Rainbow Wallet’s “Fox Hunt” is Driving Thousands of MetaMask Users

Rainbow, a non-custodial wallet, today announced a points system rewarding past users and incentivizing MetaMask users to switch in what it calla a “fox hunt.”

The scheme is working as the number of people who had previously used MetaMask’s swap feature and started using Rainbow spiked to over 2,200 today, from just over 100 yesterday and fewer than 10 every day in the prior two weeks, according to a Dune Analytics dashboard created by Subin An, the data lead of venture fund Hashed.

The jump “can be interpreted as a result of the Vampire Attack within Rainbow Wallet’s point system, targeting MetaMask Swap users,” An said.

Rainbow Points

Rainbow today announced it is distributing “Rainbow Points” based on past activity.

Every Ethereum user gets points. It also considered historical balances on Rainbow, swap activity on both Rainbow and MetaMask, bridging activity on Rainbow, and holding Rainbow NFTs. The snapshot to calculate points for past activity was taken on Dec. 11.

Those who import their MetaMask wallet onto Rainbow gain up to 150,000 extra points, as long as they used MetaMask’s swap feature in the last year.

“This isn’t a vampire attack. It’s a fox hunt,” Rainbow said.

Users can claim points by opening or downloading the Rainbow wallet.

MetaMask, which is branded with a distinctive fox, is a non-custodial wallet owned by Consensys with more than 10 million monthly active users.

Rainbow did $5.4 million of trading volume in November, which amounted to about $47,000 of revenue, with about 2,100 wallets using its swap function, according to Dune Analytics data.

Going forward, users will continue earning points for almost everything they do onchain in Rainbow, but those who swap and bridge in the wallet, and refer others to Rainbow get the most points. Points will be dropped to users every Tuesday at 4:20pm ET

Rainbow said in its website “points are the first step towards including our community in the future success of Rainbow.”