Nearly 9 out of 10 Crypto Projects Have Airdrop

Airdrops have emerged as a pivotal strategy in the crypto world, underscoring the shift in how crypto projects engage with their communities and distribute value. But what does this trend signify for the industry? How much crypto space has airdropped to users? We analysed 1404 ended airdrops from 2017 to 2024 to find the answer. 

Let’s dive deeper into the numbers and explore the impact of this phenomenon.

Key Findings:

Airdrops: A Must-Have for This Cycle’s Crypto Projects

Nearly 9 out of 10 projects launching tokens in 2023 and 2024 have airdrops. 

This trend isn’t just a fleeting fad; it’s a clear indication that airdrops have become a fundamental component of project launches. By offering tokens to early adopters or active community members, projects can effectively create buzz, foster loyalty, and ensure wider distribution of their tokens.

Among the different categories of projects:

Decentralised Exchanges (DEXs) lead the pack with 15.71% of them conducting airdrops. This is followed by Bridge protocols at 9.79% and Gaming projects at 8.34%. It’s clear that airdrops are not confined to a single type of project but are embraced across a diverse range of blockchain innovations.

The Financial Impact: Airdrops Worth Billions

Airdrops by Category: Where the Money Flows

From 2017 to 2024, the total value of crypto airdrops has approached a staggering $58.2 billion. 

2024, despite being only 9 months through the year, has already set a new record with $15.8 billion in airdropped value.

This figure isn’t just strong evidence of the generosity of crypto projects but also highlights the growing importance of airdrops in the crypto field.

When we break down the airdrop values by category:

Decentralized Exchanges (DEXs) take the lead, with over $13.6 billion distributed via airdrops. Layer 2 solutions follow with $7.55 billion, and Bridges come in third with $6.71 billion. These three categories alone account for a significant portion of the total airdrop value, reflecting their central roles in the crypto ecosystem.

Layer 2 projects have airdropped double the value of Layer 1 projects, despite being newer entrants to the blockchain space. This indicates a strong community engagement and the growing importance of Layer 2 solutions in enhancing scalability and efficiency in the crypto world.

Despite being relatively new, Modular Blockchain, AI, and Real World Assets (RWA) projects have also secured spots among the top 15 categories with the highest airdrop values, reflecting their potential and rising influence in the industry.

The Rise of Telegram Tap-to-earn Airdrop

Interestingly, the emerging tap-to-earn narrative, driven by just four airdrops – $NOT, $DOGS, Catizen, and Hamster Kombar – secures the 5th position in airdrop value rankings with $3.4 billion, surpassing even the Layer 1 sector.

By the way, the airdrop value per wallet has been dropping sharply. This might indicate a downtrend for tap-to-earn airdrops.

Top 10 Largest Airdrops of All Time

The largest airdrops of all time have set a high bar for future projects. Uniswap and ApeCoin remain the two most lucrative airdrops to date, setting a high benchmark in the industry. In 2024, three notable projects—Jupiter, Starknet, and NOT coin—are following in their footsteps, making significant waves with their own substantial airdrops.

Top 10 largest airdrops of 2024 (YTD)

In 2024, Starknet made headlines with the largest airdrop of the year, valued at nearly $3.1 billion, despite facing controversy over its distribution.

Leading the tap-to-earn narrative, NOT followed as the second-largest airdrop, distributing over $2.2 billion worth of $NOT tokens. Close behind is another tap-to-earn project, $DOGS, with an airdrop valued at over $650 million, securing the 7th spot among the top 10.

Jupiter ranked as the third most generous airdrop of the year, with over $3.6 billion in token value distributed. Although zkSync’s airdrop distribution faced criticism for being “unfair,” it still managed to break into the top 5 largest airdrops of 2024. Finally, LayerZero’s $470 million airdrop rounded out the top 10, securing its place as one of the year’s most significant token distributions.

Quantity vs. Quality: Do More Airdrops Result in Higher Airdrop Value?

Overall, more airdrops bring higher airdrop value.

By the way, while some categories have a high percentage of projects conducting airdrops, they don’t lead in terms of total airdrop value. For instance, Gaming ranks third in the percentage of projects with airdrops (8.34%) but only sixth in total airdrop value ($2.51 billion). On the other hand, Layer 2 projects, while only fifth in the percentage of projects conducting airdrops (5.37%), rank second in total value.

Conclusion

Airdrops have solidified their place in the crypto landscape, becoming an essential tool for project launches and community engagement. As the data shows, the trend is only growing, with billions of dollars being distributed each year. For both projects and participants, airdrops offer a unique opportunity to distribute value, build loyalty, and enhance the overall ecosystem. As we move forward, it’s likely that airdrops will continue to evolve, offering even more innovative ways to engage with the vibrant crypto community.

Methodology

AirdropBee had a list of ended airdrops from our own database – which was collected from multiple sources: CoinMarketCap, CryptoRank,…
Within the list, we gathered essential data such as Total Number of Airdropped Tokens, All Time High, Airdrop Year, and Category; from there, we can compute the airdrop value by multiplying the airdrop amount by the ATH price.
Finally, missing data are eliminated from the analysis to improve the accuracy and data integrity.

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