Crypto has seen a surge in free token giveaways this year through airdrops. With the resurgence of animal spirits in the crypto market and Bitcoin’s record-breaking rally, some airdrops have far surpassed those that caught attention in 2023. In total, the top five airdrops of this year alone have rewarded users and communities with over $19 billion worth of free digital currency.
These airdrops have made a significant impact in 2024 based on the peak value of their associated tokens. They range from emerging decentralized finance (DeFi) projects to established non-fungible token (NFT) brands, and everything in between.
Hyperliquid: $10.84 billion
Taking the top spot by a wide margin, the Hyper Foundation’s distribution of HYPE tokens generously rewarded users of the Hyperliquid Network in November. Users of this layer-1 network, optimized for high-speed DeFi transactions, received a total of 31 million HYPE tokens initially valued at $1.6 billion. This airdrop quickly became one of the most valuable in history, with the value of the tokens skyrocketing to over $10.8 billion within weeks. The flagship application of the Hyperliquid network is its decentralized exchange (DEX), which offers perpetual futures trading and leverage of up to 50x. According to the Hyper Foundation’s website, the DEX has attracted over 312,000 users since its launch.
Starknet: $3.09 billion
Starknet, an Ethereum layer-2 scaling network, launched its mainnet in 2021 but had to wait three years for its highly anticipated STRK token airdrop. With 700 million STRK tokens initially distributed, including those to Ethereum stakers, the initiative rewarded crypto users beyond the scaling solution’s borders. These STRK tokens play a crucial role in Starknet’s governance. In June, StarkWare, the developer behind the network, announced its intention to bring its scaling technology, which utilizes zero-knowledge rollups, to Bitcoin. Last month, Starknet launched “phase 1” of a staking initiative, becoming the first layer-2 network to reward users for validating transactions.
Pudgy Penguins: $3.064 billion
Pudgy Penguins, a popular NFT collection with a market cap of over $500 million, has established a strong presence on Ethereum. The project’s NFT toys have even been sold in major retail stores like Walmart and Target, making it stand out in a relatively cool NFT market. Pudgy Penguins recently expanded to Solana with the launch of PENGU, a token that aims to enhance the connection between Pudgy Penguins fans and the brand. According to a graphic released alongside the token’s announcement, around half of the 88.88 billion PENGU supply was distributed to Pudgy Penguins’ community members, other communities, and FTT holders. FTT is the native token of the collapsed crypto exchange FTX. Pudgy Penguins also allowed NFT holders from projects like the Board Ape Yacht Club and Doodles to claim tokens.
Notcoin: $2.274 billion
The coin-tapping game Notcoin gained massive popularity on The Open Network (TON) this year, attracting countless players to tap away within the Telegram-based mini app. Despite some delays, the highly anticipated airdrop eventually became the largest gaming token launch of 2024 in terms of peak value. When Notcoin released its token in May, around 80.2 billion NOT tokens were up for grabs, with exchanges like Binance supporting the token right from the start. Players have since been greeted with a plethora of tap-to-earn games, with Hamster Kombat drawing 300 million players ahead of its own airdrop. While some believe these tap-to-earn games serve as a viral mechanism for introducing users to new products, others in the gaming community believe more developed experiences are needed to keep players engaged.
Jupiter: $2 billion
As the fifth-largest airdrop of 2024, Jupiter, a Solana-based decentralized exchange (DEX) aggregator, rewarded users with 1 billion JUP tokens during the initial allocation earlier this year. Jupiter initially committed to releasing 3 billion more JUP tokens, with a second round approved earlier this month. While the date has not been announced, the proposal hinted at a potential event called “Jupuary.” The Jupiter community will also hold its first conference next month in Istanbul, named Catstanbul, as a nod to its pseudonymous founder, Meow. As one of the largest DeFi projects on Solana, the DEX aggregator has facilitated over $2 trillion in total trading volume, according to a dashboard created by Jupiter.
Honorable mentions
In addition to the top five airdrops, numerous other projects and protocols distributed free tokens. Four airdrops were valued at over $1 billion at peak token value, including those from Movement, ZKsync, Eigenlayer, and Wormhole. Movement Network Foundation launched MOVE, a utility token for the Ethereum layer-2 scaling solution Movement, with 1 billion MOVE tokens awarded to communities and early network participants, valued at $1.5 billion. Community wallets for ZKsync, another Ethereum layer-2 scaling solution, received 3.7 billion ZK tokens in June, worth $1.2 billion at their peak price. The Eigen Foundation distributed nearly 200 million EIGEN tokens to users of the Ethereum staking platform this year, totaling $1.1 billion. Wormhole, a cross-chain protocol, launched its W governance token in April, distributing 617 million W tokens worth $1 billion to its initial community and ecosystem.
Edited by Stacy Elliott