Rainbow Wallet Distributes Weekly ETH Rewards to Top 1,000 Users, Fuels Token Airdrop Speculation

Rainbow Wallet, a prominent self-custody Ethereum wallet, is "leveling up their rewards," as observed by crypto enthusiast Josh Ong, a move that includes weekly Ethereum (ETH) distributions and has intensified speculation regarding a potential future token airdrop. The wallet's enhanced rewards program aims to deepen user engagement and solidify its position within the competitive decentralized finance landscape.

The wallet's points system rewards users for a variety of on-chain activities, including asset swaps, cross-chain bridges, and referrals. Users can also earn points retroactively based on their past Ethereum network activity and by holding Rainbow NFTs. This multi-faceted approach encourages continuous interaction with the Rainbow platform.

As part of "Phase 1" of its rewards evolution, Rainbow now airdrops ETH weekly to the top 1,000 users on its points leaderboard, provided they accumulate at least 10,000 points. These ETH rewards are claimable on supported Superchain networks like Base, Zora, and Optimism, with Rainbow covering all associated gas costs. This recurring distribution distinguishes it from one-time airdrops.

The points system has widely fueled anticipation for a native Rainbow token airdrop, though the company has not officially confirmed such plans. This strategy mirrors successful models seen in other crypto projects, such as NFT marketplace Blur, which used points to precede a token launch. Rainbow is also actively challenging industry leader MetaMask, offering bonus points to users who migrate from MetaMask. As Rainbow Wallet stated on X, this approach is "not a vampire attack—it’s a fox hunt," emphasizing a strategic competitive push.

Founded as a user-friendly alternative in the Ethereum ecosystem, Rainbow Wallet secured $18 million in Series A funding in February 2022. The wallet supports multiple chains, offers robust NFT management features, and integrates with hardware wallets, positioning itself as a comprehensive tool for Web3 participants. Its focus remains on providing a seamless and rewarding user experience.