#OnChainLendingSurge

0xngmi is a developer for DefiLlama. Opinions are his own.

Airdrops have become one of the biggest draws for users in DeFi.

Hopeful hunters pile into new blockchains in the hope of becoming eligible for future rewards of valuable tokens.

For the chains themselves, airdrop token launches are seen as powerful marketing tools, boosting their user counts and galvanising their communities.

This year, several chains rewarded users with token airdrops. But just how effective were the launches in drawing in users? Let’s look at the data.

Maintained activity

Blockchains launching their own tokens often trigger sustained peaks in activity and create lasting engagement. Optimism is one example where activity increased and stayed high after launching its OP token in 2022.

Many attribute this effect to incentive programmes after token launches, which promise rewards to users who bridge over funds.

However, even chains that don’t explicitly offer or advertise such campaigns, such as Starknet, also maintain higher levels of deposits after launching their tokens.

Another example is perpetual futures trading platform Hyperliquid.