Rainbow Crypto Wallet Launches Points Program to Reward Users and Attract MetaMask Enthusiasts

Rainbow, a mobile and browser-accessible crypto wallet, has introduced a points-based program to both reward existing users and entice new ones. On December 11, Rainbow established eligibility criteria by capturing a snapshot of user activity on Ethereum, offering a minimum of 100 points to each Ethereum user as an exploratory incentive. The program also targets MetaMask users, providing a bonus to those who utilized MetaMask's swap service in the last year, the amount contingent on their transaction volume.

Contrary to typical "vampire attacks" employed by projects to draw users from competitors through heightened incentives, Rainbow insists this is more akin to a "fox hunt," a playful nod to MetaMask's fox logo. Specific allocations of points have been reserved for current Rainbow users and holders of Rainbow NFTs, with redemption options becoming available after the release of version 1.9.11 of the wallet application.

Speculation is rife that Rainbow's points may eventually be exchangeable for future native tokens issued by Rainbow or make users eligible for an airdrop. The company, which secured an $18 million Series A funding round in 2022 led by Seven Seven Six, the VC fund founded by Reddit co-founder Alexis Ohanian, remains tight-lipped on the exact utility of these points.

In the cryptocurrency space, points are commonly awarded as incentives for various activities within a network or platform. Accumulated points often serve as the foundation for distributing crypto tokens through airdrops, a strategy recently utilized by several projects. Examples include Jito, a liquid staking protocol on the Solana blockchain, and the NFT platform Blur, both rewarding users with points for staking or participating in platform activities.

While projects like FriendTech, MarginFi, and Orbiter also leverage points systems, they have yet to announce any plans for token giveaways.