Overview

Airdrops are an incentive mechanism used by crypto projects to reward early users. Participants can earn free tokens by completing tasks, interacting with the platform, or staking funds—similar to early equity investments in blockchain startups. The most common types of airdrops include:

Task-based Airdrops: Activities such as liking, retweeting, or reading content. These are beginner-friendly and pose no financial risk, but they can be time-consuming.

Interaction-based Airdrops: Involve actions such as swapping tokens, trading, or cross-chain operations. While they offer higher potential rewards, they require users to pay gas fees and carry a risk of asset loss.

Staking-based Airdrops: Rewards are earned by providing liquidity or locking funds. These airdrops offer stable returns but often require a high capital investment and may carry financial risks.

Comprehensive Airdrops: A combination of interaction and capital investment. They provide the highest returns but have higher entry barriers and are generally unsuitable for beginners.

Advantages of Airdrops include low investment costs, high return potential, and time flexibility. Historically, projects such as Arbitrum and Aptos have provided returns reaching hundreds of times their initial value. However, risks, including long vesting periods, high project uncertainty, and security and privacy concerns, should not be overlooked.

Users should carefully evaluate project details, use secure wallets and tools, and remain vigilant against potential risks such as Sybil attacks and asset theft to protect their interests when participating in airdrops.

The following presents the Top 10 Airdrops in Crypto History:

Source: https://www.gate.io

1. Uniswap ($6.43 Billion)

Uniswap (UNI): Uniswap is a decentralized exchange (DEX) that provides liquidity through automated market makers (AMM), allowing users to swap ERC-20 tokens directly without intermediaries. UNI is its governance token.

Airdrop Date: September 17, 2020
Airdrop Value: $6.43 Billion
Token: UNI
Token All-Time High (ATH): $44.92

Airdrop Rules:
All users who had previously traded on Uniswap V1 or V2 could claim 400 UNI (minimum).
Worth approximately $1,200 at the time, reaching $16,800 at ATH.

Market Response:
The airdrop generated widespread attention, stimulating DEX usage and successfully attracting numerous users.

Price Movement:
The following year, it reached its peak of $44.92 on May 3, 2021, but subsequently declined due to market adjustments and increased competition, currently maintaining a lower level ($14.83). (Data as of January 17, 2025)

Impact Analysis:
DeFi Boom Catalyst: 2020 became known as “DeFi Summer,” with the Uniswap airdrop becoming a landmark event in decentralized finance (DeFi), inspiring many other DeFi projects to follow suit.
Decentralized Governance: Promoted the adoption of governance tokens by DEXs, making Uniswap a fully community-managed decentralized trading platform.
User Loyalty Incentives: UNI tokens grant users governance rights, encouraging long-term holders to participate in community governance.
Catalyzing More Airdrop Models: Following Uniswap, other DeFi projects like Sushiswap, 1inch, and dYdX launched their own airdrops, sparking an airdrop trend.

Source: https://dune.com/jhackworth/uniswap-airdroppers

2. Apecoin ($3.54 Billion)

Apecoin (APE): A governance token launched by the Bored Ape Yacht Club (BAYC) community, used for participating in ecosystem decisions and incentive mechanisms. The airdrop primarily targeted BAYC and MAYC NFT holders.

Airdrop Date: March 17, 2022
Airdrop Value: $3.54 Billion
Token: APE
Token All-Time High (ATH): $26.70

Airdrop Rules:
Holders of Bored Ape Yacht Club (BAYC) NFTs could claim up to 10,950 APE tokens, valued at $258,737. Recipients could get a free Bored Ape Yacht Club NFT, which had an average floor price of around $200,099 before the APE airdrop.

Market Response:
The token surged after the airdrop, generating particularly strong enthusiasm among BAYC (Bored Ape Yacht Club) ecosystem users.

