What are crypto airdrops and how to spot them?

What are Crypto Airdrops and how to Spot Them?

Imagine you got a good amount of crypto tokens for just using a blockchain protocol. Well, this is not something out of the world, this is called a crypto airdrop.

Crypto Airdrop is a marketing strategy undertaken by a new cryptocurrency company, where they send tokens to the active blockchain users or active crypto wallets for free or in exchange for some minimal task such as retweeting a tweet, sharing some post, etc.

This is primarily done to promote the coin in the market by making acquaintance with the active users and by making their name in the headlines through airdrops.

From the surface, airdrop looks really cool and seems like an easy way to earn money instantly with just some luck, but it has many strings attached to it.

Let’s dive deeper and learn everything about it.

How do Crypto Airdrops work?

Talking about the process, the first node is traced back to the point in a startup where the company decide that they need an airdrop. This decision may be influenced by various factors such as a marketing strategy, a hard fork in the network, or to regenerate the interests of the existing investors.

The next node in this process tree is to launch the public campaign. This begins with the data collection of the interested/ deserving party. Sometimes this data is limited to wallet address and sometimes it includes the email address and other contact details.

After deciding the list of beneficiaries, the company make a smart contract to facilitate the airdrop. Companies often publicize the transaction block to ensure transparency.

Considering the second step of the process mentioned above, there can be many ways to choose whom to send:

  • Companies determine a small task or set of small tasks to use as the eligibility criteria. Users complete the task and got selected for an airdrop.
  • Companies distribute the tokens axiomatically, to the users holding a certain amount of tokens or simply assets.
  • Companies take a random snapshot of the blockchain at an earlier point in time and then invite those randomly selected users to claim their airdrop.

Types of Airdrops

  • Standard Airdrop

In this type of airdrop, the interested user shows their interest in receiving an airdrop. The individual has to provide a valid wallet address as a mandatory field and the rest is upon the company having airdrop. In this type of airdrop, the number of tokens to be given away as well as the limit of tokens to be sent to each interested user is fixed and hence makes this a time-sensitive airdrop. This is the much popular due to its simplicity.

  • Bounty Airdrop

To raise awareness and name of the projects companies often assign some tasks to interested users. These tasks are as simple as putting a post on your social media about the company, retweeting the tweet, bringing followers to the company’s social media handle, etc. As per the task performed by the user, the company assign some points to the user describing what amount of work is done by the user, and later, according to the points, they distribute tokens. 

  • Holder Airdrop

This type of airdrop is automatically depending on who is holding assets and how much? Being a part of a publicly distributed ledger, the wallet and other blockchain information are publicly available. It might have a drawback. There might be some users who don’t want any kind of airdrop but they had qualified the criteria for Holder Airdrop.

  • Exclusive Airdrop

This is a specialization of Holder Airdrop. This is rolled out to handpicked exclusive members. The criteria of selection here are not the amount they hold in their wallets, but some criteria like time spent on blockchain projects, money spent on non-token activities or simply interest.

  • Raffle Airdrop

Generally, the number/ amount of token a company want to airdrop is less than the number of interested users. So the company may give a raffle ticket, but one has to earn it. A user may earn a raffle ticket in various ways such as by holding tokens, storing points through various tasks, or just by showing interest.

Some Famous Airdrops

  • deCRED
      • Date: Jan 2016
      • Amount: 258000 DCR
      • Peak airdrop Value: 32,500 USD
  • Bitcoin Cash
      • Date: Aug 2017
      • Amount: 1 BCH to everyone who held 1 BTC
      • Peak airdrop Value: 2947 USD/BCH (peak)
  • Oyster
      • Date: Nov 2017
      • Amount: 2227 PRL
      • Peak airdrop Value: 11,000 USD
  • Minereum
      • Date: Jan 2016
      • Amount: 32000 MNE
      • Peak airdrop Value: 440,000 USD
  • Stellar
      • Date: Jan 2016
      • Amount: 1000 USD worth of XML/BTC
      • Peak airdrop Value: 125,000,000 USD
  • Uniswap
    • Date: September 17, 2020
    • Amount: 400 UNI
    • Peak airdrop Value: 17800USD @42USD per token

Are Crypto Airdrops safe?

Although it sounds like a dream deal to receive tokens for free, it has some hidden risks involved in these airdrops.

  • Pump-and-Dump

The market has seen several airdrops which were just pump-and-dump stunts. The company issuing the token expect sizzling hype for the same but doesn’t get the same response. Once the trade of tokens starts, the creator sells the sizeable portion of tokens they hold, which eventually crashes the prices.

  • Dusting Attacks

Unlike the above, the scammers out there possess the risk. The scammer will credit a minimal amount of tokens into someone’s wallet and invade their privacy. The scammer will then trace the transactions of the wallet and deanonymize the user or firm operating the wallet.

How to spot Crypto Scams?

