With the bull market finally here, cryptocurrency airdrops are once again gaining traction as investors rush to participate in the emerging ecosystem and seek out projects offering free token distributions.
In the previous four years (2020 to 2023), the number of cryptocurrency airdrops has surged. Led by well-known blockchain projects such as Uniswap, Apecoin and dYdX, airdrop agencies of various blockchain projects distributed a total of more than 26.6 billion US dollars (approximately RMB 186.2 billion) worth of airdrop tokens during this period—— After 2024, the total value of airdrops is expected to exceed US$30 billion (approximately RMB 210 billion).
In the previous article, "Starting the Bull Market: 2024, the Year of Cryptocurrency Airdrops!" "It is mentioned that 2024 will be a new year of airdrops - in this year, many blockchain projects (including several blockchain projects with a valuation of billions of dollars) will launch airdrop activities to repay their support. Cryptocurrency enthusiasts of this project. By then, crypto enthusiasts who have previously participated in supporting various projects will receive good airdrop benefits.
Cryptocurrency airdrops are a distribution method used by projects to reward users who participate in the early stages of their protocols or complete specific related tasks. Airdrops can be used as a marketing method to acquire new users by providing incentives to participate in the protocol, or as a testing method.
For many cryptocurrency enthusiasts, airdrops are a low-risk, minimal-commitment gateway into web3.
For experienced cryptocurrency traders and investors, these airdrops are a way to earn high returns at low cost.
For projects, airdrops provide a simple and reliable way to attract highly targeted audiences. Airdrops are usually a way for projects to promote community development, increase visibility, or reward early supporters.
The top three airdrop blockchain projects in history
Uniswap (UNI) is leading the way: its historic $6.43 billion (calculated at ATH token price of $42.88) airdrop on September 16, 2020, became the hottest headline in the crypto market at the time.
Apecoin (APE) performed the second largest airdrop in history on March 17, 2022: $3.54 billion in tokens were distributed (calculated at an ATH token price of $23.63). The move was particularly important for Yuga Labs ecosystem participants, as it was equivalent to receiving the Bored Ape Yacht Club NFT for free given the base price at the time.
The third-largest airdrop in history is dYdX (DYDX): $2 billion in tokens were issued on September 8, 2021 (calculated at ATH token price of $26.80). The good thing is the $DYDX airdrop The value will be fully unlocked within five years (extended vesting period).
The total airdrop value of Uniswap, Apecoin and dYdX is US$11.99 billion, accounting for 45.1% of the airdropped cryptocurrencies of other blockchain projects. It can be concluded that the top blockchain projects are more generous in marketing airdrop activities.
Overview of airdrop value in 2023
In 2023, the total value of airdrops reached $4.56 billion, led by major well-known blockchain projects such as Arbitrum (ARB).
Arbitrum distributed $1.97 billion worth of tokens in 2023 (its cryptocurrency airdrop size is 2.9 times larger than that of rival Optimism ( OP )).
Celestia (TIA) and Blur’s first airdrops followed, focusing on rewarding contributors to their ecosystems rather than their broad user bases. This strategy moves away from the early trend of large-scale token distribution to a more targeted approach.
Blur has also demonstrated the potential of consecutive airdrops in maintaining engagement on the platform with two airdrops in 2023, especially the second airdrop worth $190 million.
Arbitrum, Celestia, and Blur’s first airdrops combined accounted for 69.9% of the total cryptocurrency airdrops distributed in 2023, or $4.56 billion worth of tokens.
The most anticipated airdrop blockchain project in 2024
LayerZero
LayerZero is a Web3 protocol that solves blockchain interoperability issues. The protocol enables decentralized applications running on different blockchain networks to exchange information using Oracle technology. More than 41,500 applications are built on LayerZero, with a total of more than 105 million cross-chain interactions.
Investors include well-known venture capital firms such as LayerZero Sequoia Capital, Andreessen Horowitz, FTX Ventures, Coinbase Ventures and Circle. The program has been raised upwards since 2021 to $263.3 million. LayerZero has a market capitalization of $3 billion.
At the end of 2023, the team was officially established to announce the issuance of the token and promised to develop an issuance plan in the first half of 2024.
zkSync
zkSync is a layer 2 protocol based on zero-knowledge proofs deployed on Ethereum. The main goals according to the roadmap are to improve the scalability of the mainnet and enable Ethereum developers to create more efficient decentralized applications.
The zkSync team aims to lower transaction fees and increase operational speed while maintaining a high level of network security. To achieve these goals, zkSync developers are working on modifying zk-Rollups.
It received seed funding from the Ethereum Foundation back in 2020 and then attracted $458 million from major investors including Blockchain Capital and Dragonfly Capital. The project is among the top 10 L2 solutions for Ethereum. The zkSync ecosystem includes 170 dApps with a total value locked (TVL) of $102.77 million.
The community encourages everyone to participate in other zkSync-related airdrops, as active participation in the ecosystem and test environment may increase users’ chances of receiving zkSync native tokens in future giveaways (one of the zkSync ecosystem’s airdrops is distributing $25 million ZKID)
Scroll
Scroll is an Ethereum layer 2 protocol based on zk-Rollups. The project team describes the protocol as a solution for developers because it can scale the Ethereum network when building EVM-compatible applications.
After nearly two years of testing, the Scroll mainnet will be launched in October 2023. According to DefiLlama, the network’s TVL exceeds $30 million.
The project has attracted the attention of the Ethereum community and several large venture capitalists. Two rounds of financing totaled US$80 million. Investors in the project include Polychain Capital, IOSG, Variant, Sequoia Capital, and well-known institutions such as Santiago R. Santos, Anthony Sassano, Ying Tong, and Carlos Aria.
Base
Base is another L2 protocol for Ethereum that has been launched, launching last summer. Although Coinbase initiated the network’s launch and is its main sponsor, the project is fully decentralized. This has been achieved through a joint management agreement with the developers of L2 solution Optimism.
The essential feature of Base is its functionality, not only to create dApps on the network, but also to issue tokens using the protocol. Defilamar reported the network's TVL at $421.81 million. The network and all cross-network protocols based on the network have a TVL of over $760 million.
For other airdrops expected in 2024, please read the article Starting the Bull Run: 2024, the Year of Cryptocurrency Airdrops! 》.
Past selections:
"Hundred Times Track - Crypto Market Opportunities in March"
"The spring of Layer 2 is coming, what other Layer 3 projects are worth paying attention to?"
"Ethereum will move towards $10,000, 2024 roadmap analysis!" 》
"The time has come, the Bitcoin shock is about to begin!" 》
"Complete Guide to SupraOracles Airdrop ($SUPRA + Monthly Grand Prize)"
There is a high probability that the Supra Oracles project will be launched in the first half of the year. I am personally quite optimistic about this project. I guess that after the launch, the price of each token may climb to between 3U and 10U (3×450×7). Don’t miss it! ! !
