Crypto airdrops in 2024 have distributed $4 billion so far, with major drops from Jupiter, Starknet, and Notcoin. Upcoming airdrops include ZKsync and LayerZero, amid efforts to combat airdrop farming.
Crypto airdrops have continued unabated into 2024, distributing approximately $4 billion in value thus far, with several major airdrops still on the horizon.
The largest airdrops to date include Jupiter, Starknet, and Notcoin, each dispersing around $1 billion in value, based on the number of tokens distributed and their average price over subsequent months. Following these were various Solana and Ethereum-based projects, such as Wormhole, Ether.fi, FriendTech, and Wen.
Crypto airdrops involve a project distributing tokens to previous users of its protocol. This typically occurs when the project transitions control to its community by issuing a governance token for user voting. Airdrops are sometimes divided into multiple phases and often aim to avoid distributing tokens to wallets that interacted with the protocol solely to receive the airdrop.
Historically, the largest airdrops have been Uniswap, Apecoin, and dYdX, according to a CoinGecko report. The report indicates that the total value of all airdrops up to December 2023 was $26.6 billion, based on peak token prices. Applying CoinGecko’s methodology and including 2024 airdrops at their peak values suggests an upper bound of $34 billion in total airdrop value.
Several significant airdrops are expected this year. The Ethereum Layer 2 network ZKsync’s airdrop is scheduled for next week. The Solana-based decentralized exchange Zeta Markets’s airdrop is set for June. The Ethereum restaking protocol EigenLayer’s airdrop has commenced, although the token will not be transferable until later this year. Additionally, the cross-chain messaging protocol LayerZero is preparing for its airdrop, with no definitive date yet.
Despite the substantial sums distributed, airdrops face challenges from individuals attempting to exploit the system. Known as airdrop farmers, these individuals often use numerous wallets to interact with projects likely to issue tokens. Projects, in turn, strive to identify and exclude these wallets from distributions.
LayerZero is notably proactive in combating airdrop farming, offering a bounty for reports of potential farming activities and thoroughly reviewing all claims. Similarly, ZKsync’s upcoming airdrop has identified and excluded several airdrop farmer wallets, capping distributions for the largest recipients and redistributing some tokens among all recipients.
While airdrops remain lucrative, qualifying for them has become increasingly difficult, and even legitimate users may find themselves excluded.
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