The Block17 minutes ago

Published on December 13, 2023 10:43 GMT+00:00edited on December 13, 2023 10:44 GMT+00:00

Rainbow, a crypto wallet accessible via mobile and browser, rolled out a points-based program designed to reward current users and attract new ones.

On Dec. 11, Rainbow captured a snapshot of user activity on Ethereum, forming the basis for initial eligibility for the program. It has allocated at least 100 points to every Ethereum user as an incentive to explore its platform. Moreover, Rainbow is targeting users of popular web3 wallet Metamask by providing a points bonus to those who have used MetaMask’s swap service in the last year, with the amount based on their transaction volume. 

Rainbow’s points program resembles a strategy commonly known as a “vampire attack.” This approach is used by projects to attract users from competitors, usually by providing greater incentives. …