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Top 10 Largest Crypto Airdrops Up to 2024
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2024-11-04 | 5m
Crypto airdrops are a well-known phenomenon, but which ones stand out as the most significant in history? This article will delve into the top 10 largest crypto airdrops, examining their market impact and their role in advancing decentralized finance and Web3 adoption. Whether you're an experienced investor or simply interested in the trends, explore how these airdrops made waves and opened up new possibilities.
What Is Crypto Airdrop?
A cryptocurrency airdrop is a marketing strategy used by blockchain startups to promote a new virtual currency by distributing free tokens to wallet addresses. This initiative aims to increase awareness and encourage trading of the token, especially when it launches as an initial coin offering (ICO). Airdrops are often announced through websites, social media, and forums, and recipients may need to hold a minimum amount of a specific cryptocurrency or complete certain tasks, like sharing posts, to qualify for the tokens.
Top 50 Crypto Airdrops in Crypto History
In 2021, 18 of the top 50 crypto airdrops occurred, a significant increase from just 5 in 2020. However, the numbers dropped in 2022 and 2023, with 14 and 13 major airdrops making it into the top 50, respectively, likely due to the crypto winter bear market discouraging new airdrops. The total value of airdrops increased slightly from $7.28 billion in 2020 to $7.46 billion in 2022. Notably, Bonk (BONK) surged to its all-time high in December 2023, becoming one of the top airdrops. In 2023, the total value of crypto airdrops reached $4.56 billion, which is only 61.1% of 2022's value, as many new tokens released during this period have not yet experienced a bull market like those from 2020 to 2022.
Top 10 Largest Crypto Airdrops
Here are the 10 largest airdrops that have had a significant impact on the crypto landscape. Take a look below.
#1: Uniswap (UNI)
Uniswap (UNI) executed the largest crypto airdrop in history, distributing $6.43 billion worth of tokens on September 16, 2020, when the token peaked at an all-time high price of $42.88. This airdrop was a significant event during DeFi Summer, reviving interest in the airdrop model first introduced in 2014 with Auroracoin in Iceland. The airdrop targeted early adopters and active users by requiring them to interact with the platform before a specific snapshot date, ensuring that rewards went to genuine supporters of the Uniswap ecosystem.
The distribution method was designed to enhance user experience and incentivize further participation, which ultimately increased the platform's user base and transaction volumes. This event boosted engagement with decentralized applications (dApps) and non-fungible tokens (NFTs), promoting innovation within the decentralized finance landscape. The success of the Uniswap airdrop not only solidified its market position but also set a precedent for future crypto airdrops, showcasing Uniswap's commitment to community growth and technological advancement.
#2: Apecoin (APE)
Apecoin (APE) conducted the second-largest crypto airdrop on March 17, 2022, distributing $3.54 billion worth of tokens when the price peaked at $23.63. The airdrop primarily rewarded owners of Yuga Labs' Bored Ape and Mutant Ape NFTs, allowing them to claim up to 10,950 tokens, valued at $258,737. By selling these tokens at their peak price, recipients could effectively acquire a free Bored Ape Yacht Club NFT, which had an average floor price around $200,099 prior to the airdrop.
This strategic distribution aimed to enhance user engagement and expand the ApeCoin ecosystem, with 15% of the total $APE token supply allocated to NFT holders. The demand was met through a dedicated claim page, significantly benefiting the community.
The impact of the airdrop was substantial, bolstering the network by attracting new users and increasing token liquidity, which led to enhanced trading volumes and decentralized network growth. By fostering a diverse user base, ApeCoin strengthened its market presence and set the stage for future innovations, emphasizing its commitment to community involvement and advancement within the blockchain landscape.
#3: dYdX (DYDX)
dYdX (DYDX) executed the third-largest crypto airdrop on September 8, 2021, distributing $2 billion worth of tokens at an all-time high price of $26.80. However, the full value of the airdrop is unlocked over a five-year period, with portions released incrementally. This structure means that while the initial distribution appears significant, recipients will realize the total value over time.
dYdX is known for its innovative approach in the decentralized finance (DeFi) space, particularly its focus on margin trading, which allows users to enhance their investment returns. The airdrop aimed to reward user engagement and support, fostering a vibrant community around the dYdX ecosystem.
To claim the airdrop, users connected their wallets on the official dYdX site, where they could verify their eligibility based on activity criteria such as holding specific cryptocurrencies or interacting with the platform.
The impact of the airdrop was considerable, enhancing user adoption and liquidity within the market. By reaching a broad audience, dYdX increased its visibility and paved the way for future growth. This strategic initiative not only catalyzed user engagement but also reinforced dYdX's position as a leading player in the decentralized finance landscape.
