Crypto's Airdrop Season? ☔
Crypto's Airdrop Season? ☔
Crypto's Alt season is brewing, and so it the Airdrop phenomenon. We look at the trends and the upcoming airdrops.
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Crypto airdrops involve distributing free cryptocurrency tokens or coins to various wallet addresses, typically as a means to promote new projects, gain visibility, and expand the user base.
Airdrops can occur in several formats
Holder Distributions: Free tokens given to those holding specific coins.
Bounty Programs: Users perform simple tasks, such as joining social media groups or posting on forums, to earn tokens.
Snapshot-Based Distributions: Claimable by users who owned the required token during a specified period.
Airdrops serve multiple purposes
Increase project visibility.
Expand the circulating supply.
Encourage trading.
Motivate users to hold tokens for the long term.
Since 2020, there has been a surge in airdrop interest.
Around half of the top 50 crypto token airdrops reaching their peak prices within two weeks of launching.
Sell fast or miss out?
New data reveals something: nearly half of the biggest crypto airdrops in the past four years (46%) saw their highest prices within two weeks of launch.
This means you might be missing out on major gains if you hold onto them for too long.
Think you can time the market? Think again.
While some airdrops like Solana's JUP turned 17-year-olds into millionaires, others like Starknet's STKR plummeted 60% due to massive sell-offs.
Here's the breakdown
46% of the top 50 airdrops peaked within 14 days, including Ethereum Name Service, Blur, and LooksRare.
Only 1 airdrop (Optimism) took over a year to reach its peak.
Some airdrops, like Sweat and Wen, skyrocketed in just days.
But before you rush to sell everything
Selling too early can also lead to missed gains.
Technical issues during airdrops can spook investors, causing unnecessary sell-offs.
Notable airdrops that have occurred in 2024
JUP (Jupiter Exchange): Launched in January, JUP is the native token of the popular Solana-based liquidity aggregator Jupiter. The airdrop attracted significant interest due to Jupiter's established user base and strong community.
Read: Jupiter boosts Solana 🚀✨
APT (Aptos): This Layer 1 blockchain project conducted its airdrop in January, targeting early participants in its testnet and community events.
BLZ (LayerZero): This interoperability protocol airdropped its BLZ token in February to users who interacted with its bridge or participated in its governance forum.
SNT (Starknet): Starknet, a Layer 2 scaling solution for Ethereum, recently announced an airdrop for its native token, SNT, targeting early users and developers.
Starknet's airdrop, despite controversy, saw high demand pushing its market cap to $20 billion.
Over 220 million STRK tokens claimed so far, with users able to claim until June 20th.
Price dropped from a high of $7 to $2, but the protocol still boasts a high valuation and $57 million locked in.
Read: STRK: 1.3M wallets, 1.3B tokens, $2.15B value
The Portal Airdrop
Binance Launchpool is CRUSHING records.
Over $8.6 BILLION worth of crypto has been staked to earn Portal tokens, making it the biggest Launchpool ever.
50 million PORTAL tokens are up for grabs - 5% of the total supply.
BNB holders are flocking to lock up their tokens in Portal's liquidity pools, leading to a surge in BNB transfers exceeding $400 million in 24 hours.
Watch out in March.
Top potential airdrops in March: Top potential airdrops
Metamask: The widely used crypto wallet might reward users for being part of their community. (Action: Simply use the platform)
Ambient: A decentralised exchange offering fast, cheap transactions and liquidity rewards. (Action: Visit their website and connect your wallet)
zkSync: This Layer 2 scaling solution is expected to launch a token, potentially with an airdrop. (Action: Use the platform)
Renzo Protocol: Earn rewards through their unique "exPoints" system. (Action: Mint and hold ezETH, participate in their referral program)
Marginfi: A decentralised lending protocol on Solana, offering lending, borrowing, and yield opportunities. (Action: Lend or borrow on their platform)
Wormhole : This bridge connects different blockchains. Users might be rewarded for using their services (Action: Visit the Wormhole X Portal token bridge's official page and connect the source wallet)
Symmetry: Invest in multiple tokens through their index. An airdrop is a possibility.(Action: Visit the Symmetry dashboard and connect your Solana wallet)
TTD Week That Was 📆
Saturday: Satoshi Emails 📧
Friday: Texas v Miners 🤼♀️
Thursday: Nvidia Up and Away 🆙
Wednesday: 'Bitcoin Is The Exit Strategy' 🚪
Tuesday: Ethereum $3K 🥳
Monday: Worldcoin Rises 🌍 🛩️
TTD Week in Funding 💰
EigenLayer. $100 million. Development of Ethereum restaking, decentralized applications and services with Ethereum ecosystem.
Flare. $35 million. Layer-1 blockchain that enables secure, universal interoperability between chains and scaling blockchain use.
Helius. $9.5 million. Powering Solana Infrastructure with APIs to simplify complexity and facilitate application development.
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