Crypto Airdrops Deliver $26.6 Billion in Free Tokens in Three Years

an airplan dropping crypto

Crypto airdrops, the practice of distributing free tokens to users, have become a popular and lucrative phenomenon in the blockchain space, with the top 50 airdrops delivering a total of $26.6 billion worth of tokens from 2020 to 2023, according to data from airdrops.io.

An airdrop is a marketing strategy that aims to raise awareness and attract users for a new or existing crypto project, by giving away a certain amount of tokens to eligible participants, usually in exchange for completing simple tasks, such as joining a social media channel, providing feedback, or holding a specific coin.

Largest Airdrop Ever

The most generous airdrop in history was conducted by Uniswap, a decentralized exchange that allows users to swap any ERC-20 token without intermediaries. In September 2020, Uniswap airdropped 400 UNI tokens, its native governance token, to every user who had ever used its platform before September 1, 2020. At the time, the airdrop was worth about $1,200 per user, but as the price of UNI soared, the value of the airdrop reached $6.43 billion, making it the largest airdrop ever.

The Apecoin Drop

The second-largest airdrop was performed by Apecoin, a meme coin that claims to be the official cryptocurrency of the Planet of the Apes franchise. In April 2021, Apecoin airdropped 10,000 APE tokens, worth about $0.35 at the time, to every user who had a Binance Smart Chain wallet with a minimum balance of 0.1 BNB.

The airdrop was meant to celebrate the launch of Apecoin’s decentralized exchange, ApeSwap. However, as the price of APE skyrocketed, the value of the airdrop reached $3.54 billion, making it the second-largest airdrop ever.

Margin Trading Platform dYdX

The third-largest airdrop was carried out by dYdX, a decentralized platform that offers margin trading, perpetual contracts, and borrowing and lending for crypto assets. In September 2021, dYdX airdropped its governance token, DYDX, to over 76,000 users who had traded on its platform since its inception in 2017.

The amount of DYDX tokens each user received varied depending on their trading volume, frequency, and liquidity provision. The average airdrop was worth about $10,000 per user, but some users received up to $100,000 worth of DYDX tokens. The total value of the airdrop was $2.01 billion, making it the third-largest airdrop ever.

Layer 2 Scaling Solution for Ethereum

The fourth-largest airdrop was executed by Arbitrum, a layer-2 scaling solution that aims to improve the speed and efficiency of Ethereum transactions. In November 2021, Arbitrum airdropped its native token, ARB, to over 250,000 users who had interacted with its network before November 1, 2021.

The amount of ARB tokens each user received depended on their usage of Arbitrum, such as the number of transactions, the gas fees paid, and the diversity of protocols used. The average airdrop was worth about $4,000 per user, but some users received up to $40,000 worth of ARB tokens. The total value of the airdrop was $1.97 billion, making it the fourth-largest airdrop ever.

Ethereum Name Service Airdrop

The fifth-largest airdrop was done by Ethereum Name Service, a decentralized protocol that allows users to register human-readable domain names for their Ethereum addresses. In November 2021, ENS airdropped its governance token, ENS, to over 137,000 users who had registered a .eth domain name before October 31, 2021.

The amount of ENS tokens each user received was proportional to the length and duration of their domain name registration. The average airdrop was worth about $7,000 per user, but some users received up to $70,000 worth of ENS tokens. The total value of the airdrop was $1.88 billion, making it the fifth-largest airdrop ever.

ICP Airdrop

The sixth-largest airdrop was conducted by Internet Computer, a blockchain platform that aims to create a decentralized internet. In May 2021, Internet Computer airdropped its utility token, ICP, to over 50,000 users who had participated in its early development, such as developers, validators, and community members.

The amount of ICP tokens each user received varied depending on their contribution and involvement in the project. The average airdrop was worth about $20,000 per user, but some users received up to $200,000 worth of ICP tokens. The total value of the airdrop was $1.74 billion, making it the sixth-largest airdrop ever.

Bonk Airdrop

The seventh-largest airdrop was performed by Bonk, a meme coin that claims to be the first hyper-deflationary token. In June 2021, Bonk airdropped 10,000 BONK tokens, worth about $0.13 at the time, to every user who had a Binance Smart Chain wallet with a minimum balance of 0.1 BNB. The airdrop was meant to promote the launch of Bonk’s decentralized exchange, BonkSwap. However, as the price of BONK surged, the value of the airdrop reached $1.33 billion, making it the seventh-largest airdrop ever.

CEL Token Airdrop

The eighth-largest airdrop was carried out by Celestia, a layer-1 blockchain platform that aims to scale and secure any application. In December 2021, Celestia airdropped its native token, CEL, to over 100,000 users who had interacted with its testnet before December 1, 2021.

The amount of CEL tokens each user received depended on their participation and feedback on the testnet. The average airdrop was worth about $4,000 per user, but some users received up to $40,000 worth of CEL tokens. The total value of the airdrop was $728 million, making it the eighth-largest airdrop ever.

Top NFT Airdrop

The ninth-largest airdrop was executed by LooksRare, a decentralized marketplace for non-fungible tokens (NFTs). In December 2021, LooksRare airdropped its governance token, LOOKS, to over 300,000 users who had bought, sold, or created NFTs on its platform before December 15, 2021.

The amount of LOOKS tokens each user received was proportional to their trading volume, frequency, and diversity of NFTs. The average airdrop was worth about $1,000 per user, but some users received up to $10,000 worth of LOOKS tokens. The total value of the airdrop was $712 million, making it the ninth-largest airdrop ever.

1INCH Airdrop

The tenth-largest airdrop was done by 1inch, a decentralized exchange aggregator that allows users to find the best prices and liquidity across multiple platforms. In December 2020, 1inch airdropped its governance token, 1INCH, to over 50,000 users who had used its service before December 24, 2020.

The amount of 1INCH tokens each user received was based on their number of trades, total value, and gas fees. The average airdrop was worth about $6,000 per user, but some users received up to $60,000 worth of 1INCH tokens. The total value of the airdrop was $670 million, making it the tenth-largest airdrop ever.

Crypto airdrops have become a powerful tool for crypto projects to distribute their tokens, build their communities, and increase their network effects. However, not all airdrops are legitimate or valuable, and some may pose security or regulatory risks. Therefore, users should always do their own research, verify the authenticity of the airdrops, and follow the best practices to claim and secure their free tokens.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.