Now that we’ve got that out of the way..
~PART ONE~
This is a lot easier than it looks. First of all, you’ll need to self-custody your XRP. This means that your XRP needs to be on your own hardware wallet (Ledger Nano, D’Cent, Xumm etc) ..If your XRP is still on exchange (Uphold, Kucoin etc) ..this info might not be of much help other than being incentive to get your crypto off of the exchange and onto your own hardware wallet. I use a Ledger Nano and a desktop computer so I’ll explain how I go about it. I have no personal experience doing any of this via the Xumm app but here’s a link to an infographic with all of the necessary steps.
You’re going to need to pair your hardware wallet up with the XRP Ledger via the XRP Toolkit at https://www.xrptoolkit.com. The XRP Ledger will give you the option to connect your wallet. It’s pretty self-explanatory and it may take a few tries to get it right. It definitely helps to use Google Chrome for a browser. It’ll work on Firefox but not as smoothly.
In another tab, open up this link which is a really great Google spreadsheet (generously created and maintained by @gadget78 on twitter) that lets you know which new tokens are putting airdrops out there. The spreadsheet is updated several times a day and each token is rated by number and color (green = good and red = bad etc.) ..Tokens with the horizontal green highlight mean that their airdrop is currently active.. (you can still add tokens that aren’t horizontally highlighted because they will airdrop eventually) ..I try to stay away from coins that are in the lower orange range unless they have a whitepaper that explains their intentions / roadmap. It’s a good idea to do your own research on each before setting up a trustline with that token. At the bottom of the list of airdrops, there’s a good description of the details of the chart. Being new to this, it might help you to familiarize yourself with the Spreadsheet before opening the XRP Toolkit. That’s up to you.
Now that you have tabs open for the XRP Toolkit and the Spreadsheet, you can start setting trustlines which is just as it sounds. It’s a line set up between your wallet and the token distributor signifying your trust (based on your own research) with the token issuer that’s giving the airdrop. To set up a trustline..
Hover your cursor over the word ‘Account’ in the menu at the top left of your XRP Toolkit.
In the drop down menu, click on ‘Assets’.
At the lower left of the screen, click on ‘Custom Edit’.
In the box that says ‘Issuer / Enter the Issuing Account’ you’re going to refer to the spreadsheet to get this info. Find the asset that you want to add and then slide the spreadsheet to the right until you see two header boxes in Line 1 that say “Hex Code” and “Issuer Account”.
Click on the long alpha-numeric number in the Issuer Account box of the asset that you want to add. You won’t be able to highlight the contents in this box but if you look just above the top line of the spreadsheet you’ll see the alpha-numeric code appear up there.. (Right underneath the green menu box that says ‘View Only’) ..Click and drag your cursor across it and once it’s highlighted use your keyboard to copy the text using ‘CTRL C’. (for some weird reason it won’t allow us to copy with our mouses)
Once the Issuer Account number is copied to your clipboard, paste it into the Issuing Account area in the XRP Toolkit.
To get the currency code that the XRP Toolkit needs, look for the asset’s long number under the ‘Hex Code’ field which is just to the left of the ‘Issuer Account’ code that you just copied and pasted. Use the same copy and paste method placing the Hex Code into the currency code field in the XRP Toolkit.
By default, the ‘Limit’ field is set to 10000000000. Just leave it as it is and click the ‘Next’ button. From here, the XRP Toolkit will begin setting up the trustline which will require you to scroll through your hardware wallet so that you can confirm the supplied info. At the end of the verification, you’ll sign the transaction on your hardware wallet.
Once your wallet and the XRP Toolkit are done communicating with each other, you should be able to see the trustline set up on the main page (and in the ‘assets’ section) of the XRP Toolkit. It’ll take some time.. (days or months even) ..for some of the airdrops to show up. You’ll know that an airdrop has arrived when you see that the balance of that asset no longer reads zero.
I check on the spreadsheet for new assets daily and I check up on any change in the trustline balances every time that I go in to set up a new trustline. Depending on how many trustlines you decide to create, you should have a handful of airdrops before too long. The longer you can wait, the more there will be the next time that you look. Also, the longer that you can wait to trade the better the chances are that the price of your airdropped tokens will have increased in value which will get you more XRP.
~PART TWO~
When you’ve decided that it’s time to convert your airdropped tokens into XRP, you’ll have to open another tab (along with the XRP Toolkit and Spreadsheet) and go to https://sologenic.org. Sologenic is a decentralized exchange (DEX) that’s built on the XRP Ledger.
From the main page at Sologenic click “Access DEX”.
At the top right on the next screen will be the option to ‘Connect Wallet’. Click that. If your wallet is already open in the XRP Toolkit, the two will synch up without having to sign in again on your hardware wallet. Once you’re done doing everything that Sologenic has prompted you to do, look to the upper left of the Solgenic screen and find where it says “Market SOLO/XRP” and click that.
Click where it says “Base” and then click where it says “Issuer”. Scroll down and choose +Other.
Just as you did when you set up your trustlines, find the issuer number for the airdropped asset on the Spreadsheet and then enter the issuer number into Sologenic’s ‘Issuer’ field and click the search icon.
When it’s found the asset, enter the ‘currency’ / Hex Code. Then press ‘Confirm’.
The left side of the screen will change slightly and you’ll now see the three letter name of your airdropped asset under the heading of “Custom Pair”.
To trade the airdropped asset for XRP, click on where it says ‘Counter’. Click on XRP and then click ‘Confirm’.
Next go to the middle right side of the screen where it says ‘Buy’ ‘Sell’ and click on ‘Sell’.
Refer to the balance of the airdropped asset in the ‘Assets’ section of the XRP Toolkit. If you want to trade the entire balance, you can click “100%” under the ‘Enter Amount” field on Sologenic. You can also opt for 25, 50, 75 percent or you can type in an amount manually. When you’re done click “Place Order’ and then confirm the order summary and confirm the offer on your hardware wallet. From here, the status under the XRP Toolkit’s ‘Latest Transactions’ will reflect your most recent trade.
Lastly, be absolutely sure to select the ‘Sell’ option when trading your airdropped tokens for XRP in Sologenic. I was making a transaction while documenting the step-by-step process for this tutorial and I forgot to hit ‘Sell’ and wound up trading a bunch of XRP for more issuer’s tokens. In an effort to get the XRP back, there was a loss of a significant amount of free XRP. A very silly mistake that could’ve easily been avoided. Oh well. We live and we learn. Hopefully this write up helps some of you out. Good luck!
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