Price Movement:
One month after the airdrop, on April 29, 2022, it reached its peak of $26.70, but the long-term price trend has been declining, with the current price at $1.17, reflecting diminishing market interest. (Data as of January 17, 2025)

Impact Analysis:
BAYC Ecosystem Integration: Apecoin became the core token of the Yuga Labs ecosystem, serving as the payment method for BAYC-related products, such as the Otherside metaverse project.
NFT+Token Model Pioneer: This airdrop solidified the “NFT+Token” economic model, influencing subsequent NFT ecosystems, with projects like Azuki and Doodles also launching token economies.
Stimulating NFT Market: BAYC saw increased trading volume and significant floor price fluctuations before and after the airdrop.

Source: https://apecoin.com/claim

3. dYdX ($2.0 Billion)

dYdX (DYDX): dYdX is a decentralized derivatives trading platform offering leverage trading and perpetual contracts. The DYDX token is used for platform governance and rewards, airdropped to early users.

Airdrop Date: September 8, 2021
Airdrop Value: $2.0 Billion
Token: DYDX
Token All-Time High (ATH): $27.86

Airdrop Rules:
Early users received varying amounts of DYDX tokens based on trading volume, with only a portion available for immediate claim and the remainder vesting over five years.

Market Response:
The airdrop attracted numerous traders, significantly increasing platform trading volume and growing influence in the DeFi sector.

Price Movement:
Less than a month after the airdrop, on September 30, 2021, the price surged to $27.86, but due to market volatility, it has since declined to $1.41, indicating reduced market interest. (Data as of January 17, 2025)

Impact Analysis:
Promoting Decentralized Derivatives Trading: dYdX, as a leading DeFi derivatives platform, helped advance decentralized leverage trading.
Long-term Vesting Mechanism: Implemented gradual token unlocking to reduce selling pressure, influencing subsequent airdrop strategies.
Facilitating Layer 2 Adoption: dYdX’s use of StarkWare’s Layer 2 scaling solution increased attention on L2 ecosystems.

Source: https://www.dydx.foundation/blog/introducing-dydx-token

4. Arbitrum ($1.97 Billion)

Arbitrum (ARB): Arbitrum is an Ethereum Layer 2 scaling solution that uses Optimistic Rollup technology to improve the Ethereum network’s transaction throughput and efficiency. ARB token serves as the platform’s governance token.

Airdrop Date: March 23, 2023
Airdrop Value: $1.97 Billion
Token: ARB
Token All-Time High (ATH): $4.0

Airdrop Rules:
Users received ARB tokens based on on-chain interactions, bridged funds, and governance participation.

Market Response:
Initial selling pressure was high after the airdrop, with many users selling their tokens, causing significant price volatility.

Price Movement:
The price reached its all-time high of $4.0 on the airdrop day, followed by a decline. However, as the market recognized its Ethereum scaling solution, the price stabilized at $0.796. (Data as of January 17, 2025)

Impact Analysis:
Intensified competition in Ethereum Layer 2: Before Arbitrum’s airdrop, Optimism (OP) only airdropped $670 million, while Arbitrum’s was 2.9 times larger, solidifying its L2 leadership position.
TVL Growth: Arbitrum’s ecosystem saw significant growth under airdrop expectations, with TVL increasing from $1.49 billion to $3.68 billion, prompting Optimism to follow with new OP plans quickly.
Triggering L2 Airdrop Wave: Layer 2 projects like ZKSync and StarkNet initiated their own airdrop plans to attract early user interaction.

Source: https://dune.com/0xroll/arbitrum-airdrop

5. Ethereum Name Service ($1.87 Billion)

ENS (ENS): Ethereum Name Service (ENS) provides a domain system for Ethereum, allowing users to replace complex Ethereum addresses with memorable domain names (like example.eth). The ENS token is used for platform governance and was airdropped to .eth domain holders.

Airdrop Date: November 2021
Airdrop Value: $1.87 Billion
Token: ENS
Token All-Time High (ATH): $83.40

Airdrop Rules:
Users who registered a “.ETH” domain before October 31, 2021, were eligible to claim ENS tokens. However, the airdrop only rewarded early ENS users, setting a high barrier to entry.

Market Response:
The ENS airdrop sparked widespread interest in decentralized domain names, becoming a significant project in the Ethereum ecosystem.

