As a seasoned crypto investor with several years of experience in the market, I’ve seen my fair share of airdrops come and go. Some have been successful in generating hype and driving adoption, while others have been lackluster or even outright scams.
As a crypto market analyst, I can tell you that the distribution of cryptocurrencies through airdrops reached an impressive milestone of over $4 billion in 2024. Among the major contributors, Jupiter, Starknet, and Notcoin each gave away around $1 billion worth of tokens. Wormhole, Ether.fi, FriendTech, and Wen also contributed significantly to this financial surge by distributing substantial amounts of their respective cryptocurrencies.
Previously, the most substantial airdrops originated from initiatives such as Uniswap, Apecoin, and dYdX. As per a CoinGecko analysis, the combined value of all airdrops by December 2023 amounted to approximately $26.6 billion. With the inclusion of airdrops scheduled for 2024, this estimate reaches a potential maximum of around $34 billion.
Next week marks the commencement of the airdrop for Ethereum Layer 2 network ZKsync. In contrast, Solana’s decentralized exchange, Zeta Markets, already distributed its tokens in June. The community of ZK Nation has expressed satisfaction with their allocated airdrop amounts and gratitude for the responsiveness in addressing concerns and ensuring accuracy to minimize errors.
Many individuals are elated with their airdrop distributions. We’re thrilled you’re part of our community!
— ZK Nation (@TheZKNation) June 12, 2024
Additionally, the EigenLayer restaking protocol on Ethereum has commenced its airdrop, with the tokens set to be transferable later in the year. Similarly, LayerZero, the cross-chain messaging platform, is gearing up for an airdrop; however, the specific release date has yet to be disclosed.
Airdrops represent a tactic used by crypto initiatives to foster engagement among their audiences and stimulate usage. By distributing free tokens or coins, these projects financially reward participants and bestow governance rights, enabling community members to exercise influence.
As a crypto investor, I’ve noticed that some individuals have been taking advantage of airdrops by using multiple wallets to accumulate more tokens than intended. This practice, known as airdrop farming, can be detrimental to the fair distribution of tokens and the sustainability of projects.
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2024-06-13 05:25