What is a faucet

Crypto Faucets can be websites or applications that reward users who complete specific tasks with small amounts of cryptocurrency. Because the rewards are minimal, this process is like a leaky faucet dripping water little by little, hence the name “faucet.” The earliest cryptocurrency faucet appeared in 2010, initiated by Bitcoin early developer Gavin Andresen. Users only needed to complete a simple CAPTCHA to receive 5 Bitcoins. This faucet ultimately distributed a total of 19,715 $BTC for free to users and brought a group of early adopters to the Bitcoin network.

How do cryptocurrency faucets work?

Cryptocurrency faucets allow users to earn crypto by completing simple tasks, such as taking surveys, posting on social media, watching videos, etc. Usually, rewards are sent directly to the user’s crypto wallet. However, some projects may set minimum withdrawal limits. Users need to repeat tasks and accumulate rewards to reach a certain amount to withdraw (although it’s free, it can be time-consuming).

What is the significance of cryptocurrency faucets?

Firstly, cryptocurrency faucets have educational value, helping more people understand cryptocurrencies or specific blockchain projects, with Bitcoin faucets being the most typical example mentioned earlier.

Additionally, faucets can also serve as marketing tools for new projects. Project teams can set marketing tasks (such as posting on social media) to increase project visibility. Currently, the main use of cryptocurrency faucets is on blockchain testnets. Some project teams distribute free test coins to encourage users to try new products and features.

What are the differences between cryptocurrency faucets, airdrops, and bounties?

Both cryptocurrency faucets and airdrops provide token rewards to users after they meet certain conditions. The main difference lies in the size of the rewards; airdrops usually offer more. However, this is not always the case and depends on the value of the reward/project itself.

Bounties are more like work-based tasks. Project teams publish tasks such as bug bounties, community assistance, translation, feature development, etc. People who complete these tasks can receive a one-time reward (similar to part-time work).

Examples of cryptocurrency faucets

Ethereum Testnet Goerli Faucets

To obtain test $ETH on the Goerli Testnet, users need to post a tweet or a Facebook post containing their Ethereum address (other text does not matter), then use the URL of the tweet or Facebook post to claim funds.

Sepolia Faucets

Through the Sepolia faucet, users only need to input their address or ENS and complete a simple CAPTCHA to receive test funds.

SUI Testnet

To get devnet SUI, users need to visit the project’s Discord channel #devnet-faucet and then send a message: “faucet! + wallet address” **$FARTCOIN **