Markets News Report
December 13, 2023

Rainbow Wallet Announces Points Program to Boost Ethereum Engagement

In Brief

Rainbow’s new points program, targeting Ethereum and MetaMask users with incentives, reflects a competitive strategy to expand its user base.

Rainbow Wallet Launches Points Program to Boost Ethereum Engagement

Rainbow, a crypto wallet available through mobile and browser interfaces, introduced a points-based program aimed at rewarding Ethereum users and attracting new ones. This initiative is part of Rainbow’s strategy to enhance user engagement with its platform.

On December 11, crypto wallet captured a snapshot of Ethereum user activity to determine initial eligibility for the program. Each Ethereum user was allocated a minimum of 100 points as an incentive.

Notably, Rainbow is also offering additional points to MetaMask users who have utilized its swap service within the past year, with the bonus amount varying based on their transaction volume.

Rainbow’s Strategy: Beyond a Vampire Attack

Rainbow’s approach is reminiscent of a “vampire attack,” a tactic used by projects to draw users from competitors by offering better incentives. However, Rainbow humorously claims, “this isn’t a vampire attack. It’s a fox hunt,” playfully referencing MetaMask’s fox logo.

Rainbow set aside a specific number of points for its existing users and holders of Rainbow NFTs. Wallet announced that users can redeem these points using version 1.9.11 of their mobile wallet app.

While not explicitly confirmed by Rainbow, there is speculation that these points might be exchangeable for potential future native tokens or could qualify users for an airdrop, adding another layer of intrigue to the program.

This initiative by Rainbow showcases its commitment to innovation in the competitive crypto wallet market. Using creative strategies, it aims to retain its existing user base while attracting users from platforms like MetaMask. This approach could potentially reshape user preferences and behaviors in the crypto wallet sector.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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