According to an analysis by CoinGecko, the period from 2020 to 2023 has seen a rise in cryptocurrency airdrops.
Led by giants like Uniswap, Apecoin, and dYdX, the top 50 airdrops have distributed $26.6 billion in tokens in that period.
Historic $6.43 Billion Uniswap Airdrop
Uniswap (UNI) led the pack, which made headlines with its historic $6.43 billion airdrop on September 16, 2020.
Uniswap's distribution, calculated based on its all-time high (ATH) token price of $42.88, became a pivotal event of DeFi Summer, revitalizing the cryptocurrency airdrop model first seen with Auroracoin in 2014.
This distribution rewarded its user base and reignited interest in decentralized finance (DeFi) platforms.
1/ What are the biggest cryptocurrency airdrops?
Our study shows that the top 50 airdrops have distributed tokens worth $26.6 billion in total, based on their all-time highest valuation, from 2020 to 2023.
Read the full study: https://t.co/JAB6rAM5Po pic.twitter.com/kada7hWzvq
– CoinGecko (@coingecko) December 26, 2023
Not far away, Apecoin (APE) executed the second largest airdrop, delivering $3.54 billion in tokens on March 17, 2022.
This move was especially significant for participants in the Yuga Labs ecosystem, as it was equivalent to receiving a Bored Ape Yacht Club nft for free, given its minimum price at the time.
Following closely, dYdX (DYDX) distributed $2 billion in tokens on September 8, 2021, although its full value is subject to a five-year vesting period.
The Rise and Evolution of Cryptocurrency Airdrops
2021 emerged as a notable year, with 18 of the top 50 airdrops reflecting a significant increase from the top five in 2020. However, the trend saw a slowdown in 2022 and 2023, likely due to the prevailing crypto winter.
Despite this, the total value of airdrops in its ATH grew from $7.28 billion in 2020 to $7.46 billion in 2022, with new entrants like Bonk (BONK) quickly entering the top 10.
In 2023, the total value of airdrops amounted to $4.56 billion, dominated by major players like Arbitrum (ARB), which distributed $1.97 billion worth of tokens.
The first airdrop of Celestia (TIA) and Blur followed, focusing on rewarding contributors to their ecosystems rather than broad user bases. This strategy moved from the previous trend of large-scale token distribution to more targeted approaches.
Meanwhile, Blur's two air launches in 2023, particularly the second valued at $190 million, demonstrated the potential of back-to-back air launches to maintain platform share.
This approach has brought a new dimension to the airdrop strategy, underscoring the importance of continued user involvement.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off fees on Binance Futures for the first month (terms).
<!– ai CONTENT END 1 –>