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Cryptocurrency airdrops on the rise with $4 billion distributed in 2024
Cryptocurrency airdrops have delivered over $4 billion in 2024, with significant contributions from Jupiter, Starknet, and Notcoin. Each of these projects distributed approximately $1 billion in tokens. Other projects, including Wormhole, Ether.fi, FriendTech and Wen, contributed to the financial surge.
Historically, the largest launches have come from projects like Uniswap, Apecoin, and dYdX. According to a report by CoinGecko, the total value of all airdrops through December 2023 was $26.6 billion. Including 2024 launches, this figure rises to the upper limit of $34 billion.
The Ethereum Layer 2 ZKsync network will do this will launch its airdrop next week. In June, Solana-based decentralized exchange Zeta Markets will distribute its tokens. ZK Nation said many are satisfied with airdrop assignments and appreciate the support in addressing concerns and verifying details to prevent errors.
Many people are extremely satisfied with their airdrop allocations. We are happy with you!
Many people are unhappy, insecure or have real worries. We owe you some answers. We are double-checking to avoid errors.
But most of the posts you see are noise.
Here is an example:
— ZK Nation (@TheZKNation) June 12, 2024
Furthermore, EigenLayer restaking protocol on Ethereum has already started its airdrop, although the tokens will be transferable later in the year. LayerZero, a cross-chain messaging protocol, is also preparing for its airdrop, though the exact date remains unannounced.
These airdrops are crypto projects to engage their communities and encourage adoption as they offer financial motivation to users and distribute governance tokens that enable community control.
Airdrop farming faces challenges posed by individuals using multiple wallets to benefit from tokens. Projects like LayerZero and ZKsync are actively working to exclude these farmers. LayerZero offers rewards for referring potential farmers, while ZKsync has removed numerous farmer portfolios and imposed limits on large deployments.