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Aiming at MetaMask’s “Operation Fox Hunt”, how to receive Rainbow wallet points?

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Wallet addresses based on transaction activity on networks such as Ethereum that occurred before December 11, 2023 will receive points.

Various data indicate that the Layer 2 sector is attracting investors' attention. The data shows that the total value locked (TVL) of Ethereum Layer 2 has increased by 23.2% in the past 7 days, reaching 19.83 billion US dollars. Recently, Layer 2 project tokens have also seen a general rise, with ARB and OP rising by 49% and 83% respectively in the past week.

Ethereum and Optimism, among other dominant public chains, have witnessed the development of many projects and have also supported the transactional behavior of many users.

Now, in the Rainbow wallet, users' transaction history on networks such as Ethereum can be recorded as points and have the opportunity to receive airdrops. How to participate in Rainbow wallet's points program? BlockBeats will introduce it to you in this article.

"Operation Fox Hunt": Rainbow's Points Program

Rainbow was born in 2019 and is an open-source self-hosted wallet for Ethereum that helps users manage their assets. It currently supports Ethereum mainnet, Polygon, Arbitrum, Optimism, Binance Smart Chain, Base, and Zora networks.

Rainbow is launching a rewards program where users can import wallet addresses with transaction activity on Ethereum, Arbitrum, Polygon, Optimism, Zora, Base, and BSC into Rainbow to receive "Retrospective Points" (snapshot taken until 17:00 UTC on December 11, 2023). Valid points will accumulate based on wallet balance, transaction count, and cross-chain activity. Holding a Rainbow NFT before the snapshot time will also earn points.

The points program includes a leaderboard. Although Rainbow has not yet revealed it, the community speculates that future airdrops may reference the leaderboard's ranking.

特别的是，Rainbow has prepared up to 150k points for users who used MetaMask's transaction function last year. This method can be seen as a "vampire attack" strategy, which means that the project party attracts users from competitors by providing larger rewards. Rainbow stated that "this is not a vampire attack. This is a fox hunting activity."

Source: Rainbow Official Twitter

The specific steps to receive points (using the Rainbow Chrome plugin as an example) are:

1. Download the plugin. Go to https://rainbow.me/download and select the browser plugin you need. Here we take Chrome as an example. Click on the Chrome icon and download Rainbow on the pop-up page.

2. Importing a wallet. After downloading successfully, create a new wallet or import an existing one on the popped-up web page. Click "Import or connect a wallet", select "Import with a Secret Recovery Phrase or Private Key" on the popped-up interface, and then choose to import the wallet through a mnemonic phrase or private key address.

If you want to add a new wallet, click on the current wallet address to bring up the wallet list, and then click "Add another wallet" to add a new wallet. In the pop-up interface, import the wallet using the mnemonic phrase or private key address.

3. Check points. After importing the wallet, click the parachute icon in the lower right corner to enter the points interface. Enter the invitation code or click "Get Started" directly, click "Sign In" in the pop-up interface, and the specific points that can be obtained by the imported wallet will be displayed. After confirming, click "Continue".

4. Check the leaderboard. After returning to the wallet interface, your ranking on the leaderboard will be displayed.

In addition to using Rainbow for cross-chain transactions, users can also earn points by spreading invitation codes. In addition to the extra points brought by successful referrals, users will also receive 10% of the points earned by the referred users. The points earned each week will be airdropped to users on Tuesday afternoon at 4:20 (UTC-5).

Rainbow Interactive Experience

Asset Display

From the perspective of UI design, the UI design of the Rainbow plugin is more beautiful than that of MetaMask. In addition, Rainbow can automatically detect cross-network tokens in the wallet. In MetaMask, users need to manually switch networks to view assets in the corresponding chain. MetaMask also has a problem of incomplete display of currencies, and the author manually added USDT here.

Rainbow interface, MetaMask interface, MetaMask interface

Translation:

Rainbow interface, MetaMask interface, MetaMask interface

In addition, Rainbow has included the rise and fall data of tokens in the asset list, which is not displayed in the MetaMask plugin. However, the function of displaying token price changes in the plugin is not unique to Rainbow. Other wallet plugins such as OKX Wallet can also display this, and the wallet Pantom can also display changes in the user's assets.

Rainbow's special feature is that it integrates Coingecko data and displays token price changes directly on the trading interface of the plugin. Users can view the price changes of tokens in hourly, daily, weekly, monthly, and yearly scales without having to navigate to other pages. For users, trading tokens often requires checking the price fluctuations of tokens, and this feature meets that demand very well.

Meanwhile, MetaMask only provides token trading function on this interface. Users need to click "Portfolio" to jump to the web page to view more information such as price increase.

Rainbow interface, MetaMask interface, MetaMask interface

Translation:

Rainbow interface, MetaMask interface, MetaMask interface

Additionally, the Rainbow extension provides shortcut key functionality, allowing users to switch wallets, copy addresses, connect to dApps, and conduct token transactions without relying on a mouse. In addition to basic sign or reject signature, users can also adjust gas, speed up, or cancel transactions through shortcut keys. For more information, please refer to the shortcut word corresponding table.

NFT Collection

Users can personalize the display of their NFT collections in Rainbow, and switch between display modes such as alphabetical/time order lists and galleries. In addition, users can view detailed data about their NFTs, including floor price, number of holders, and the percentage held by the unique owner.

Team, Financing and Recent Developments

Rainbow was founded in 2019 by Christian Baroni, Mike Demarais, and Jin Chung. Prior to founding Rainbow, Christian Baroni worked as a freelance user interface designer for Groupon, Stripe, Microsoft, Villainous Software LLC, and Balance. He also founded the design company baroni.co and ran it for three years. Michael Demarais is a software engineer and entrepreneur who has worked at Dispatch and Zipdrug as an engineer. Jin Chung did not have prior Web3 startup experience and worked at eBay, where he wrote stock derivative trading tools for its recommendation system.

In October 2021, Rainbow secured a Series A funding of $18 million, led by Seven Seven Six, a venture capital firm owned by Reddit co-founder Alexis Ohanian.