Rainbow Wallet launches Fox Hunt, incentives and rewards users

Rainbow Wallet, a non-custodial wallet, is gaining traction with what the community has defined as a Fox Hunt. Rainbow Wallet basically rewards customers for using its services. Its effects are evident as well, with a spike in the number of swaps. It was around 10 for every day in the previous weeks. It later jumped to around 100, and now the number stands at 2,200. Interestingly, the jump from 100 to 2,200 has been achieved in a single day.

The reward system is for its past users, and incentives are for MetaMask users.

Rainbow has announced that it will distribute Rainbow Points to all Ethereum users. However, the actual distribution depends on their activities. For instance, only users with historical balances on Rainbow will be rewarded. Others who will be rewarded are those who have done swap activity on MetaMask & Rainbow, are holding Rainbow NFTs, and have performed bridging activity on Rainbow.

Points will be calculated based on the snapshot from December 11, 2023. It reflects all the past activities and historical balances.

Additional points have been announced for those who import MetaMask wallets to Rainbow. They stand a chance to gain a maximum of 150,000. The only condition is that they must have used its swap feature last year. Many had earlier called it a Vampire attack.

Users can claim their rewards or points by downloading Rainbow’s mobile application. Points will be credited to their accounts every Tuesday at 4:20 pm ET. Moving forward, Rainbow has committed to rewarding its customers for every activity they perform on the platform. Additional points will be rewarded to those who refer others to the ecosystem and swap & bridge the wallet.

Rainbow has defined its reward system as the first step in the direction of inclusion of community members in its future success.

Rainbow further enables convenient management of non-fungible tokens, impersonate wallets, and switch & order wallets. Exclusive access to the select section awaits. This includes:

  • Bow, the Rainbow Fini
  • Rainbow World
  • The Rainbow Poolboy

Meanwhile, reports have surfaced saying that GameFi assets could be returning. They reportedly suffered a loss in the previous year as the combined capitalization rallied 83% since October 30. This development came to light after Immutable announced the launching of Immutable zkEVM, an upcoming gaming-focused layer 2 network.

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Its mainnet launch is tentatively scheduled to happen in the early days of 2024. Immutable is celebrating the initiative by sponsoring gas fees for all users for a set duration. Game Developers will require an Immutable Passport to get the fees of gamers sponsored.

Circling back to Rainbow making a splash with Fox Hunt, it registered a trading volume of $5.4 million in November this year and brought the revenue to $47,000. Nearly 2,100 wallets used the swap function.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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