Rainbow unveils 'points' for Ethereum users, eyes MetaMask community with bonus
Quick Take
- Rainbow, a mobile and browser-based crypto wallet, introduced a points program.
- On Dec. 11, Rainbow took a snapshot of Ethereum user activity for program eligibility.
- Every Ethereum user was allotted a minimum 100 points as an incentive to engage with the platform.
- Additional points were offered to MetaMask users who used its swaps service in the last year.
Rainbow, a crypto wallet accessible via mobile and browser, rolled out a points-based program designed to reward current users and attract new ones.
On Dec. 11, Rainbow captured a snapshot of user activity on Ethereum, forming the basis for initial eligibility for the program. It has allocated at least 100 points to every Ethereum user as an incentive to explore its platform. Moreover, Rainbow is targeting users of popular web3 wallet MetaMask by providing a points bonus to those who have used MetaMask’s swap service in the last year, with the amount based on their transaction volume.
Rainbow’s points program resembles a strategy commonly known as a “vampire attack.” This approach is used by projects to attract users from competitors, usually by providing greater incentives. However, Rainbow stated that “this isn’t a vampire attack. It’s a fox hunt,” referencing MetaMask’s logo which resembles a fox.
Rainbow has also reserved a specific number of points for its current users and those who hold Rainbow NFTs, according to its announcement. Rainbow added that these points can be redeemed after the version 1.9.11 of its wallet application is released.
There’s ongoing speculation that these Rainbow points might be exchangeable for future native tokens issued by Rainbow or make users eligible for an airdrop.
In 2022, Rainbow raised an $18 million Series A led by Seven Seven Six, the VC fund set up by Reddit co-founder Alexis Ohanian.
What are points?
Typically in the crypto space, points are granted as incentives for activities such as participating in a network or interacting with a platform. These accumulated points can potentially serve as a basis for distributing crypto tokens through airdrops, a strategy that has been employed by several projects recently.
For example, Jito, a liquid staking protocol on the Solana blockchain, rewarded its users with points for staking SOL which made them eligible for an airdrop. Similarly, the NFT platform Blur distributed tokens to its users based on the number of points they had accumulated through their activities. Other projects that utilize a points system but have not yet announced any token giveaways include FriendTech, MarginFi and Orbiter.
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