A recent study by CoinGecko analyzed the 50 biggest cryptocurrency airdrops from 2020 to 2023. The analysis found that crypto projects have distributed over $26 billion worth of tokens via airdrops since 2020.
Uniswap takes the crown
The study found Uniswap’s airdrop of UNI tokens on September 16, 2020, to be the largest, valued at $6.43 billion at UNI’s all-time high price. This helped spur interest in airdrops during the DeFi boom that year.
Also read: Ripple Price Prediction: Will XRP Drop Below $0.60?
Apecoin and dYdX follow suit
Apecoin and dYdX had the second and third most valuable airdrops, distributing $3.54 billion of APE tokens in March 2022 and $2 billion of DYDX tokens in September 2021, respectively. The unique approach of targeting specific ecosystem participants allowed some token recipients to also acquire NFT assets.
Together, these top three airdrops accounted for 45.1%, or $11.99 billion, of the $26 billion total value. The remaining airdrops in the top 50 ranged from $0.05 billion to $1.97 billion each.
Also read: Ethereum Gears Up for Data Storage Breakthrough with Dencun
When did the biggest airdrop happen?
The analysis found 2021 had the most top 50 airdrops, with 18, significantly more than the 5 in 2020. However, 2022 and 2023 saw a decline to 14 and 13 top airdrops, respectively, likely due to the crypto bear market.
Despite fewer airdrops, 2022 saw a modest increase in total value distributed to $7.46 billion compared to 2020’s $7.28 billion. However, in 2023, the total value dropped 61.1% to $4.56 billion.
The top 2023 airdrop was Arbitrum’s $1.97 billion distribution in March. Celestia and Blur also had multi-hundred-million-dollar airdrops, highlighting ongoing interest despite market conditions.
Airdrops have ended up being lucrative for many users. While there are some crappy giveaways out there, some of the drops can provide you with a decent bag.
If you are looking to earn free crypto in any other way, crypto drops can be your go-to way. Two of the platforms where you can keep track of potential drops are Airdrops.io and Airdropalert.io.