  • The first and most important requirement to avail of an airdrop is owning a private crypto wallet which is compatible with the token the user is interested in.
  • To get updates regarding crypto airdrops, one needs to keep updated with crypto news from reputable crypto sites such as CoinMarketCap, CoinGecko, CryptoBullsClub etc. to get the information about the upcoming crypto airdrops.
  • When you find an airdrop about which you have researched enough to be sure and safe, you have to follow the instructions and eligibility criteria posted by the admin. You might need to do some tasks as mentioned in the above sections.
  • Once you have qualified for the airdrop, you have to wait for the official date and should check your crypto wallet on the date of drop.
What is Dogecoin? should you buy it?

What is Dogecoin? Should you buy Dogecoin?

If you are exposed to the internet, you must have seen a Shiba Inu(a Japanese dog breed) staring at you from the edges of his eyes and often looks funny. Whether you have seen them in some meme where they are intended for humour or you have seen it in the context of the crypto market, well, it’s interesting to know in both the context the doge has had a fair share of fun. Dogecoin has been one of the most famous and defamed coins at the same time. While it has made many investors rich on one hand, it has broken many of their nerves. So, let’s get into the interesting case of Dogecoin, should you buy it?

What is Dogecoin?

Dogecoin is a cryptocurrency made by Billy Markus and Jackson Palmer, two software engineers who created it for fun and aimed the market with investors beyond Bitcoin. Launched in December 2013, this is a P2P, open-source currency, which was made as a joke making fun of the bizarre speculation in the crypto world at that time. The coin was forked from Litecoin which essentially means it has a major portion of code similar to that of Litecoin.

The logo itself has an interesting history as it was a photograph from 2010 which later got viral as a meme in 2013. It was entitled “top meme” by Know your Meme in 2013. doge

Dogecoin is an altcoin which has some amazing features such as the use of a scrypt algorithm. Scrypt is basically a password-based key derivation function. Basically, the algorithm that is highly used in cryptography, makes it costly for the attackers to hack on a high scale. This makes DOGE a safe coin according to the resources and market scenario of 2013. It also provides low prices and unlimited supply.

History of Doge

Initially, the company used a randomized reward for block mining but was changed to static mining the very next summer. DOGE saw an amazing jump of 300% within just two months of its launch, supported by China’s laws to stop centralized associations, such as banks, to invest in cryptocurrency.

Also when we talk about the history of this coin we cannot forget to mention the name of the new CEO of Twitter, which also owns Tesla, SpaceX and many companies. Elon Musk is a name tightly associated with the history of DOGE. He often kept tweeting about dogecoin and due to his influence in the market dogecoin prices increased drastically, also he bought a huge volume of DOGE for Tesla and that was another reason for the sudden boost in the terms of popularity as well as the price for dogecoin.

Looking at the price history it has been a fun ride for the coin

Tracing back from the data available from Jul 2017, dogecoin opened at 0.002 USD with a volume of 222 Million. It ended the year at the highest price of 0.011 USD but it saw a huge jump in volume as it grew to 62.84 Billion in Oct 2017.

In 2018, it opened at 0.008 USD and touched its highest price of 0.019 USD in Jan. It didn’t show many dramatical curves this year. The volume varied between 5.43 Billion as the lowest and 69.53 Billion as the highest in 2018.

Likewise was the next year 2019. It oscillated between the price of 0.001 to 0.004 USD. But it crossed the 100 Billion mark in terms of volume in the month of May and ended the year with a volume of 114.1 Billion.

The year 2020 was no different in terms of price as 1 DOGE cost between 0.001 to 0.1 USD and this was the highest of all time for the coin. Its volume crossed the mark of 1000 Billion in April 2020 which made it to the headlines that year.

It was 2021, and fortune was knocking at the doors of DOGE. This was the year which spread the name of the coin worldwide. Witnessing a jump of 689% in the first month, the coin which was at 0.004 USD in Dec 2020, was now at 0.03 USD in Jan 2021 with a volume of 658 Billion. Later in April 2021, it again saw a jump of 526% and reached its all-time highest of 0.4 USD. But this was not the bar, the coin went up to 0.7 USD in the next month. With an uncertain but best year in its history, DOGE closed at 0.17 USD in 2021.

2022 has not been as good as the previous year for the coin but it is still in a better place when compared to the early years. It opened at the price of 0.17 USD and touched the highest of 0.21 USD. Its volume dropped from 100 Billion and has not touched that mark till the date of drafting.

Historical summary of DOGE(July 2017- Sep 2022)

Drafting in the last week of October, DOGE is at 0.1025 USD with a total supply of 136.67 Billion, also, It has a market capitalization of 13.52 Billion USD.

Dogecoin price

Future of DOGE

The future of DOGE is a controversial topic among market experts. Some of them predict the optimistic days ahead whereas some see it going towards the end.

Analysing the market sentiments and views given by the experts of the domain, dogecoin will witness a gradual rise in 2023 and by mid of the next year, it would cross the 0.1 USD mark and go up to 0.2 USD and can suffer a down to 0.06 USD.

