Airdrop Crypto: How to deal with airdropped tokens in Exodus
This article answers What is an airdrop?, describes Exodus' position on airdropped tokens and how to deal with them, and goes over some of the popular airdrops such as the Flare network's Spark token.
In this Article:
What is an airdrop?
An airdrop is a free distribution of crypto assets on a set of blockchain addresses. There are no fixed rules regarding who may receive airdropped assets – each company defines how far and wide they want their airdrop to be.
In most cases, there is nothing to do on your side to receive an airdrop. A token distributor does not need anything other than your blockchain asset address to airdrop tokens.
If you know an airdrop is going to occur, the first thing you'll need to do is to check the distribution rules: Who will receive the tokens? How many tokens will be distributed? Is there a registration process? etc.
Do your research thoroughly on any airdrops you wish to involve yourself in. There are a lot of scams out there and most airdrops turn out to be worthless.
If an airdrop requires you to use your private keys or 12-word phrase in order to participate, this is a phishing attempt and a scam. If you share your 12-word phrase or private keys, you will lose your funds.
Does Exodus support airdrops?
In general, Exodus does not support airdropped tokens. Exodus has strict standards for listing an asset so newly created forks and airdropped coins will not be supported at launch. This means that any unsupported tokens received at your address will not display nor be accessible from directly within your wallet.
In order to access and manage airdropped coins, the associated private keys would need to be exported and used in a supported wallet. We advise against this as any time a private key is imported into third-party software, there is risk involved of the associated assets being compromised.
We advise moving any assets that have scheduled airdrops out of Exodus and into a supported wallet prior to the airdrop snapshot date. After the snapshot has occurred, your assets can safely be moved back to Exodus. This allows for an airdrop to be participated in while keeping your Exodus private key uncompromised.
If you would prefer to simply leave your tokens in Exodus, there is nothing wrong with receiving and hodling airdropped or forked coins in your wallet. You are in full control of your private keys. If the tokens end up being valuable someday, you can access any tokens you've received at a later date.
Assuming you qualify for an airdrop distribution, the airdropped token will be sent to your ETH address but you will not see it in Exodus. The token will be stored at your wallet address. For ETH-based (ERC20) assets, you can confirm your token balance on etherscan.io by pasting in your ETH address and checking the token transfer drop-down.
In order to access an airdropped asset on the ETH network, you will have to use a more advanced wallet like MyEtherWallet able to see and interact with your token. Here is a good guide.
For more information about the FOX token airdrop, please check out this article
Some EOS airdrops may have occurred on the ETH network before EOS swapped to its own mainnet. In that case, you would see the token on Etherscan as explained above. Assuming you have registered your EOS address prior to the mainnet migration, then you will receive EOS tokens in your EOS account. You can consult the airdrops on EOSpark.com by pasting your EOS address or account name and look at the drop-down.
In order to access an airdropped token, you will have to use a dedicated EOS wallet able to support the token.
TRON has recently launched its own blockchain network which will be supporting airdrops. Any airdropped tokens that you qualify for will be received and stored at your Exodus TRX address. However, since Exodus does not support custom TRON tokens, you will not be able to manage them in Exodus.
You can access Tron airdrops by importing your Exodus TRX private key into a wallet that supports the airdrops, however, you do so at your own risk. Most airdrops are worth very little and often not worth the risk of exposing your private keys.
You can find TRON dedicated wallets here.
What is the Flare network?
At some point in the future the Flare network will be launched by the people at Flare Networks with its native Spark token.
The Flare network and the XRP network are totally different technologies and blockchains, however, they will have a relationship with each other, which is why right now you can register your XRP address to receive your Flare network Spark tokens when they become available.
For more information check out our article about the Flare network.