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If ada is locked up in a smart contract, does

it still receive airdrops..?

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Depends on the smart contract and the airdrop. There are contracts – Indigo CDPs and some others that I always forget – where assets are locked on an address with the validator as payment part, but your stake key hash as stake part. (Should be much more common that you keep things on your stake.) If the airdrop is done based on stake and not on ADA on a single address, then it would come for such assets.

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