In 2025, it is expected to reach the 0.6 USD bar as high and might see a depression of 0.2 USD. The price would revolve around 0.4 USD in 2025.

Experts predict its rise nearly to 1 USD in 2030  and would have an average price of around 0.8 USD.

Different price predictions of various agencies are

  • GOV Capital
    • 0.162 USD in one year
    • 0.867 USD in 5 years
  • Digital Coin Price
    • 0.08 USD by the end of 2022
    • 0.13 USD by the end of 2025
    • 0.29 USD by the end of 2030
  • Price Prediction.net
    • 0.37 USD by the year 2025
    • 2.42 USD by the year 2030
  • Trading Beast
    • 0.08 USD in 2023
    • A highest of 0.12 USD in 2023

Should you buy DOGE?

Dogecoin has seen a glorious rise and a heartbreaking fall but isn’t this the basic rule of the market? It involves risk but dogecoin holds the potential of a good return on investment. So, in my opinion, DOGE should be bought again, not for a short-term return of investment over a small volume of money, but for a long term and that too on a considerable capital.

is bitcoin really used for illegal activities?

Is Bitcoin Really Used for Illegal Activities?

With the name Bitcoin, a wave of thousands of thoughts just ran through your mind. The popularity, whether it’s constructive or destructive made it so.

Today, Bitcoin is the cryptocurrency holding more than 40% market share of the whole crypto market and it has been growing for years now.

It has single-handedly kept the market in control for so long that a subtle movement in its graph causes a tremendous market mood change.

Pie Chart showing market dominance of Bitcoin

With so much power, there also comes its misuse and dark side. It is so often blamed for its use in illegal activities.

A naive user always wonders how such a financial asset can be used in crime. Well, there are several purposes served with the help of this market messiah, like-

  • Ransomware blackmail cases
  • Tax Evasion
  • Money Laundering
  • Terror financing
  • Drug and arms dealing
  • Human trafficking and other dark web tradings.

Where on the surface web is a great market for investing money, on the other hand, it is the spine of the dark web economy which is unknown to the governing bodies.

According to an estimation by Chainalysis, the Bitcoin used for illegal activities is worth 10 billion USD.

But what are the possible reasons to use it for such things?

Reasons to use Bitcoin for illicit activities

  • Anonymity

One of the most vital advantages of crypto transactions is you can send it without being exposed to the authority. You need not have KYC at some bank and submit all your documents. You can operate your money while being anonymous and that’s the most attractive feature for criminals.

  • 0 trust issues

Unlike bank transfers, no third party is involved in the transactions and lesser the nodes more secure the transaction.

  • High Access and Speed

Transactions for bitcoin and all other cryptocurrencies need just the internet and a device. You can send millions of dollars in a few seconds at your fingertips. 

  • Easy to store and Transfer

Imagine Pablo Escobar in today’s era. He need not store his cash underground, he would have just needed a digital ledger to store and deal in millions. Well, that’s how today’s new Pablo’s dealing.

  • Easy global trade

Conventionally, global trade is considered a headache, but the problem is solved by Crypto.

Talking about the illegal cryptocurrency trade we must mention Monero another more anonymous token which is getting popular in the illegal mafias and is being predicted to cross bitcoin in the same in the coming few years. It is even less traceable than bitcoin. Yes, you read it right even Bitcoin leaves a faint trace behind and could be traced.


Is Bitcoin just used for illegal activities?

The answer is yes, but the amount in negligible and is decreasing.

According to a report by Chainalysis, only 2.1% of total Bitcoin transactions is used for Illegal activities in 2019, which however is equivalent to 21.4 Billion USD.

But the figure drastically falls to 0.34% (10 Billion USD) in 2020 and the same downward trend is expected in future. Bitcoin Usages Distribution Over Years

Concluding, Bitcoin is used for unlawful business but that’s the not only purpose it serves. It brings the new era where finance and technology come together to make a change. It is still in an evolving phase and sooner or later the misuse of the same could be controlled. It’s pointless to blame the currency.

Also Read:

QNT Price Prediction 2022 to 2030: Will QNT cross 1000 USD?

QNT Price Prediction 2022 to 2030: Will QNT cross 1000USD?

Although many improvements took place in the world of blockchain since the first blockchain, Interoperability still is a major concern to investors as well as developers.

Every blockchain is made with some uniqueness which hinders its interoperability and affinity to other networks.

These blockchains cannot share data among themselves without going through a process that demands high time, energy and other resources.


The Quant Overleged operating system is the first gateway for distributed ledger technology. It is an interoperable communication protocol providing a network for developers and enterprises. The overledger operating system is at the heart of the Quant Network and helps it achieve interoperability and scalability at the same time.

Gilbert Verdian when working with the UK and Australian governments identified the problems related to interoperability and later discovered how useful distributed ledger technologies could be in solving the problem and launched quant in 2018.

Quants further launched its own token QNT which has been in the headlines recently due to its pump.

