Airdrops are transforming blockchain engagement with almost $15 billion given to crypto users in 2024.
Massive Surge in Rewards via Airdrops
Airdrops have become highly valuable tools for marketing new crypto projects. According to an onchain analysis by Dropstab, a crypto aggregator, $14.91 billion was disbursed by various projects in 2024 to crypto users via a series of airdrop campaigns.
Top of the list of airdrop distributions was Hyperliquid‘s $1.34 billion airdrop to over 90,000 users of the platform. A close second was Starknet’s 700 million tokens airdrop to about 1.3 million addresses worth $1.33 billion.
Pengu’s $1.15 billion airdrop, Wormhole’s $896 million airdrop, and Jupiter’s $891 million airdrop rounded up the top 5 most lucrative airdrops in 2024.
Out of the $14.91 billion disbursed via airdrops, $4.22 billion (28.3%) were on layer 2 projects, $3.31 billion (22.2%) were on decentralized finance (defi) projects, and $2.63 billion (17.6%) were on layer 1 projects.
Gaming and memecoins, liquid staking, and artificial intelligence (AI) projects gave out tokens worth $2.28 billion, $1.27 billion, and $373 million respectively.
Airdrops have been used by blockchain projects to improve community development and user engagement. By meeting pre-established eligibility requirements, users can obtain large benefits with some even receiving substantial earnings. These requirements typically entail promoting the project or engaging with its main features.
For instance, a significant number of crypto enthusiasts on X shared their joy at the significant airdrop allocation of HYPE, the native token for Hyperliquid. X user, @0xFinish claims to have received $100,000 worth of HYPE and called it “the best trade of my life.”
The surge in high-quality airdrops is evidence of how crucial airdrops are to the crypto ecosystem, making them more than just a marketing strategy but a significant move toward user involvement, decentralized ownership, and wider blockchain usage.
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