CoinGecko’s recent report reveals that the top 50 cryptocurrency airdrops have distributed tokens valued at a staggering $26.6 billion between 2020 and 2023. This data sheds light on the growing trend of airdrops within the crypto space and highlights the significant value being distributed through these events.
Record-Breaking Airdrops by Uniswap, Apecoin, and dYdX
Uniswap, a leading decentralized exchange (DEX), holds the record for the largest crypto airdrop to date. On September 16, 2020, Uniswap distributed an astonishing $6.43 billion worth of its UNI token. This massive airdrop helped to increase the popularity and adoption of Uniswap among crypto enthusiasts.
Following closely behind Uniswap is Apecoin, which conducted an airdrop on March 17, 2022, distributing $3.54 billion worth of APE tokens. Apecoin’s airdrop demonstrates the potential for lesser-known projects to gain attention and attract users through these distribution events.
Securing the third position is dYdX, a decentralized derivatives platform. On September 8, 2021, dYdX conducted an airdrop, distributing $2 billion worth of its DYDX token. Notably, the DYDX airdrop includes a prolonged vesting period of five years, which suggests a strategic approach to token distribution and long-term user engagement.
Concentration of Value and Changing Market Dynamics
It is worth mentioning that the top three airdrops (Uniswap, Apecoin, and dYdX) account for 45.1% of the total value distributed in the top 50 airdrops. This concentration of value highlights the importance of these projects in the crypto community and their efforts to distribute tokens directly to users.
However, the report also reveals a decline in major crypto airdrops during 2022 and 2023. Only 14 and 13 airdrops secured positions in the top 50 rankings in 2022 and 2023, respectively. This decline may indicate a shift in distribution strategies within the crypto industry or changing market dynamics.
Continued Use of Airdrops for Community Engagement
In recent news, Jito initiated a highly anticipated airdrop, dispersing 90 million JTO governance tokens. This event follows a similar model to Uniswap, involving the distribution of tokens to existing users and holders. Jito aims to increase community engagement, reward loyal users, and attract new participants.