QNT Price History

The coin opened at $ 2.12 in Jan 2019 with a volume of $57 million. Soon with a flowing curve, it opened at $ 8.61 in Jul 2019 with a volume of $386 million. Due to the pandemic era, the coin suffers deprivation and reach as low as $3.3 in March 2020 with a volume of $74 million only.

But the graph was soon to witness a slope which would never look back. Starting the next month, April 2020, the coin started to rise rapidly from $ 4.01 and reached the mark of $ 41.08 within a year in April 2021. The market volume which was $74 Million in March 2020 reached a mark of $292 Million in Jan 2021.

This was not the best time for the coin. Later in August 2021, the market volume crossed $1 Billion which multiplied 5 times just the next month and have seen its highest volume of $5 Billion in September 2021.

2021 was the golden year for the coin as it opened at $11.23 in Jan 2021 and $ 201.61 in Dec 2021. It reached its highest in September 2021, which is, $ 428.38 with a volume of $5.02 Billion.

The coming year was not that pleasing for the token due to the market crash in Jan 2022. The whole market suffered a downfall of $ 2 Trillion. QNT too was affected. In the first month of 2022, it opened at $178.85 and closed at $ 96.89.

Reflecting the uncertainty in the market and fear among the buyers, its graph has been fluctuating like an ECG. It has seen the lowest rate of $ 41.16 in June 2022 and the highest of $ 226.09 in October 2022. The volume too is oscillating. The highest volume recorded was $2.1 Billion in July 2022 and the lowest was as low as $239 Million on Oct 18, 2022.




QNT Future Price Prediction

Different prediction agencies see the future of QNT very differently. Some platforms see the future as very bright whereas some see it pessimistically.

Given below is a price prediction for coming years:

Price prediction table

How to Buy QNT?

QNT can be traded on many exchange platforms such as

  • Bilaxy
  • Bithumb Global
  • Bittrex
  • 1Inch Exchange
  • Uniswap
  • Hotbit, etc.

The token could be exchanged with a number of cryptocurrencies like

  • Bitcoin(BTC)
  • Ethereum(ETH)
  • Tether(USDT)

Moreover, it can be traded against a flat currency like the Euro.

Given below is a guide to buying QNT from Binance App

  • Create an account on Binance
  • Choose the method of payment to buy QNT Assets.
  • Confirm your order at the current price within a time period of 1 minute.
  • QNT has been credited to your wallet. You can trade with it now.


Q: Will QNT cross the mark of $1000 by 2023?

No, according to a number of analysing platforms mentioned above, $1000 is way too far mark to reach for it by 2023. But, the crypto market is unpredictable and hence this is worth our patience and watch.

Q: Is QNT a good investment?

Looking at the data mentioned above regarding the future of the coin, Yes, it is a good investment for the long term. Looking at its history, it has witnessed a drastic increase in just 2 years. It has the potential to return a good profit in long term.

Q: What would be the price of QNT in 2030?

Many agencies predicting its fall predicted it to go down to $97 but the majority of agencies predict it up to the mark of $334 by the end of 2030. But again, it is necessary to mention the uncertainty in the market.

Q: Where to buy QNT?

QNT is an easy-to-find cryptocurrency. One can buy it from various platforms like Binance, Coinbase, Bilaxy, Bithumb Global, Bittrex, 1Inch Exchange, Uniswap, Hotbit, etc.

Q: Is QNT promising?

The data coming from predictions and history shows the consistency and long-run potential of the token. It is not impossible for this coin to reach the thousand-dollar mark in 5 years. It looks quite promising.

Q: What is the market cap and circulating supply of QNT?

QNT has a market cap of $2.3 Billion Dollar as on Oct 2022. It has a circulating supply of 12 Billion which can scale up to 14.6 Billion.

Q: What makes Quant Project so unique?

The Quant Overleged operating system is the first gateway for distributed ledger technology. It is an interoperable communication protocol providing a network for developers and enterprises

What will the future of Bitcoin?

What will be the future of Bitcoin?

Satoshi Nakamoto, a name that is equally famous and infamous at the same time. It was starting of the year 2009 when he published a white paper and officially released BITCOIN. Although it was not the first cryptocurrency unlike eCash (developed by Digicash), this was the one which brought on the fintech revolution across the world.

The very next year, in 2010, he handed over the project to the community by making it open source.

Since then it has seen highs and lows but maintained to survive in the market to retain the title of “Oldest Surviving Currency”.

But the concern is, until when? When will it fall? What would be its future? To find all these answers, let’s dig in.

What development has Bitcoin made?

In his 9-page white paper, Nakamoto started with the title “Bitcoin: A Peer-to-Peer Electronic Cash System”. The heading itself says a lot about the purpose behind its development. As an organisation, it has innovated as-

  • Control against fraud

In 2022, cryptocurrency worth 2 Billion USD has already been stolen by hackers. BTC also have a good share of loss in the same. Hence the company focus on a high level of security to protect its user from frauds like chargebacks. It also provides hardware wallet support which makes it even more difficult to steal or lose.

