Safepal (SFP) is a Binance backed hardware and software wallet provider that launched earlier this year with a bit of a generous airdrop for users who made use of the wallet to explore the various swap promotions. I had taken part in the event as it was something interesting to try out, and I wanted to have a secondary software hot wallet to operate solely on the Binance Smart Chain. The little trick with this promotion/airdrop was the fact that you needed to swap/buy tokens and HOLD them for 7 days! As anyone knows, 7 days is an eternity in crypto... and your token worth could easily peak by 2x or more... or drop by equally as much (or more!).

If you took part in these activities, you were airdropped SafePal tokens (SFP) on the Binance Smart Chain. I had some loose crypto and stablecoins lying around, so I figured... why not! In the end, it was doubly lucky for me, as the price of the swapped crypto managed to appreciate in time that it was locked up in the holding events! It was the start of this years bull run! Even better, the entry level for the events was relatively high (each event would be on the order of 100-500 USD for the swap and hold), so participation was on the low side... which meant that when the SPF airdrop occurred, there was a bit more than I had expected! Plus, the listing of the token on Binance meant that I could take a nice return on it to shunt back to things that I wanted to bolster.

However, as with all airdrops, I took the prudent route, and just held onto about half of the drop. At the time of the drop, there really wasn't a compelling use case for the SFP token and its price dropped over the intervening months.

However, this week, SafePal has partnered with Tokoin (TOKO) to present a reason to hold at least some SPF tokens. They have introduced the concept of a Wallet Holder Offering (I guess a play on the IEOs that are sweeping through the cryptosphere...). These WHOs are only eligible to people who hold a certain amount of SFP in their SafePal (software or hardware) wallets. Holding the minimum participation amount (20 SFP in this case) means that you are eligible to take part in the swap and hold events.

Now, I do prefer these sorts of "airdrops" where you do have to commit assets and use the actual product. I get sick of worthless airdrops where you have to spam twitter/Facebook to get referrals for no input of capital. Making people actually put their money in to take part means that there is a winnowing out of spam participants.

This time around, there are only two Swap and Hold events. Since I already had enough SFP and BNB in the wallet, this was an easy one to just do two swaps from the app and leave them where they were! So, SFP to BNB and BNB to SFP... in similar amounts!

The Twitter and Telegram events are just extras... you HAVE to complete a Swap and Hold event to pick up these little ones. Meanwhile, he TokoCrypto event is only for Indonesian users... so, not for me!

If you want, you there is also a referral program where both users get a little bonus. My referral code is MNE3YN

So, about TokoCrypto (TOKO), which will form half of the airdrop. It is an Indonesian project that aims to make a public blockchain target towards small and medium sized businesses in the South East Asian area of the world. It is interesting, in that a project developed away from the lofty Western centres will have better on the ground knowledge about what is required for adoption when users and businesses don't have stupid amounts of money to throw around. So, an example of diversity which results in a different set of assumptions about what is useful for users and how they like to interact with the blockchain (and what is acceptable in terms of pricing!).

However, they do run a bit of a dangerous line in that there are a number of other projects that have similar aims and use cases that are more widely adopted in the richer parts of the world. So, targeting the same sort of adoption, but from a different direction (top down or from the base upwards). Personally, I do think that they have their work cut out for them... I think I'm going to bet more towards the more established and richer networks.

That said... you never know! I will likely stick with the tried and true method of selling half and seeing where the other part goes! On the other hand, the SFP part of the airdrop will be useful... I do really wonder if this is the only thing that they are going to do to get some usage out of holding SFP tokens though. It's a nice start... but it isn't enough for the long term!

Handy Crypto Tools

Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
Kucoin: My second choice in exchanges, many tokens listed here that you can't get on Binance!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.