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High Reward, Low Risk | Edition #4

26 Nov 2022 : 18:22
Updated : 20 Dec 2022 : 12:05
2 min read

Welcome to the “High Reward, Low Risk” series. This has been one of our most popular reports given its low risk nature.

This edition focuses on Cross-Chain Communications and total yield has been ~$2,000 so far.

Disclaimer: We are a Research Firm, not financial advisors. Nothing stated or published by Cryptonary shall be considered as financial or investment advice under any circumstance. You are fully responsible for any capital-related decision you make.

The cryptocurrency market is known for its “rags to riches” stories. But, those big returns all come with a high risk – the risk of losing a large part of one’s capital. Airdrops beg to differ.

What if we told you there’s a way to earn high potential rewards without taking on large risk?

Airdrops are the answer, protocols and companies that are willing to reward early users. This concept became popular when Uniswap gave 400 UNI to all users – at the time they equated to about $2,000.

Important Note: Bridges aren’t the most secure model as they use IOUs. Only a few incidents and hacks have occurred but that does not mean to blindly trust these while attempting airdrops.

Platform 1: Goodbridge| Status: Complete

During the 2021 Avalanche Rush, a bridge emerged and allowed people to move from Ethereum to Avalanche. For marketing purposes, a meme token was launched called GoodBridging (GB). Everyone received ~900GB and its price went up north of $2 pretty quickly. The original report mentioning this can be found here.

Platform 2: Portal | Status: Pending

Portal is the rebranded name of “Wormhole” which is famous for helping users bridge funds from Solana to Ethereum or vice versa (they do offer other chains FYI). Like most things in crypto, they’re likely to have to decentralise and that would be via a token which may very well be airdropped.

Platform 3: Rainbow Bridge | Status: Pending

Rainbow Bridge links Ethereum to Near and Aurora and allows users to transfer funds.

Disclaimer: Please note that there never is a guarantee that a platform actually does an airdrop.
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