  • Cost Efficiency 

The direct contact between the sender and receiver eliminates the middlemen’s time and cost which makes it more cost-efficient to trade with. It looks forward to reducing poverty by cutting the transaction charge on workers’ salaries.

  • Multi-signature accounts

Multi-signature allows a transaction to be accepted by the network only if a certain number of a defined group of persons agree to sign the transaction. This has enhanced the functionality of BTC and expanded its reach further to firms where payment is approved by a board of members.

Bitcoin Roadmap

The company witnessed a great journey in its history of 13 years.

  • The Whitepaper – Oct 2008 

Satoshi Nakamoto published the Bitcoin Whitepaper.

  • Genesis Block – Jan 2009 

The genesis block(Block 0) is the first block upon which the rest of the blocks are added. In Jan 2009, the genesis block of Bitcoin was mined

  • M-of-N Standard Transaction- Oct 2011

Bitcoin Improvement Proposal numbered 011 (BIP 011) facilitates secured wallets, escrow transactions, and multiple signature payment use cases.

  • Pay to Script Hash- Jan 2012

BIP 016 implemented a new standard for the BTC scripting system and added new rules that were applicable only to new transactions

  • Hierarchical Deterministic Wallets- Feb 2012

BIP 032 introduced HD Wallets which allow for multiple cryptocurrency wallets to be generated from a single seed phrase.

  • A Finite Supply for Bitcoin- April 2014

BIP 042 introduced a finite supply of Bitcoin after identifying the bug that would result in an infinite volume of bitcoin.

  • SegWit- Aug 2017

BIP 148 proposed a transaction format where the witness information would be removed from the input field of the block.

  • Taproot-  Jan 2020

BIP 341 is considered the most revolutionary BIP to date and we will know why in the next section.

Bitcoin Upgrades

As the market is growing, there is a growth in competition every day. To sustain the competition like all the other cryptocurrencies, bitcoin too has regular upgrades. Upgrades are a way of enforcing new features in any cryptocurrency protocol. The most recent upgrade from bitcoin is Taproot Upgrade.

Taproot Upgrade

Earlier, the verification of bitcoin transactions was comparatively slow as each digital signature was validated against a public key. The time was directly proportional to the number of inputs and signatures in the case of multi-signature transactions.

Taproot Upgrade

To resolve this problem, the Taproot upgrade allows multiple signatures and transactions to be batched together. This reduced the latency drastically and became a revolutionary bitcoin upgrade. A team of Pieter Wuille, Jonas Nick, Tim Ruffing and Anthony Towns developed the Taproot.

Now talking about the relationship between the market and bitcoin, it has been a roller coaster ride and for the same reason, famous market enthusiasts fear its end be soon.

Is fluctuating market would result in the end of Bitcoin?

Chakib Bouda(CTO, Rambus- a payment firm) said, “We expect in 10 years time, bitcoin will become mainstream and have a remarkably different reputation. ”

There is a clear division among crypto enthusiasts on the future of bitcoin due to the fluctuation seen in the previous 2 years. However, the arguments in favour of the survival of bitcoin sound more reasonable.

  • Since the launch of bitcoin in 2009, it has been almost a decade. In just one decade, cryptocurrency has gained a market of 2.02 Trillion USD, greater than the economy of many countries and the credit of the revolution still goes to bitcoin. It is predicted that the market would gain a worth of almost 5 Trillion USD by 2030. Imagining such a huge market without Bitcoin is unfair and quite far from reality.
  • Seeing the potential in the market many big firms already have invested in bitcoin even after the collapse. Paypal has brought crypto custodian Curv, whereas, on the other hand, Tesla bought bitcoin worth 1.5 Billion USD.

Expected Future of Bitcoin

Bitcoin is the most headline-seeking cryptocurrency of all time whether it comes to its illicit use, its controversial rise, its uncertain future and its power to collapse and lift the market.

Bitcoin waves

But the following are some predictions made by various statistical agencies over the future of Bitcoin:

  • On reading the trendlines of waves of Bitcoin prices, it is predicted to cross the mark of 1 million USD per bitcoin by the end of 2030.
  • Looking at the 295 Million cryptocurrency users in 2022, the prediction is being made for 1 Billion crypto users by 2030. If we consider the market share of Bitcoin users, there would be more than 300-400 Million users of Bitcoin by 2030.
  • In 2022, 2.5 lac bitcoin transactions are performed daily which will scale to more than 10 lac transactions per day by 2030.

According to my opinion made after studying the view of many economists, industrialists, tech enthusiasts and statisticians, I believe:

  • Very soon it would be centralised.
  • It has a dazzling future with huge profit margins for its holders.
  • Mass-market will embrace crypto payments like UPIs today
  • Countries across the world would approve Bitcoin as a legal tender.
  • It would be one of the most technically developed, efficient, fast and secure cryptocurrencies of all time.

Also read-

What are Bridges in cryptocurrency and why they often get hacked?

