A new report by CoinGecko has shed light on the biggest crypto airdrops, revealing that the top 50 airdrops have collectively distributed an impressive $26.6 billion worth of tokens based on their all-time high valuations. The study, spanning from 2020 to 2023, meticulously analyzed the airdrop landscape, presenting intriguing insights into this unique aspect of the crypto space.
The undisputed champion of crypto airdrops is Uniswap (UNI), which distributed a staggering $6.43 billion worth of $UNI on September 16, 2020. Uniswap’s airdrop, aligned with the DeFi Summer frenzy, reignited interest in a model first introduced in 2014 with Auroracoin. Apecoin (APE) secured the second spot, doling out $3.54 billion worth of $APE on March 17, 2022, with recipients having the potential to snag a free Bored Ape Yacht Club NFT.
dYdX (DYDX) claimed the third position, distributing $2.00 billion worth of $DYDX on September 8, 2021, with the caveat of a gradual release over five years. Together, Uniswap, Apecoin, and dYdX constitute a significant 45.1% of the top 50 airdrops, amounting to $11.99 billion. The remaining airdrops in the top 50 vary from $0.05 billion to $1.97 billion.
Crypto Airdrop Chronology: Trends Over The Years
Examining the temporal dimension, 2021 witnessed a surge in major airdrops, with 18 out of the top 50 occurring, compared to a mere five in 2020. However, 2022 and 2023 experienced a decline, attributed to the crypto winter bear market, with 14 and 13 airdrops making the cut, respectively.
The total value of airdrops, measured at their all-time high prices, exhibited a modest increase from $7.28 billion in 2020 to $7.46 billion in 2022. Noteworthy is the emergence of Bonk (BONK) in late 2022, swiftly securing a top 10 spot with an ATH of $0.000025 in December 2023.
Zooming in on 2023, 13 airdrops made it to the top 50, with a total value of $4.56 billion at their all-time high. Arbitrum (ARB) seized the limelight as the largest airdrop in 2023, distributing $1.97 billion worth of $ARB on March 23, 2023. Celestia (TIA) and Blur’s first airdrop claimed the second and third positions, contributing to 69.9% of the total airdrops in 2023.
Nevertheless, these airdrop dynamics offer a glimpse into the innovative strategies employed by projects to engage and reward their communities, making crypto enthusiasts eagerly anticipate the next groundbreaking distribution event.
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