The crypto world was hit with a surprise announcement from Overwallet today regarding qualifications for their much-anticipated airdrop. Despite accumulating the previously stated 50,000 point threshold, Overwallet has added an additional criteria – users must have at least 60 transactions on the platform within the last 30 days to be eligible for the airdrop.
This new 60 transaction minimum has caused an uproar among Overwallet’s user base. Many are criticizing the company for changing the rules last minute and feeling misled after grinding for months to hit 50,000 points. Even users who have consistently used Overwallet and amassed over 50,000 points find themselves disqualified if their recent 30-day transaction volume was too low.
The frustration is understandable. Earning 50,000 points on Overwallet’s platform is no easy feat. It requires frequent usage across multiple dApps, completing tasks, referrals, and more. Some have likened it to a full-time job with the grind required. So to have the rug pulled out from under them due to an surprise 11th hour requirement is leaving a sour taste.
Overwallet has stated the new 60 transaction criteria is an attempt to prioritize their most active and engaged users for the airdrop. But many see it as an heavy-handed way to reduce the eligible airdrop pool and preserve more tokens for the company and insiders.
The new 60 transaction rule seems especially punishing for Overwallet’s longest tenured users. These are the folks who joined early, achieved 50,000+ points through sustained engagement over many months, but may have tapered off activity more recently. Despite their loyalty and helping build the platform from the early days, they are now shut out from the airdrop rewards.
There’s also concerns about the extremely limited 30-day window to qualify on top of the high 60 transaction threshold. If a user happened to be traveling, sick or just took a short break from crypto over the past month, they could be disqualified despite being a super user previously.
Overwallet has defended the 60 transaction criteria stating it will ensure the airdrop goes to those who have recently demonstrated their commitment and support for the platform. They argue that those users will be critical for the long-term success and growth of the ecosystem, so prioritizing them makes sense.
Only time will tell how this controversial decision plays out. An airdrop is meant to reward and incentivize a project’s biggest supporters and advocates. By adding an extremely narrow qualification window and high volume requirement at the last minute, Overwallet has torched a lot of goodwill and trust.
Rather than achieving its stated goal of targeting engaged users, this surprise 60 transaction policy seems more likely to disenfranchise and alienate large segments of their loyal base. Overwallet may want to reconsider the stringent and inflexible criteria before it does permanent damage to their reputation and community.
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