Spin ($SPIN) Token Airdrop Guide: How to get a second airdrop?

Spin is a decentralized crypto trading platform built on NEAR Protocol. It offers users a secure, fast, transparent, and cost-effective way to trade in digital assets. Their user experience is designed to be competitive with centralized exchanges, while still providing the benefits of decentralization. Spin has already completed its first airdrop in December 2022 and was a huge success. Don’t worry if you missed out on their first airdrop because Spin is now in the final countdown for its second (bigger) airdrop, and a snapshot will be taken soon. Here’s our guide on how you can get the second Spin token airdrop.

Spin ($SPIN) Airdrop Step-by-step Guide

 Spin has successfully completed its first airdrop in December 2022. Here’s how to get the second $SPIN token airdrop:

  1. Use Spin mainnet.
  2. Participate in the Spin community.
  3. Own Spin NFTs.

See below for more details.

What is Spin?

Spin is a decentralized trading platform built on NEAR Protocol. It provides users with a range of products and services designed to meet the needs of both novice and experienced traders, DeFi investors, and those seeking passive income. Spin combines the best of CeFi and DeFi to create an advanced 360° trading platform that offers a user experience comparable to that of a centralized exchange, without compromising on security, speed, transparency, or trading costs. Their features include spot trading, instant swaps, and perpetual features. They will also be launching their Automated Investment Products (AIPs) soon.

What is the Spin token?

Spin has a native token known as $SPIN and is a utility and governance token. Utilities of the $SPIN token include:

  • Staking $SPIN can entitle you to 50% of the platform’s fees.
  • Trading actively on Spin can get you $SPIN token incentives as a reward.
  • Market makers receive $SPIN according to the amount of liquidity they provide, the spreads, and their uptime.
  • Vault users can receive rewards for depositing in Vaults (e.g. options premiums) and $SPIN tokens.

$SPIN has a total token supply of 1 billion tokens, of which 2.0% of the total token supply (i.e. 20 million $SPIN) will be allocated towards airdrops. Of this, 0.5% i.e. 5 million $SPIN have already been distributed in their first airdrop. So the second larger is going to be 3 times the size of the first!

How to receive $SPIN airdrop?

Spin has already done a first airdrop in December 2022. During this airdrop, 0.5% of the total token supply (i.e. 5 million $SPIN), were allocated to the Early Adopters’ Airdrop.

Spin confirmed they will have a final $SPIN token airdrop for not-so-early users before their token launch, and which activities will qualify. 1.5% of the total $SPIN token supply (i.e. 15 million $SPIN), will be distributed in this airdrop. But, the vesting period will be stricter and longer. Here’s how to get the second $SPIN token airdrop:

  1. Use Spin mainnet.
  2. Participate in the Spin community.
  3. Own Spin NFTs.

Use Spin mainnet

Spin’s mainnet has already been launched and all activities on it will count towards the second airdrop. Their protocol offers spot, perpetuals trading, and decentralized option vaults (DOV). To use Spin’s mainnet, go to their website and click “Trade on Spin”. Then, connect your wallet. You can then trade on their perpetual markets, spot markets and swaps. They also have a “Strategies” feature which allows users to choose a strategy to deposit funds. These Strategies will then start to generate income from option premiums. This is by running a weekly automated covered call strategy. Note however that this is Spin’s mainnet, so you will be using your own funds to trade.

Earn yield with Spin's Strategies
Earn yield with Spin’s Strategies

Participate in the Spin community

Be an active participant in the Spin community by following their Twitter, and joining their Discord and Telegram. You can also go to Spin’s Crew3 questboard to complete their quests. However, this is only available for those who have the Spinosaur role on Discord.

Own Spin NFTs

Spin has released its own set of Freaky Elves NFTs. Owning a Freaky Elf NFT gives you the following perks:

  • Guaranteed and priority access to the SPIN IDO (Initial DEX Offering).
  • Access to premium product features on Spin. Such as fee discounts, early access to alpha features, special avatars, etc.
  • Get special Discord roles and private chat access with other NFT holders.

All Freaky Elf NFTs have been minted. However, you can buy them from NFT marketplaces such as Para.

How to claim Spin token airdrop?

As mentioned, Spin has already done a first token airdrop where 0.5% of the total $SPIN supply (i.e. 5 million $SPIN) was airdropped to users. These airdropped $SPIN tokens are required to be locked up for 3 months after the public token sale. To claim your first Spin token airdrop, go to their Airdrop Page and connect your wallet.

Spin airdrop claim page
Spin airdrop claim page (Image source: Spin)

Spin token airdrop review

When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.

Likelihood of Airdrop: Spin has done a successful airdrop before and confirmed they will do a second one soon.

Airdropped Token Allocation: 1.5% of the token supply (i.e. 15 million $SPIN), will be distributed in this airdrop.

Airdrop Difficulty: Participating in this airdrop is going to be difficult. Users will have to be active on the Spin mainnet, and although they have different products to choose from (e.g. spot or perpetual trading), it does require users to use their own funds. Spin has also confirmed that holding its Freaky Elves NFT may entitle you to airdrops, but these have all been minted already. So you will need to buy them from NFT marketplaces.

Token Utility: $SPIN and is a utility and governance token. $SPIN is also distributed as a reward for various activities on the protocol.

Token Lockup: Those who received the first $SPIN airdrop are locked up for 3 months after the public token sale. The team has said that the lockup for the second $SPIN token airdrop will be “stricter and longer”, but it is unknown how long it will actually be.

REVIEW OVERVIEW
Likelihood of Airdrop
Airdropped Token Allocation
Airdrop Difficulty
Token Utility
Token Lockup
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Angela loves cryptocurrency, technology that improves our lives...and food. Anything that merges these worlds together is even better.
spin-token-airdrop-guideSpin has already done an airdrop and confirmed they will have a final $SPIN token airdrop for not-so-early users before their token launch. This time, the airdrop will distribute 3x more tokens than the first airdrop (1.5% of the total $SPIN token supply (i.e. 15 million $SPIN)). The snapshot has not been taken so this is your last chance!