Core

2024

Arbitrum

Avalanche

<p><strong>Airdrops are a quick way for a new project to gain users. Some of them are risky, and may contain scam tokens or even phishing attempts. But airdrops are also turning into a key tool for Web3 marketing. The challenge for top projects is to make airdrops safe and boost their reputation as a legitimate tool.</strong></p>
<p>Top airdrops are usually tied to trending types of projects and are sometimes an indicator of how “smart money” moves among crypto traders.&nbsp;</p>
<h2 class="wp-block-heading" id="eigen-layer-dominates-airdrops-in-q2">Eigen Layer Dominates Airdrops in Q2</h2>
<p>Airdrops in Q2 are often tied to Eigen Layer projects, which give away new points or tokens for staking Liquid Staking Tokens based on ETH. This trend dominates other types of airdrops, especially NFT and general participation tokens.&nbsp;</p>
<p>The trend of airdrops now targets interested parties, mostly crypto insiders, instead of spreading tokens to just any wallet.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/cjiL0hc7qAcqIQDzhblE7OUXnRm2LND08b8CyeXiB6X3m97M9Mt0qgV3RhxaHwhnA2P4D_QnWO3DXQ2ZMSUQh6j7tYFnVMCYkMBccyvkXG_4C9SI9BP4nQf5YhpSgK2QTCnAGdfs0QhNqOfM6x1OABE" alt="Leading airdrop projects based on Dune Analytics data.">
</figure>
<p>Source: Dune Analytics</p>
<p>As of May 20, there are 9,396 farmers on the Eigen Layer airdrop, about 30% higher compared to other trending projects.&nbsp;</p>
<p>Airdrops are highly active from a handful of other protocols: Cube, Layer3, Lifi and Swell_l2. Each of those projects has between 3-6K farmers. Airdrop activity also depends on the stage of the campaign.&nbsp;</p>
<p>Some projects, like Masa and Bonsai, are trending in the short term, with peak contract interactions. Other former airdrops mark a slowdown of activity, down 66% from previous peak levels. The S2Learn project is also at peak transactions.&nbsp;</p>
<h2 class="wp-block-heading" id="airdrops-mark-out-top-trending-projects">Airdrops Mark Out Top Trending Projects</h2>
<p>In Q2, airdrops are not always free, but may be tied to whale wallets and users that are aware of the airdrop’s potential.&nbsp;</p>
<p>The participation of crypto insiders and whales is also giving some insight into projects that are trying to gain more attention. Some of the recent airdrops turned into high-profile hubs for DeFi.&nbsp;</p>
<p>Also read: <a href="https://www.cryptopolitan.com/how-tokenless-protocols-one-hottest-in-may/" rel="noopener noreferrer nofollow">Tokenless Protocols: One of Hottest in May, Promising Long-Awaited Airdrops</a></p>
<p>Top airdrops include high-profile projects like 1inch, Arbitrum, Athena and DyDx. Formerly, Uniswap had a similar strategy of issuing airdrop tokens, reserved for DeFi users and NFT owners.&nbsp;</p>
<h2 class="wp-block-heading" id="gamified-airdrops-target-token-owners-crypto-insiders">Gamified Airdrops Target Token Owners, Crypto Insiders</h2>
<p>Airdrops are becoming more gamified, and are targeting crypto insiders that already hold certain assets. Some form of activity or milestones are then tied to receiving additional assets. Airdrops are also a way to lock tokens, in exchange for new NFT or other assets.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">👀<br><br>A 2x EXP multiplier for Sanctum farmers starts later today<br><br>Maintain (or increase) your <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$SOL</a> liquid staking positions to earn more EXP!<br><br>Act fast… the multiplier only lasts for 24 hours⌛️ <a href="https://t.co/T38h1Xo5m0" rel="noopener noreferrer nofollow" target="_blank">https://t.co/T38h1Xo5m0</a></p>— AIRDROPS.IO (@airdrops_io) <a href="https://twitter.com/airdrops_io/status/1791462423859179878?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 17, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Airdrops serve to retain loyal users, but they are also a tool to grow the basic user base. Arbitrum was one of the projects to offer a major airdrop in Q2, boosting its wallet count to 5M wallets. Since then, Arbitrum users returned to their baseline organic growth.&nbsp;</p>
<h2 class="wp-block-heading" id="airdrops-become-key-web3-marketing-tool">Airdrops Become Key Web3 Marketing Tool</h2>
<p>For smaller projects, NFT collections, games and other startups, airdrops are becoming a marketing tool. Formerly, airdrops relied on social media campaigns, signups and even KYC procedures.&nbsp;</p>
<p>In 2024, projects are releasing airdrop tools to make the process simpler and to automate the discovery of eligible users. The Core wallet by Avalanche includes an opt-in analytics feature, meaning users agree to share their data in exchange for airdrops.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Core is your home for airdrops on Avalanche, and I've heard there are more rewards coming soon…. 👀<br><br>In April, Core airdropped $25,000 to the AVAX memecoin community.<br><br>In May, Core rewarded the first 50 users of their airdrop tool with $50 each.<br><br>🦉A little birdie told me (oh…</p>— JOELLY GLORIA (@JoellyGloria) <a href="https://twitter.com/JoellyGloria/status/1791458437383025004?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 17, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Core users on the Avalanche blockchain can also build queries to discover lists of wallets that will be eligible for their airdrop. The tool offers any project a single dashboard approach to building and distributing an airdrop.&nbsp;</p>
<p>Other niche tool creators are building airdrop tools with the goal of data-based distributions. The IBC blockchain hub will assist with wider airdrops, allowing any project to reach a list of wallet based on predetermined criteria.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">We are excited to announce today the launch of our new sexy IBC airdrop tool that we make available for all Cosmos projects.<br><br>It will allow any team, NFT creator and community to airdrop any IBC token on any IBC chain to a list of wallets😎⚛️<a href="https://t.co/ffLGeOMv7R" rel="noopener noreferrer nofollow" target="_blank">https://t.co/ffLGeOMv7R</a><br><br>1/ 🧵👇 <a href="https://t.co/xrkZyZ7fGe" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/xrkZyZ7fGe</a></p>— Tardigrades NFT ⚛️ (@Tardigrades_NFT) <a href="https://twitter.com/Tardigrades_NFT/status/1792265872846807301?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 19, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>In the past, up to 80% of airdropped assets were sold in total. During the current airdrop cycle, not all of the assets are liquid, and some need to be held closely, as they are only a step to additional rewards. With better distribution tools, airdrops may help accelerate the adoption of newly trending crypto projects.</p>
<p><gwmw style="display:none;"></gwmw><gwmw style="display:none;"></gwmw></p>
<p><em>Cryptopolitan reporting by Hristina Beeva</em></p>
<p><gwmw style="display:none;"></gwmw></p>

Are Airdrops Just a Gimmick or Key to Web3 Marketing: State of Airdrops in Q2

Table of Contents

Cryptopolitan_News

Other articles published on May 20, 2024

Magic Eden Redirects UTXOs to Coinbase

Top Analyst Identifies Retik Finance (RETIK) as the Best Shiba Inu (SHIB) Alternative for 5000% R...

UK High Court Exposes Craig Wright’s Fraudulent Bitcoin Inventor Claims

From Trump to Bieber: Meet the Top 5 Celebs Dominating the Digital Asset Realm

Imaginary Ones and HUGO launch web3-enabled customizable denim jacket

Solana (SOL) Ready for $200? Enormous Breakthrough Evaluated

Join our free newsletter for daily crypto updates!