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In 2024, crypto developers mastered the art of the airdrop to capitalize on industry-wide bullish momentum by onboarding new users with unique, crypto-native incentive structures!
From STRK disappointment to record-shattering HYPE, each protocol’s differentiated approach to the art of the airdrop unveiled valuable insights around how token distributions can shape ecosystems, spark innovation, and catalyze broader market trends.
Today, we discuss the implications of 2024’s five most interesting airdrops 👇
💫 Jupiter (JUP)
Jupiter’s initial airdrop put 1B JUP in the hands of early users on January 31. It was the first of four annual distribution events that will occur at the end of January until 2027 and distribute a total of 4B JUP to the community.
For the simple action of using the Jupiter swap aggregator prior to November 2, 2023, individual wallets received airdrop allocations ranging in size from 1k to 100k JUP tokens, meaning JUP claimants walked away with anywhere from $700 to $70k in free money per eligible wallet from this airdrop.
Why it was special:
The JUP airdrop provided participants nearly six figures in rewards for simple onchain activities and solidified Solana as a destination chain for airdrop hunters in the wake liquid staking protocol Jito’s drop. Over the next six weeks, SOL prices would double as the masses began aping into the ecosystem with hopes of seizing the next JUP-sized opportunity.
BanklessJack Inabinet Jan 31, 2024 • 2 min read
🔗 Starknet (STRK)
Following three years of development, Starknet finally distributed a token in February, announcing an epic plan that would distribute hundreds of millions of dollars to 1.3M addresses in the most widespread crypto airdrop ever conducted.
Individual claim amounts ranged in size from 111.1 to 180k STRK, and while recipients relished in their handsome paydays upon token launch, others griped that arbitrary qualification criteria unfairly excluded many users from qualifying for this drop.
Unfortunately, the STRK token has been a major under-performer throughout 2024 and was trading 75% below post-launch highs at the time of this analysis despite the notable resurgence experienced across broader crypto markets.
Why it was special:
Starknet was one of the most anticipated airdrop hunts coming into 2024, and while the technically innovative L2 succeeded in creating a sizable tax liability for STRK recipients, it has struggled for traction throughout the year in the absence of a standout onchain application. This airdrop highlighted the immense saturation in L2 investment opportunities that has resulted in waning excitement for the broader sector.
🔐 EigenLayer (EIGEN)
As Ethereum entered 2024, all eyes were on “restaking,” a novel form of economic security that can re-use staked ETH to provide slashing insurance for onchain applications.
Many within the community hoped this breakout phenomenon would prove a revolutionary use case for badly beaten down Ether, and while ETH/BTC continued on its downtrend throughout the year, emergent protocols at the forefront of restaking indeed succeeded in inducing demand for the token; EigenLayer alone accumulated over 5M ETH before its April 29 airdrop was announced.
Why it was special:
EIGEN recipients were dismayed by the fact that this airdrop was initially non-transferable and the protocol received flack for failing to reward all airdrop depositors, but the team worked to rectify community concerns along the way.
Not only was the EIGEN airdrop a monster distribution in its own right, liquid restaking token (LRT) protocols like ether.fi distributed additional incentives and enabled a DeFi credit boom as onchain actors began leveraging LRTs.
EigenLayer success amid its lack of live restaking products demonstrated the extremely low bar many crypto projects face in achieving product-market fit and compelled other protocols to ship their own points program deposit contracts, regardless of whether they actually had a live application.
🪙 Ethena (ENA)
The Ethena points program went live the moment this application accepted its first public deposits on February 19; ENA token rewards for the Season 1 became claimable shortly thereafter on April 2 and were immediately followed up on by a Season 2 campaign.
Thanks to a sizable airdrop incentives program and its well-timed launch into the hottest funding rate environment seen all year, USDe supply expanded unchecked to $2.39B until mid-April before stalling out on waning ENA airdrop excitement and cooling crypto market conditions.
Why it was special:
The ENA airdrop displayed the benefits of a masterfully crafted points program and succeeded in garnering widespread attention for Ethena’s synthetic dollars in early 2024.
Ethena made use of explicit points qualification criteria that rewarded relatively risky onchain activities, like rehypothecating Ethena-native assets throughout DeFi, and demonstrated that short follow to the second airdrop season enables protocols to derive even greater benefits from airdrop farming activities.
📈 Hyperliquid (HYPE)
On November 29, Hyperliquid airdropped 310M HYPE (more than 30% of total token supply) to over 94k early users.
As the value of HYPE surged above $33 in the weeks that came, this multibillion dollar airdrop became the largest crypto distribution of all time and replicated the success experienced by this cycle’s earliest drops to an even greater number of participants, rewarding many users with six-figure token bonuses.
Nearly 70% of the Hyperliquid airdrop being set aside for users, making the HYPE airdrop appear (at least on its surface) more egalitarian in its distribution scheme than competitors, who typically retain the vast majority of their tokens for team and investor allocations.
Why it was special:
Although Hyperliquid made a major departure from traditional crypto design practices by building an application that has no feasible roadmap to decentralization, the success of this airdrop demonstrated crypto’s desire for performant products that simply work.
The success of HYPE coincided with widespread bliss for crypto markets into the end of 2024, and investors began asking less questions and aping more during this period.