What are Bridges in cryptocurrency and why do they often get hacked?

Security is the most debatable and controversial topic when it comes to cryptocurrency and it is proven to be a concern now and then. Talking about attacks, in 2022 itself, the figure of hijacked money has gone to 1.4 Billion USD.

It is quite interesting to know among this lost amount the major share of 1 Billion USD is just hijacked by Bridge Attacks.

So, if you don’t know a thing about bridge and bridge attacks in the world of cryptocurrency, then sit back, we have everything you need to know about it.

What is a Bridge in cryptocurrency?

Like the name suggest, Bridge is a middle-way. This is a mechanism for connecting different blockchains, authorizing investors to trade one kind of coin for another. Bridges also known as Network Bridge, are made to integrate two blockchains which, generally, are not designed to integrate, for example, one owns ETH in ETH network and wants to shift to some other blockchain, let’s say BNB. You can only do that using a bridge.

Using this way, you can convert your ETH to BNB directly by paying some transaction/gas fee and move your tokens from one network to the other one.

How does it work?

The working of a bridge is simple and complex at the same time. It is its working which exposes it to numerous vulnerabilities.

When you want to bridge 1 BTC to your ETH wallet, a blockchain bridge shrink your BTC and creates an equivalent amount of such token which is compatible with the desired token.

In this case, BTC will be converted into WBTC (Wrapped Bitcoin) which is compatible with the Ethereum network. The desired amount of BTC one wants to port gets locked in a smart contract and the equivalent tokens are issued at the destination address.

Steps involved in Bridging

At the user end, this process may take a few steps:

  • Select the chain you like to bridge
  • Specify the amount
  • Deposit the crypto to an address provided by the bridge
  • After the deposit, the bridge mechanism will send another token to your address.

Types of Bridge

On a broad vision, the bridge is of two types:

  • Trust-based Bridges

Trust-based bridges (federation or custodial bridges) are centralized bridges that require a central authority or panel of mediators to work. To convert coins into another token, users have to depend on the central members of the federation to verify and confirm the transaction. 

  • Trustless Bridges

Trustless bridges are decentralized bridges that operate on smart contracts(machine algorithms). This is used in real-life blockchains and involves no manpower at the working level. It provides a better sense of security to users.

Some recent hacks through bridges

Blockchain is becoming an important part of Web3, allowing developers to easily launch decentralised applications across blockchains, breaking down silos, which is important as the crypto space goes mainstream, but the daily news about the weak spots and regular attacks on bridges is a major concern to investors. In 2022 itself, bridge attacks suffered a loss of more than 1 billion USD.

Some of the infamous hacks are:

  • Ethereum scaling solution optimism hack- $ 20 Million
  • Salona Bridge Wormhole- $ 326 Million
  • Harmony’s Horizon Bridge Hack- $100 Million
  • Axie Infinity’s Ronin Bridge- $ 650 Million

Let’s look into the case of Harmony’s Horizon Bridge to understand more.

On June 25, Horizon bridge which converts Harmony to ETH, BTC, Binance USD, etc. was hacked. Although the BTC section was unaffected, the hack cost approx 100 Million USD.

Hackers stole numerous tokens including ETH, Binance Coin, Binance USD, Dai, Tether and whatnot.

The company came up with an explanation which says there are too many weak spots to cover.

Harmony also took the help of the FBI and other security agencies and kept a bounty of 1 Million USD on hackers.

Complexities are one of the reasons why bridges get hacked very often.

Why Bridges are so vulnerable?

For understanding this topic let’s take an example of two islands, one, where only petrol cars are allowed and the other where only CNG cars are allowed.

There is a bridge between the two islands which holds a functionality that allows you to drop your petrol car at one point and rent a CNG car for the other island. Your car would be parked as long you stay on the other island.

Here, the cars are cryptocurrencies and the bridge is the network bridge. Now hackers may take one car without parking the other through various malicious activities and steal it.

This might have given you some idea about the system. Now let us look at the technical language explaining its vulnerability:

  • They handle a ton of complex requests
  • Holding a lot of currency
  • No standard is set about how to keep everything secure.

How do hackers hack Bridges?

Although it is explained in a simple story and language, it must not be such an easy task for hackers to get through it, after all, it is the most sizzling market today. But where there is technology there exists some bug defect/bug in it. Hackers use these methods to hijack money:

  • False Deposit event

The bridge has a mechanism to check the deposit done by the user, but if the attackers are able to generate a deposit event without making a real deposit or making a deposit with a token with no value, they can withdraw the desired amount easily.

  • Fake Deposit

The smart contracts validate a deposit before allowing a transfer to occur. In this method, attackers create a fake deposit that validates as a real one and beat the validation process.

  • Validator takeover

Many bridges have a group of validators that poll for whether to approve a particular transaction or not. Attackers do control the majority of validators and get the fake transfer approved.