Price Movement:
The price surged to $83.40 in the month following the airdrop, but as the market cooled, the current price stands at $35.07. (Data as of January 17, 2025)

Impact Analysis:
ENS Ecosystem Growth: As crucial Web3 infrastructure, ENS attracted more users to register .ETH domains.
DAO Governance Experiment: The ENS airdrop rapidly developed ENS DAO, with its community governance model gaining significant attention.
Advancing Web3 Identity: ENS helped make decentralized identity (DID) more mainstream.

Source: https://earni.fi/airdrops/ethereum-name-service

6. Internet Computer ($1.74 Billion)

ICP (ICP): Internet Computer Protocol (ICP) aims to decentralize internet computing power, supporting the building and running of smart contracts and decentralized applications (dApps). The ICP token is used for platform governance and ecosystem incentives.

Airdrop Date: May 2018
Airdrop Value: $1.74 Billion
Token: ICP

Airdrop Rules:
Testnet participants, active users, and community members were eligible for the airdrop.

Market Response:
The airdrop received significant attention, but high valuations and excessive market expectations pressured the project.

Price Movement:
After the airdrop, the price reached a high of $700.65, but it has continuously declined to $11.19 due to overvaluation. (Data as of January 17, 2025)

Impact Analysis:
Initial Overvaluation: ICP launched with a market cap of $50 billion, but subsequent crashes sparked market controversy.
Advancing Decentralized Cloud Computing: Despite price decline, ICP maintains a significant position in Web3 cloud computing.

Source: wiki.internetcomputer.org/wiki/Total_supply,_circulating_supply,_and_staked_ICP

7. Bonk ($1.33 Billion)

Bonk (BONK): Bonk is a meme coin on the Solana chain, initially launched as part of a community initiative that later became a widely followed crypto asset. The airdrop primarily targeted community members and users.

Airdrop Date: End of 2022
Airdrop Value: $1.33 Billion
Token: BONK
Token All-Time High (ATH): $0.0000606

Market Response:
Bonk’s airdrop gained massive community support as a meme coin and attracted many speculators in the short term.

Price Movement:
On November 20, 2024, the price reached its all-time high of $0.0000606, with the current price at $0.0000301. (Data as of January 17, 2025)

Impact Analysis:
Revitalizing Solana Ecosystem: After the FTX collapse, Bonk airdrop renewed hope in the Solana community, significantly increasing trading activity.
Meme Economy Explosion: Triggered a Solana meme coin boom, influencing subsequent projects like WIF and Myro.

Source: https://www.airdropbob.com/bonk

8. Celestia ($730 Million)

Celestia (TIA): Celestia is a modular blockchain project focused on decentralized data storage and consensus, aiming to provide developers with a more flexible blockchain infrastructure. The TIA token is used for platform governance and incentives.

Airdrop Date: October 31, 2023
Airdrop Value: $730 Million
Token: TIA
Token All-Time High (ATH): $21.129

Airdrop Rules:
Distributed to Cosmos stakers, active Ethereum Rollup users, developers, and other specific groups.

Market Response:
The developer and researcher-focused airdrop drew attention to decentralized network architecture, without traditional “farming” mechanisms.

Price Movement:
On February 10, 2024, the price reached its all-time high of $21.129, with current price at $5.35, indicating cautious market sentiment about its potential. (Data as of January 17, 2025)

Impact Analysis:
Promoting Modular Blockchain: Celestia provides Data Availability (DA) solutions for Rollup infrastructure.
Attracting Developers: Developers can utilize Celestia for customized chain development.

Source: coindesk.com/business

9. LooksRare ($712 Million)

LooksRare (LOOKS): LooksRare is a decentralized NFT marketplace that allows users to buy, sell, and trade NFTs, with platform incentives to reward participants. The LOOKS token is used for platform governance and rewards.

Airdrop Date: January 2022
Airdrop Value: $712 Million
Token: LOOKS
Token All-Time High (ATH): $7.1

Airdrop Rules:
Users who traded at least 3 ETH on OpenSea were eligible to claim LOOKS tokens.

