bar under “or fund any address”
  • Click on “Request 100 Tez”
  • Within a minute you shall have Tez in your wallet.

Step 4

Next, you have to claim the Test tokens. These Test tokens will prove beneficial when you use the Plenty Network. To do so follow this process

  • Go to Plenty.Network website
  • Once you do that you will get a drop down list of wallet options to choose from
  • Choose temple wallet
  • After that, a pop will appear on the wallet extension which you will have to approve

Step 5

Next you’ll have to go to the Swap option where you can perform a few transactions. Since these are testnet transactions you can perform as many transactions as you like. When you select two tokens for the swap you will get a pop up to confirm your operation after which your transaction will be done.

Step 6

As the final step you need to provide liquidity in pools. To do so you will have to click on the Pools option that is right below the Swap option. Remember once you click, it may take a while to start since it is a testnet and such issues are common in such a protocol. Here you can select any pool where you can find some APR and click on Manage. After selecting and adding your desired liquidity you will have to simply confirm the transaction and it will get approved. You can do multiple such transactions.

To conclude

By following certain simple steps you can easily and efficiently receive some airdrops that can prove to be profitable in the future. It is important to note that not all airdrops are legitimate. Some scammers may use airdrops as a way to collect personal information or distribute malware. Therefore, it is important for individuals to do their own research and due diligence before participating in an airdrop.

Overall, airdrops can be a useful way for individuals to learn about and try out new cryptocurrency projects, but it is important to be cautious and to carefully evaluate the legitimacy of any airdrop before participating.

Frequently asked questions

What is Temple Wallet?

Temple Wallet is a cryptocurrency wallet that allows users to store, manage, and transact with multiple cryptocurrencies on the go. The Temple wallet is like a native wallet for the Tezos protocol, much like Metamask is for the Ethereum blockchain. It is available for both Android and iOS devices as well as a browser extension and offers a simple, intuitive interface that is designed to be easy to use for both novices and experienced cryptocurrency users.

Temple Wallet uses industry-leading security measures to protect users’ assets and offers a variety of customization options, including the ability to set custom transaction fees and choose from different network options. Temple Wallet supports all XTZ tokens standards FA1.2 and FA 2. You can store in the Temple Wallet your: XTZ, tzBTC, wXTZ, USDtz, ETHtz, STKR, and other tokens.

What is TVL?

TVL, or Total Value Locked, is a metric that is commonly used in the decentralized finance (DeFi) space to measure the total value of assets that are being held in a particular DeFi protocol. It is typically expressed in US dollars and can be used to gauge the size and popularity of a DeFi protocol, as well as the level of activity and liquidity on the platform. It can also be used as a way to compare different DeFi protocols and to assess the overall growth and adoption of the DeFi space.

How are Airdrops beneficial?

Crypto airdrops can be a useful tool for both cryptocurrency companies and individual users.

For companies, airdrops can be an effective way to promote a new cryptocurrency project, increase the number of users on a network, and build a community around the project. Airdrops can also be a good way for companies to distribute tokens or coins to a large number of individuals, potentially increasing the liquidity and value of the cryptocurrency.

For individual users, airdrops can provide an opportunity to receive free tokens or coins, which they can then hold, trade, or use to participate in the network. Airdrops can also be a great way for individuals to learn about and try out new cryptocurrency projects that they might not have otherwise discovered. Additionally, since airdrops are generally easy to participate in and involve little risk, they can be a low-effort way for individuals to get involved in the cryptocurrency space.

What is Tez?

Tez is the name of the native digital asset of the Tezos blockchain. It is often abbreviated as XTZ and is used to facilitate transactions and to participate in the network. Tez is a decentralized digital asset that is based on blockchain technology and is designed to be secure, transparent, and scalable.