Effects of Bridge Hacks

  • Along with the market, the bridge attacks have a significant impact on the bridge itself. An attack results in the withdrawal of a huge amount of money without any of the deposit in return. Hence it results in a loss of money for the bridge project.
  • They can have complex effects because these bridges span various blockchain platforms. Attack on a bridge opens the window of hacks to multiple blockchains interweaved with it.

Coming to conclusion, bridges are technologies developed for convenience and efficiency but are not secure enough to the scale of the volume of currency they hold and hence undergo attacks quite regularly.

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Top crypto projects from India

Top Cryptocurrency Projects from India

According to a report by a broker discovery and comparison platform named BrokerChooser, India tops the table for the number of crypto users in the world, with more than 10.7 crores with no one around having the United States at 2.74 crores and Russia at 1,74 crores.

Not only this, but regarding the percentage of the population using cryptocurrency, India holds the fifth spot proudly with 7.30% and is expected to grow in the coming decade.

India is witnessing trade by crypto in millions per day and primarily by the age group of 25-40.

Looking at the market opportunity and volume, many cryptocurrency projects emerged in India and gained success as well.

Top cryptocurrency projects from India

Top crypto projects from India

Let us have a look at the top cryptocurrency projects from India that is dominating the world.




Polygon is a protocol and framework for building and connecting Ethereum-Compatible blockchain networks. It was founded in 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. This framework merges Ethereum and sovereign blockchains into a multi-chain system close to many available systems like Polkadot, Cosmos, Avalanche, etc. With its complete suite of ETH-scaling solutions with 8 different products, it enables developers to develop scalable user-friendly decentralized apps (dApps) with minimal transaction fees and high-security assurance. Moreover, the polygon token, also known as MATIC, supplies 7.44 billion tokens. It has a market cap of 6.2 Billion USD.


It serves a number of characteristics, responsible for its success:

  • Ethereum Compatibility

Ethereum compatibility has been an extensive idea for the project and it does it very well.

  • Scalability

It allows developers to scale their dApps very easily.

  • Security

It has a team of active validators and other security mechanisms to ensure high security.

  • Modularity

Customisation, upgradation and community collaboration make it more popular.

  • Developer Experience

No knowledge is needed at the protocol level.

Some Statistics about Polygon

  • More than 135 Million unique addresses.
  •  On average Daily Gas saved is about 140 Million USD.
  • 1.8 B transactions in total.
  • 100 active validators.
  • Over 37000 dApps had used Polydon to scale up.



WazirX is a Bitcoin and cryptocurrency trading platform which provides an auto-matching peer-to-peer(P2P) engine. It was founded in 2018 by Nischal Shetty, Sameer Mhatre and Siddharth Menon. The platform was further acquired by Binance in later 2019. In Jan 2020, Binance launched the Wazir WRX token, with a maximum supply of 1 Billion tokens and a market cap of the coin is 87 Million USD. It nurtures a healthy community where it encourages and rewards the community to develop and contribute to WRX. It also benefits its token holders with tempting benefits like discounts on trading fees, WRX trade mining, token airdrop, margin fee and a lot more.


  • Security

An amazing team take care of the security and regular audits which make them claim best-in-class security.

  • Fast KYC

Keeping in mind, the regulatory norms of the government, KYC is a must need for trading. WazirX provides a fast KYC service. 

  • Transaction Speed

With a highly scalable infrastructure, it can complete millions of transactions in a few seconds.

  • Minimal Design

The eye-pleasing and easy-to-use design sum up a great user experience with a powerful impact.

  • Developers

Built and maintained by a team highly motivated and enthusiastic about blockchain.

Some Statistics about WazirX

  • WazirX witnessed a trade of over 43 Billion USD in 2021, which is also the highest trading volume in India.
  • It has built a user base of 10 Million users by 2021.
  • The trade volume has witnessed a growth of 1735% from 2020 to 2021.



CoinDCX is a popular platform for cryptocurrency trade which was founded in 2018 by Sumit Gupta and Neeraj Khandelwal. According to the reports from 2021, in just three years, the company earned a value of 1.1 Billion USD and make it to the list of unicorns. The company claims to be the first Indian crypto exchange unicorn. It has attracted investors from the very beginning and in just a span of 31 months and 8 rounds of funding, the company reached the “1 Billion Dollar company” mark. Not only this, but it has also invested in many projects related to Blockchain, NFT, FinTech and AI projects over years.


  • Easy-to-use 

You can download the CoinDCX app, complete your KYC and deposit money to start trading in minutes

  • Lower bound

The platform allows you to invest as low as Rs.100. The company claimed to do so because of the risk appetite of the customer.

  • Security

Multilayer security, deep encryption and the use of cold wallets made it claim to be having impenetrable security.

  • Payment Method

The platform accepts payment methods like IMPS and UPI.

  • Support

Live and active customer care service enables smooth conduct and customer satisfaction

Some Statistics about CoinDCX

  • It has the trust of more than 1.3 Crore users with it.
  • Accumulated Trading Volume exceeds INR 80,000 Crore which is equivalent to 97 Billion USD.
  • It trades in more than 200 different coins ranging from Bitcoin to Chiliz.