#4: Arbitrum (ARB)
Arbitrum (ARB), a leading Ethereum Layer-2 solution, executed a major governance token airdrop on March 23, 2023, to promote decentralization and engage its community. The airdrop, valued at $1.97 billion, targeted early adopters and rewarded users based on their activity on the platform. Following the airdrop, Arbitrum experienced a significant surge in users and transactions, establishing itself as the largest Layer-2 network on Ethereum. The total value locked (TVL) in the Arbitrum ecosystem increased by 147.2%, reaching a peak of $3.68 billion. This initiative not only strengthened community ties but also set the stage for future growth and innovation within Arbitrum.
#5: Ethereum Naming Service (ENS)
The
Ethereum Naming Service (ENS) airdropped tokens valued at $1.87 billion to promote decentralization and user engagement. Following a snapshot on October 31, 2021, 25% of the total supply was distributed to holders of “.ETH” domains. Users could claim these governance tokens until May 4, 2022, with allocations based on the duration of domain ownership, expiration times, and engagement levels.
The airdrop significantly increased ENS's visibility and encouraged new users to adopt ENS domains, resulting in positive community engagement and discussions. This initiative not only rewarded existing users but also fostered a supportive user base, contributing to the long-term growth and stability of the ENS ecosystem.
#6: Internet Computer Protocol (ICP)
The
Internet Computer Protocol (ICP) Airdrop, conducted in May 2021, was a strategic initiative valued at approximately $1.74 billion, aimed at expanding the network's reach and increasing user engagement. The airdrop distributed tokens to about 50,000 active participants, including those involved in wallet activities and community interactions, with each receiving around 2,513 tokens.
This initiative significantly impacted the cryptocurrency community by driving attention, enhancing token liquidity, and promoting a more decentralized network. By rewarding early adopters and fostering a diverse community, the airdrop established a foundation for future governance participation and set a new precedent in the crypto industry, encouraging similar strategies for boosting network engagement and decentralization.
#7: Bonk (BONK)
The
Bonk (BONK) token airdrop, valued at approximately $1.33 billion, ranks as the seventh largest airdrop in the crypto market. Launched in late 2022, Bonk is a meme coin associated with the Solana blockchain that has utilized airdrops to engage and expand its community, achieving notable attention and high market value by December 2023.
The airdrop was strategically executed to target various segments of the Solana community, ensuring broad and fair token distribution. Key allocations included 21% for Solana NFT holders, 15% for DeFi users, and 5.3% for validators and developers, reflecting an inclusive approach aimed at fostering community participation.
The impact of the Bonk Airdrop was significant, leading to increased activity on the Solana blockchain and higher transaction volumes, especially around listings on major exchanges like Coinbase and Robinhood. This initiative not only enhanced Bonk's market presence but also contributed to greater liquidity and user engagement within the Solana ecosystem, reinforcing its vitality and functionality.
#8: Celestia (TIA)
Celestia (TIA), known for its innovative modular protocol, is conducting the Genesis Drop airdrop, distributing 60 million TIA tokens to eligible participants. This initiative aims to reward early adopters and increase community engagement within the ecosystem.
The distribution targets various contributors, including public GitHub contributors, active users of Ethereum rollups, and stakers or IBC relayers on platforms like Cosmos Hub. Each of these groups will receive 20 million TIA tokens.
The airdrop is expected to enhance network activity and trading volumes, promoting greater decentralization and resilience in the Celestia network. Valued at around $0.73 billion with an all-time high price of $13.99, the Genesis Drop is the second largest crypto airdrop in 2023 and does not utilize 'farming' mechanisms, focusing instead on rewarding specific beneficiaries.
#9: LooksRare (LOOKS)
The
LooksRare (LOOKS) airdrop in 2022 distributed around $712 million worth of tokens to eligible users who traded on OpenSea between June and December 2021. Participants could claim up to 10,000 LOOKS tokens by listing an NFT on the LooksRare platform, with distribution amounts based on their trading volumes.
The airdrop resulted in a significant immediate impact, boosting the token's value by 180% and generating over $20 billion in trading volume. However, long-term engagement proved challenging, with less than 10% of airdropped wallets remaining active four months later and only 0.2% a year after. This illustrates the effectiveness of airdrops for short-term engagement but underscores the difficulty of sustaining long-term user interest in the crypto market.
#10: 1inch Network (1Inch)
The
1inch Network (1Inch) airdropped approximately $671 million worth of tokens to users in December 2023, including an additional 15,055,000 1INCH tokens for users of Mooniswap, Uniswap, Gnosis, and Argent.
Conclusion
These airdrops have not only benefited early adopters but have also shown their promise as instruments for market engagement and expanding networks. As the cryptocurrency landscape continues to change, airdrops serve as an essential mechanism for projects to draw in users, enhance liquidity, and encourage active involvement. By keeping up with these influential events, investors and enthusiasts can gain a clearer insight into how airdrops influence the future of cryptocurrency and decentralized ecosystems.
Disclaimer:
The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
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