Polygon Network and MetaMask Record High Activity after Airdrop Rumors

In an attempt to qualify for a possible token distribution from the popular cryptocurrency wallet provider, Airdrop hunters flocked to MetaMask Swap and Polygon networks.

Analysts predict that more than 300 million people will be using crypto in the future. A large number of them have already received airdrops with enormous sums of money.

In September, dYdX provided a huge airdrop to early users. The Ethereum Name Service recently rewarded platform users with roughly $17,000 to $30,000 in ENS tokens.

Helicopter Money and Crypto Airdrops

The expectation of further “helicopter money” has resulted in a slew of airdrop hunters scouring DeFI platforms for the next big score.

The rush to interact with protocols and qualify for possible token drops resulted in an increase in activity on Polygon; a popular layer-2 platform, and MetaMask, a widely used wallet. Since last week, talk has circulated that MetaMask may produce its own coin; this is according to the rise in usage of the Swap function on MetaMask.

According to data from Delphi Digital, MetaMask Swap usage has increased dramatically in recent days as rumors of a possible airdrop circulated by influencers like Chico Crypto and various crypto Twitter accounts.

MetaMask swap volume vs. daily active users on Polygon and Ethereum. Source: Delphi Digital

As can be seen in the graph above, since late October, the amount of Ether transacted via MetaMask Swap has increased dramatically, with daily active users (DAU) of MetaMask Swap on Polygon increasing from 2,000 on Nov. 6 to 9,000 on Nov. 12.

In 2021, the protocol has amassed $200 million in revenue as a result of the extra swap volume and 0.875 percent charge taken by MetaMask from each swap. This figure is remarkable, especially when compared to rivals such as SushiSwap, which has made $70 million this year and Curve, which has earned $12 million.

High Ether fees push airdrop hunters to Polygon

The dramatic increase in users on Polygon is most likely owing to the high fees on the Ethereum network.

From this data, Polygon staff discovered that the purchase of cryptocurrencies was being driven by activity on the site. You can see evidence of a pickup in activity when looking at the average gas cost of transactions; which has been rising steadily since mid-October when transaction fees increased significantly.