Brokerages are starting to use giveaways to drive crypto trading volume.

Robinhood’s official account announced on October 26 that it’s holding a crypto trading giveaway over the next 4 weeks, with a total prize pool of $700,000 and 6,001 winners: one grand prize of $100,000 and 6,000 smaller prizes of $100 each, all paid in crypto assets.

It’s simple to participate: Trade any of 7 designated coins on Robinhood Crypto, including $SUI, $ONDO, $INJ , and others, for a chance to qualify for the giveaway. According to rules compiled by the community, you must first sign up in the app. Each eligible trade counts as one entry, with a maximum of 6 entries per week and 24 total. The promotion runs through November 22, with winners expected to be drawn around December 7. Open only to certain U.S. users.

The interesting part is the backlash: the Robinhood Chain community isn’t too happy, feeling that not a single chain-native project made the list. They’ve mocked it as a showcase for “dinosaur coins.” The contrast is pretty stark: while the chain is touting its ecosystem, the marketing budget for its own app is going to established projects from elsewhere.

My take:

1. At its core, this is a traffic swap to promote tokens listed on the exchange. It gives the coins on the list some exposure, but it doesn’t mean their fundamentals have changed.

2. The cap of 6 times per week suggests the goal is to get people to come back on more days, not to encourage large trades.

3. Raffles are an old trick for U.S. stock brokers. Bringing them to crypto suggests retail trading needs a little outside help to heat up.

See the Robinhood app for the official terms of the promotion. This is not investment advice.

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