CoinSwitch is an app-based platform, available on Android and iOS, for cryptocurrency trading. It was founded by Ashish Singhal, Vimal Sagar Tiwari and Govind Soni in 2017. Being exclusive to the Indian Market, CoinSwitch has a motive of simplifying crypto trading in a complex country like India. After 4 rounds of funding by leading investors like TigerGlobal, Andreessen Horowitz, coinbase, Sequoia, Ribbit Capital, Paradigm and more, the company has a valuation of 1.91 Billion USD as of Oct 2021.


  • Low trading limit

It allows you to begin your crypto journey with the amount you buy in a cup of coffee.

  • Always on

The platform is available 24/7 for buying, selling and withdrawing. It has a sleepless policy.

  • Support Team

The customer support team is available 24/7 for resolving problems and confusion of the customers at any hour.

Some Statistics about CoinSwitch

  • More than 18 Million verified users.
  • A total volume of more than INR 50,000 Crore has been traded.
  • It supports more than 90 cryptocurrencies to trade with.


InstaDapp is a full-featured platform for users as well as developers to leverage the full potential of Decentralised Finance(DeFi). The protocol(DSL) acts as the middleware that integrates various DeFi protocols into a single smart contract layer. The company was founded by Sowmay Jain and Samyak Jain in 2018. It has received funding of 12.4 Million USD since Jun 2021. Pantera Capital, IDEO CoLab, Blockchain Coinvestors and Coinbase are some of its leading investors.


  • Account Extensions and Upgradability 

The new extensions are upgraded, maintained and managed by the InstaDapp governance team.

  • 100 % Trustless

The system is trustless and the platform ensures high security for your data.

  • Community 

It has a vibrant community consisting of highly enthusiastic users and developers from across the globe.

  • Easy-to-go

The platform is developer friendly and provides detailed documentation for its use.

Some Statistics about InstaDapp

  • It has locked a volume of more than 1.7 Billion USD.
  • It supports numerous cryptocurrencies.
  • InstaDapp has a market cap of 68.72 Million USD.




Frontier is a Crypto and DeFi, NFT wallet where one can trade in more than 4000 crypto assets. It is a place to explore web3 from a single place. It was launched by Ravindra Kumar in April 2019. Also, Frontier is a cross-chain DeFi aggregation layer. The company is focusing on the challenges and complexity of employing crypto in DeFi. The users are allowed to trade the crypto assets direct with credit and debit cards. It facilitates users to connect other wallets and manage them from a single interface. NFT enthusiasts can send, store, receive and track NFTs easily using Frontier.


  • Gasless Transactions

It aims to minimize the gas cost for transactions done from the Frontier app.

  • Frontier Incentivization Protocol

The app rewards the active users with FRONT tokens on basis of their engagement.

  • Interoperability

One can connect other wallets and trade from a single screen

Some Statistics about Frontier

  • The native coin FRONT got a market cap of ₹ 1.9 Billion.
  • FRONT has a circulating supply of 100 Million tokens
  • FRONT has an average daily trade volume of 3 Million USD.

Nord Finance


Nord Finance is a Decentralised Finanance Ecosystem made to make DeFi investment easy by collaborating the traditional finance and Decentralised Finance. Built on Ethereum Network, the company was founded by Jignesh Vasoya in 2020. It has raised about $ 1.3 Million in its seed round. It is a boon to generate wealth through blockchain technology.


  • Smart Fund Management

The smart dedicated protocols help to receive the highest yields for your stable coins.

  • Cross Chain Swaps

The multi-chain protocol enables automated coin switching.

  • Zero Cost Transactions

The gas fee is absorbed by the smart contract and leaves no upfront network fee for deposits.

Some Statistics about Nord Finance

  • The market cap of the token(NORD) is 1.4 Million USD.
  • It has a maximum market supply of 10 million tokens.
  • If max supply would be circulated, its market cap would reach 2.1 Million USD.



Drife is a blockchain-based mobility platform aiming for the decentralization of the ride-hailing ecosystem. This implements a cab system where 100% of all fees go back to the driver. It has an auction system enabled by blockchain, allowing its drivers and users to control their rides. The company use the blockchain to enable trustless smart contracts to automate process effortlessly. The company was founded by Firdosh Sheikh in 2018.


  • Transparency and Equitability

Using trustless smart contracts, the process involves no external driving forces and hence ensures transparency and Equitability

  • Governance

The platform is governed by Decentralized Autonomous Organization(DAO).

  • Tokenized Economy

The native token (DRF) is used to gamify loyalty, rewards and loyalty and major tokens are used for macro and micropayment transfer on the chain itself.

Some Statistics about DRIFE

  • The native token, DRF, has a market cap of ₹150.2 Million.
  • With a total supply of 1.5 Billion tokens, DRF has a circulating supply of 847 Million tokens.
  • The average daily transaction volume is about ₹ 13.9 Million.

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