A crypto airdrop is an activity typically performed by blockchain-based startups to help bootstrap a virtual currency project. Its aim is to to spread awareness about the cryptocurrency project and to encourage more people to participate in it when it becomes available.
Coins or tokens are sent only to specific wallets based on the blockchain network or coins held in existing wallets.
At the time of this writing, 2021 remains the highlight year for airdrops, as 18 out of the top 50 crypto airdrops happened that year, up from only 5 major airdrops in 2020.
2022 and 2023 saw fewer major crypto airdrops, with 14 and 13 crypto airdrops making it into the top 50 rankings respectively, a decrease which can be attributed to the crypto winter bear market.
Below we take a look at 10 of the biggest airdrops:
1.) Uniswap ($6.43 billion)
Uniswap (UNI) is the biggest crypto airdrop, distributing $6.43 billion worth of $UNI on September 16, 2020, valued at its all-time high (ATH) token price of $42.88.
Uniswap’s airdrop was one of DeFi Summer’s biggest events, reigniting enthusiasm for the crypto airdrop model that was first introduced in 2014, when ‘Iceland’s Bitcoin’ Auroracoin, was airdropped to the country’s citizens.
Since then, hundreds of crypto airdrops followed suit, airdropping tokens to users of their protocols.
2.) Apecoin ($3.54 billion)
Apecoin (APE) had the second biggest crypto airdrop, distributing $3.54 billion worth of $APE on March 17, 2022, valued at its ATH token price of $23.63. Apecoin’s airdrop rewards Yuga Labs ecosystem owners with up to 10,950 tokens, worth $258,737.
By claiming and selling the tokens at $23.63, recipients could essentially obtain a free Bored Ape Yacht Club NFT, which had an average floor price around $200,099 leading up to the $APE crypto airdrop.
3.) dYdX ($2 billion)
dYdX (DYDX) is the third biggest crypto airdrop, distributing $2 billion worth of $DYDX on September 8, 2021, valued at its ATH token price of $26.80. That said, the complete $DYDX airdrop value is only unlocked over a span of five years, with portions released incrementally.
Thus, while the initial distribution appears substantial, its full value can only be realized through the extended vesting period.
4.) Arbitrum ($1.97 billion)
Arbitrum (ARB) the biggest crypto airdrop in 2023 comes 4th, distributing $1.97 billion worth of $ARB on March 23, 2023, valued at its ATH token price of $1.69. Notably, Arbitrum’s crypto airdrop is 2.9 times bigger than its closest competitor, Optimism (OP), which distributed $0.67 billion worth of $OP on May 31, 2022.
The Arbitrum ecosystem thrived in anticipation of $ARB crypto airdrop, where its total value locked (TVL) increased by 147.2% from $1.49 billion on January 1, 2023, to its peak of $3.68 billion on May 6, 2023.
5.) Ethereum Naming Service ($1.87 billion)
The ENS Airdrop, which took place following a snapshot on October 31, 2021, was designed to decentralize the network further and boost user engagement by distributing 25% of the total supply to “.ETH” domain holders.
The project distributed $1.87 billion worth of ENS. Eligibility for the ENS Airdrop was uniquely structured around the ownership and registration of “.ETH” domains or names.
Anyone who had an ENS name by October 31 2021 could receive the ENS governance tokens at any point until May 4, 2022, and become a member of the DAO.
6.) Internet Computer Protocol ($1.74 billion)
Internet Computer (ICP) distributed about $1.737 billion tokens to its users in May 2021. The ICP airdrop involved about 50,000 participants, each receiving 2,513 tokens. About 10.50% (49,268,690 tokens) were allocated to the node operators on the blockchain network.
It also targeted active network participants, including those involved in wallet activities, community engagements, or previous testnet participation. The airdrop was structured to provide direct engagement opportunities and a sense of ownership in the project’s development.
7.) Bonk ($1.33 billion)
Bonk (BONK) token comes seventh in the biggest airdrops in the crypto market, distributing about $1.325 billion.
Launched in late 2022, surged to its ATH of $0.000025 in December 2023, swiftly securing a spot in the top 10 of the largest crypto airdrops.
8.) Celestia ($0.73 billion)
Celestia (TIA) is the second biggest crypto airdrop in 2023, distributing $0.73 billion worth of $TIA on October 31, 2023, valued at its ATH token price of $13.99. In contrast to other crypto airdrops, the $TIA crypto airdrop did not include ‘farming’ mechanisms.
Instead, the $TIA crypto airdrop targeted specific beneficiaries: developers and researchers contributing to public goods and essential protocol infrastructure, the most active users on Ethereum rollups, and stakers and IBC relayers associated with Cosmos Hub and Osmosis.
9.) LooksRare ($712 million)
The LooksRare (LOOKS) distributed about $712 million tokens in the crypto market in 2022. Users who traded at least 3 ETH on OpenSea between June 16th, 2021, and December 16th, 2021, were eligible to claim up to 10,000 LOOKS tokens.
10.) 1inch Network ($671 million)
1inch Network (1Inch) distributed about $671 million tokens to its network users in December 2023. The project airdropped an additional pool of 15,055,000 1INCH to Mooniswap, Uniswap, Gnosis, and Argent users.
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