Less Fees & Gas - Airdrop Alert (2024)

FAQs

How to claim airdrop without gas fee? ›

Head over to the Less Fees & Gas Airdrop page. Connect your ETH wallet to check your eligibility. Claim your Free $LFG token Airdrop allocation.

Is there a gas fee? Sending an NFT via airdrop is free for the sender. Although Voice will be covering airdrop fees on Polygon for claimers, in the future, there will be applicable gas fees to claim an NFT on other blockchains such as Ethereum.

Besides the perennial “let's f-ing go,” this stands for Less Fees & Gas—and yesterday, this anonymous team gave $LFG tokens to Ethereum addresses that had spent over $4269 on gas since 2016. The token aims to onboard Ethereum users fed up with high gas and slow transaction times onto Solana.

Airdrop scams are fraudulent schemes where scammers promise free cryptocurrency tokens to participants but have malicious intentions.

First, connect your wallet and choose as many accounts as you want. When you find an airdrop you want to claim, click the 'Claim airdrop' button underneath it. From here, you can inspect basic information about the airdrop, like the network it's on, any conditions, and registration dates.

The Airdrop Gas Fees

However, there is one thing that certain: for large scale airdrops, the gas fees will be your biggest cost, and there is no way around it, even for tokens that have simple transfer functions.

To avoid Ethereum gas fees, consider timing transactions during off-peak periods and utilizing layer-2 solutions like Polygon or Arbitrum for cheaper and faster transactions. Exploring alternative blockchains such as Solana or Avalanche can also offer lower fees.

Tips to avoid high fees include optimizing transaction timing, utilizing rebate offers, and choosing transaction types wisely. Monitoring network congestion, using gas tokens, calculating fees in advance, and considering Ethereum 2.0 are other strategies.

Users can set the gas price they are willing to pay for a transaction. If the network is congested and gas prices are high, those offering lower gas fees may have to wait longer for their transactions to be processed.

Gas Fees: These are specifically used on Ethereum and similar networks, rewarding miners for verifying smart contracts and transactions. Cryptocurrencies with the cheapest gas fees are Nano, Ripple, Monero, Stellar, and Dash.

Why are gas fees needed? ›

Gas fees are used on the Ethereum blockchain and network to incentivize users to stake their ETH. Staking works to secure the blockchain because it discourages dishonest behavior.

Another security risk for AirDrop users is the possibility of a hacker sending an infected file (usually malware or a computer virus if the target is a Mac) on their device. Once you've accepted a malicious AirDrop transfer, the file is sent directly to your downloads folder, where it can execute scripts.

Airdrops occur when a crypto project deposits cryptocurrencies or NFTs in a digital wallet. Crypto projects use them primarily as a marketing and brand awareness tool. While they may give the impression that they're "free money" for recipients, be cautious about potential scams and tax surprises.

If you have the time and interest, then airdrop farming on reputable platforms can even be viewed as an educational investment. (After all, you will learn something, even if there's never an airdrop.) But your time will probably be better spent farming as a hobby, rather than viewing it as a full-time occupation.

Airdrops are taxable in the US; report their fair market value as income. Later sales of airdrops are taxed as capital gains or losses. Report airdrops as "other income" on Form 1040 Schedule 1 at their receipt date value.

Two types of airdrops exist: regular airdrops and bounties. For taxation, bounties are considered taxable income, while regular airdrops are not subject to income tax. If an individual is classified as a trader by HMRC, both types of airdrops are considered trading income and are taxable​​.