Author: Nicholas Boey, Coingecko; Translation: 0xxz@Jinse Finance
Who is the biggest airdrop?
Uniswap ( UNI ) is the largest crypto airdrop , distributing UNI worth $6.43 billion on September 16, 2020, based on its token’s all-time high price (ATH) of $42.88. Uniswap’s airdrop was one of the biggest events of DeFi Summer, reigniting enthusiasm for the cryptocurrency airdrop model first launched in 2014, when Auroracoin, the “Bitcoin of Iceland,” was airdropped to the country’s citizens. Since then, hundreds of cryptocurrency airdrops have followed suit, airdropping tokens to users of their protocols.
Apecoin ( APE ) conducted the second largest crypto airdrop , distributing $3.54 billion worth of APE on March 17, 2022, based on its token’s all-time high price of $23.63. Apecoin's airdrop rewards Yuga Labs ecosystem owners with up to 10,950 tokens, which is worth $258,737 if the tokens are claimed and sold at $23.63. Recipients essentially get a free Bored Ape Yacht Club NFT, which had an average base price of around $200,099 before the APE cryptocurrency airdrop.
DYDX is the third largest crypto airdrop , distributing $2 billion worth of DYDX on September 8, 2021, based on its token price, which is the all-time high of $26.80. However, the complete DYDX airdrop value will be unlocked within five years, and the release proportion will gradually increase. So while the initial allocation looks substantial, its full value can only be realized through an extended release.
The total airdrop value of Uniswap, Apecoin and dYdX was $11.99 billion, accounting for 45.1% of the airdrops of the top 50 largest cryptocurrencies. The remaining cryptocurrency airdrop amounts in the top 50 largest cryptocurrency airdrops range from $0.5 billion to $1.97 billion.
When do airdrops happen most?
18 of the top 50 cryptocurrency airdrops occurred in 2021 , compared with only 5 major airdrops in 2020. The number of major cryptocurrency airdrops will be smaller in 2022 and 2023 , with 14 and 13 cryptocurrency airdrops entering the top 50 respectively. This decline can be attributed to the crypto bear market, which may hinder projects from conducting cryptocurrency airdrops.
From 2020 to 2022, the total value of cryptocurrency airdrops in ATH price increased from $7.28 billion to $7.46 billion. Notably, Bonk (BONK), launched in late 2022, surged to an ATH of $0.000025 in December 2023, quickly making it into the top 10 largest cryptocurrency airdrops.
In 2023, the total value of cryptocurrency airdrops reached $4.56 billion, which was only 61.1% of the value of cryptocurrency airdrops in 2022. However, it is important to consider that many of the coins launched during this period were relatively new to the market. Unlike tokens launched between 2020 and 2022, these newer tokens in 2023 have not yet experienced a major surge in bull market prices, such as the 2021 bull market and the subsequent 2022 NFT bull market.
Cryptocurrency airdrops in 2023
Of the airdrops conducted in 2023, there were 13 top 50 finishes. In 2023, tokens valued at $4.56 billion in ATH prices were distributed.
Arbitrum ( ARB ) was the largest cryptocurrency airdrop of 2023, distributing $1.97 billion worth of ARB on March 23, 2023, based on its token price’s all-time high of $1.69. Notably, Arbitrum’s cryptocurrency airdrop is 2.9 times larger than its closest competitor, Optimism (OP), which distributed $670 million worth of OP on May 31, 2022. The Arbitrum ecosystem has thrived in anticipation of the ARB cryptocurrency airdrop, with its TVL increasing by 147.2% from $1.49 billion on January 1, 2023, to a peak of $3.68 billion on May 6, 2023.
Celestia ( TIA ) was the second largest cryptocurrency airdrop in 2023 , distributing $730 million worth of TIA on October 31, 2023, based on its token price’s all-time high of $13.99. Compared to other cryptocurrency airdrops, the TIA cryptocurrency airdrop does not include a “farming” mechanism. Instead, the TIA cryptocurrency airdrop targets specific beneficiaries: developers and researchers who contribute to public goods and basic protocol infrastructure, the most active users on Ethereum Rollups, and stakers associated with Cosmos Hub and Osmosis and in the IBC Successor.
Blur's first airdrop was the third largest cryptocurrency airdrop of 2023 , distributing $450 million worth of BLUR on February 14, 2023, based on its token's all-time high price of $1.24. The cryptocurrency airdrop is distributed to users based on their engagement with the Blur platform, which acts as an aggregator of NFT listings from various markets. Following the success of its first cryptocurrency airdrop, Blur attracted significant liquidity and interest from crypto airdroppers, setting the stage for its highly anticipated second airdrop.
Notably, BLUR only reached a price of $0.64 after its second cryptocurrency airdrop, bringing the total value of its second cryptocurrency airdrop to $190 million.
The first airdrops of Arbitrum, Celestia, and Blur combined accounted for 69.9% of the total cryptocurrency airdrops distributed in 2023 ($4.56 billion). The largest remaining cryptocurrency airdrops in 2023 range in value from $16 million to $372 million.
Top 50 Largest Cryptocurrency Airdrops
Ranking of the top 50 cryptocurrency airdrops by the coin’s all-time high price as of December 21, 2023:
