2023’s Biggest Crypto Airdrops: A Look at the Top 4
It was a big year in crypto for free money. Many projects and protocols turned to airdrops as a way to navigate the bear market. According to CoinGecko, the 50 biggest airdrops of 2023 distributed approximately $4.56 billion worth of tokens to crypto and DeFi users. Let’s take a closer look at the top four airdrops of the year.
Arbitrum: $1.969 billion
Ethereum scaler Arbitrum took first place with its massive launch of its native governance token, ARB. In March, Arbitrum distributed ARB tokens to projects and DAOs on its layer-2 network, including Treasure DAO, SushiSwap, Dopex, Radiant, Balancer, and Uniswap. The airdrops totaled almost $2 billion worth of tokens and helped increase total value locked (TVL) on the network to $2.5 billion.
Blur: $818 million
The NFT marketplace Blur reshaped the industry by promising gamified benefits and eliminating creator fees. The project’s airdrops rewarded users with over $1 million worth of tokens each, resulting in a total distribution of $818 million worth of tokens in 2023. Blur’s impact can be seen in its rise to overtake OpenSea as the leader in NFT trades.
Celestia: $728 million
Celestia’s native token, TIA, had a lackluster start during its airdrop but has since experienced an incredible rally in value. TIA’s price skyrocketed from $2.18 to its current price of $12.83, reaching a market cap of $1.88 billion. Despite the network’s low usership, airdrop recipients enjoyed significant returns.
Jito: $312 million
Solana-based DeFi platform Jito conducted the top Solana airdrop of the year. Users rushed to claim 90 million JTO tokens, resulting in a distribution of $225 million worth of tokens on the first day. The collective value has since reached $312 million. JTO’s price has remained fairly consistent since launching at $2.49.
Hot Take: Airdrops Propel Projects and Reward Users
Airdrops have been a popular strategy for crypto projects to gain traction and reward loyal users. In 2023, several high-profile airdrops distributed billions of dollars worth of tokens, propelling projects like Arbitrum, Blur, Celestia, and Jito into the spotlight. While some airdrops faced criticism for potential wash trading or lackluster adoption, they undeniably generated excitement and reshaped industries like NFTs. As we look ahead to 2024, it will be interesting to see how airdrops continue to evolve and contribute to the growth of the crypto ecosystem.
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