Market Response:
The airdrop attracted numerous NFT traders, positioning LooksRare as a competitor to OpenSea.

Price Movement:
After the airdrop, the price surged to $7.1 within the month, but as market interest in NFTs waned, the price fell to $0.050202, indicating concerns about its long-term value. (Data as of January 17, 2025)

Impact Analysis:
Failed OpenSea Challenge: Initially attracted users, but low liquidity and high selling pressure led to users returning to OpenSea. However, it inspired other NFT marketplaces like Blur to adopt airdrop strategies.

Source: https://docs.looksrare.org/guides/faqs/what-is-the-looks-airdrop

10. 1inch Network ($671 Million)

1inch Network (1INCH): A decentralized exchange aggregator platform that helps users find the best prices across multiple exchanges. The 1INCH token is used for platform governance and incentives, airdropped to active DeFi users.

Airdrop Date: December 2023
Airdrop Value: $671 Million
Token: 1INCH
Token All-Time High (ATH): $8.65

Airdrop Rules:
1INCH tokens were distributed to users of Uniswap, Gnosis, Argent, and other DeFi platforms.

Market Response:
The airdrop intensified competition in the DEX aggregator market and enhanced 1inch’s brand presence.

Price Movement:
The current price is $0.39274. (Data as of January 17, 2025)

Impact Analysis:
Facilitating DEX Aggregator Adoption: Enhanced DeFi trading experience and improved DeFi interoperability.

Source: https://help.1inch.io/en/articles/6128589-how-to-claim-the-1inch-conference-airdrop

Summary

1. Short-term Effects of Airdrops: Initial Surge and Selling Pressure

Most airdrop projects experience price surges and market speculation in the short term, followed by significant selling pressure and price corrections.

Surge and Drop: Projects like Uniswap (UNI), ApeCoin (APE), dYdX (DYDX), and LooksRare (LOOKS) saw rapid price increases due to market enthusiasm, followed by significant drops due to selling pressure.

Pressure and Market Stabilization: Arbitrum (ARB) and Celestia (TIA) faced initial selling pressure but gradually stabilized, reflecting market recognition of their fundamentals.

2. Key Factors Affecting Price Trends

Post-airdrop price movements are influenced by several factors:

(1) Market Environment and Sentiment

Bull vs Bear Market: Airdrop projects tend to surge in bull markets, as seen with dYdX and ENS in 2021, while bearing greater selling pressure in bear markets, as with Arbitrum (ARB) and Celestia (TIA) in 2023.

DeFi & NFT Trends: During DeFi and NFT boom periods, related projects (like Uniswap, LooksRare) maintain prices better but decline as market interest wanes.

(2) Tokenomics

Supply Management: Rapid increase in token supply post-airdrop can lead to price crashes, as seen with ICP’s initial rapid token release overwhelming market demand.

Incentive Mechanisms: LooksRare attempted to maintain user engagement through LOOKS staking rewards, but prices fell as NFT market interest declined.

(3) Community and Ecosystem Development

Strong Community Support: ApeCoin (APE) leveraged the BAYC community for initial high interest but struggled to maintain long-term price stability.

Practical Implementation: Celestia (TIA) attracted developers with its modular blockchain technology, helping stabilize after initial selling pressure.

(4) Competitive Environment

Market Competition Intensifies: LooksRare (LOOKS) competed with OpenSea but lost market share, leading to continued price decline.

Layer 2 Competition: Competition between Arbitrum (ARB) and Optimism (OP) contributed to Arbitrum’s price volatility.

Conclusion

Cryptocurrency airdrops are an important promotional tool for blockchain projects, distributing free tokens or NFTs to incentivize user participation and expand community size. Airdrops increase project awareness and user base, promote decentralization, and enhance community engagement.

However, airdrop values and market reactions tend to be highly volatile. While users can participate in airdrops at low cost and potentially gain rewards, caution is needed when investing in project tokens after the airdrop. Long-term investment should consider multiple dimensions, including the project’s comprehensive strength, long-term operations, and market dynamics. Investors need to remain prudent and stay vigilant about market changes.