Crypto Week: Free Token Hunting Season Has Begun

There is now little motivation in the market to buy crypto assets amid rising yields on traditional low risk debt. The crypto market rallied when the Federal Reserve (Fed) delivered its ultra-soft monetary policy, pushing bond yields to the negative zone. Prices on crypto assets fell when the monetary watchdog announced that it would be curbing its quantitative easing program. The same situation was seen in 2018. Now the Fed announced it is going to hold interest rates high throughout 2023. So, any rally in the crypto market could hardly be expected in the foreseeable future.

However, this does not mean digital assets should be put completely aside until better times. Buying assets is always a better option during a market correction, and not when they are rewriting their highs. Sometimes, crypto projects offer their tokens to users before they officially appear in the market. There are many stories about lucky users who got their tokens for free and then their price rallied by hundreds of percent. Many enthusiasts dream of such offers. Often such projects are fake and are used to run marketing campaigns, but there are numbers of serious projects that reward their early-stage participants for being part of the project and their support. Such rewards were initiated by 1inch and Internet Computer, whose airdrops toped tens of thousands of Dollars. Hunting for such promotions is not an easy task, and there is no 100% guarantee that the story will be a successful one. Nonetheless, such a hunt could begin in search of prominent projects whose tokens have not yet appeared in the market.

LayerZero protocol for cross-chain applications could be examined in this regard. The protocol enables cross-chain liquidity transfers in native assets. Its documentation suggests the token ZRO could be issued. So, it is likely this token will be launched when the bearish market comes to an end. In order to receive such a promotion, the user has to perform several operations through the applications. So, a user may choose the most popular DaaP application in the network, like Stargate, and make a deposit into the account, even with other stablecoins, and transfer tokens several times through different blockchains and then withdraw the deposit. The user may also stake native coins that are not too expensive in the current market situation, when most coins have lost 90% and more of their peak values. However, it is important to remember that many crypto projects disappeared from the radar after marketing campaigns died down and therefore it is very unlikely that such projects  would survive a long market correction.

Any action in the crypto market now should be considered as long term without any hopes for rapid returns in the coming months. Wise money management may bring sensitive rewards in the future, while blind averaging of trades for dumped coins would be against the interest of investors in any scenario.