BTSG airdrop confirmed.
The Airdrop onslaught in the Cosmos eco-system continues, with confirmation today that 10 million BTSG tokens would be airdropped to stakers of ATOM, OSMO and JUNO. BTSG is the native token of the Bitsong network, a project aimed at becoming the "ultimate currency of music"
Artists, Fans, Managers and Labels in One Single Holistic Ecosystem: $BTSG.
Earn real-time royalties, discover exclusive content, mint and trade fan tokens, buy & sell NFTs.
Quote from the Bitsong website.
You can find the full details of the airdrop in this official blog post. Tokens are expected to drop into people's wallets over the next 12 to 24 hours.
Currently, BTSG's price on Osmosis is around $0.42, making the full value being airdropped $4.2 million at current prices. The actual drop per wallet is likely to be quite small. I've seen reports on twitter (can't personally confirm yet) of around 1.44 BTSG per ATOM (for example). This would mean if accurate, that for my 200 staked ATOM, I'd get around 57.6 BTSG worth just under $25. Nothing to write home about, for sure, but free money is free money. Would you walk past $25 on the footpath and not pick it up?
My plan.
As with most of the airdrops coming to me of late, my plan is to stake it, and build a little position. I'm actually quite intrigued with this project, and while it isn't likely to be one I actively focus on short term, I can see an opportunity here in the long run. The platform will be home for artist NFT's, music and Fan tokens. I can foresee airdrops and NFT drops down the track to BTSG stakers. Could be wrong, but it just feels likely to go that way, which could make having a stake in BTSG quite interesting long term.
This follows along my new approach to all things Cosmos eco-system. In the past, it was all about building my Osmosis LP position. Now, I'm adopting a different approach, staking first, setting a target to build that stake up to, and then once the goal is reached, building the LP position on Osmosis. So far, this is working nicely for Comdex and Chihuahua, and it's my default plan moving forward.
The other thing I have done is to un-bond my JUNO/OSMO LP. It appears likely that having my JUNO in Osmosis, while performing well in terms of APR, might lead to missing out on numerous airdrops in coming months. JUNO staking looks to be the way to go for those keen on airdrops. Once my LP un-bonds, I'll move it to staking, and set a goal for how many JUNO staked I want. Once achieved, then I'll work on rebuilding the JUNO/OSMO (or maybe JUNO/UST) LP position from staking income. Should have listened to @nulledgh0st who recommended I do this weeks ago.
What's next?
I'm not real sure what airdrop will come next for ATOM and the broader Cosmos community. There are plenty still on the way, and plenty more we probably have not even heard of yet. Airdrops just make so much sense in Cosmos - each project can launch on its own chain easily, and running an airdrop gets your token out and helps build the community around your project.
To follow along with the many drops coming to the Cosmos, check my Cosmos Airdrop Guide, which I am trying to keep up to date and relevant covering as many drops as I can, recent, current and upcoming.
To add the Bitsong wallet to Keplr, visit the Bitsong website at this link and click the wallet icon.
Thanks for reading, stay tuned for more coverage of Cosmos eco-system airdrops.
JK.
