BTC Markets lists OmiseGo (OMG) and retroactively gives airdrop
With the listing comes the crediting of a year-old OMG airdrop.
BTC Markets is distinguished by being one of very few trader-style cryptocurrency exchanges that accepts AUD deposits, and it has worked to make a name for itself in Australia's relatively small cryptocurrency scene.
But until today, when it announced the addition of OmiseGo (OMG), its coin offerings have remained limited to a handful of the most popular.
As well as adding OMG to the marketplace, BTC Markets has also said that it plans to add many more this year and will be retroactively supporting last year's OmiseGo airdrop with free OMG tokens to eligible users.
To be eligible, one must have held at least 0.1 Ether on BTC Markets at the time of the OMG airdrop, on 7 July 2017, at Ethereum block height 3988888.
The OmiseGo airdrop gave out 5% of the total OMG supply to Ethereum users. The arrival of free tokens in people's wallets helped drum up a lot more interest in the project, and airdrops have since become a popular way of advertising projects.
Sometimes the airdrops are for everyone holding certain tokens, other times they're given out as a kind of bounty for users who perform tasks to advertise the coin on social media or similar.
Most airdrops are, unsurprisingly, for no-hope projects that just want to quickly buoy up prices by forcing their coin into user wallets. The peak airdrop in cryptocurrency history might have been a deliberate effort to create a somewhat profane coin, and then airdrop it to all who participated in certain ICOs. It had a total supply of 999 trillion, and a thriving airdrop and bounty scene of its own.
They've become such a popular problem that large airdrops have become responsible for a fair amount of the congestion on the Ethereum network, leading to ironies like energy-efficiency-focused coins consuming extraordinary amounts of Ethereum network gas.
Most airdropped coins are just digital rubbish littered on different networks. But a few, like OmiseGo, end up becoming big and valuable deals. It can be worth being ready to pick up airdrops just in case.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and NANO.