January 2, 2024

Noteworthy Crypto Airdrops in 2023 That Showered Over $4.5 Billion in Free Tokens

In the dynamic world of cryptocurrencies, 2023 saw an influx of over $4.5 billion in free native tokens through a variety of airdrop initiatives. Explore the most significant crypto airdrops of the year that captivated users.

The crypto space witnessed a surge in generosity during 2023 as various projects and protocols sought to navigate the persistent bear market by distributing substantial amounts of free tokens to dedicated users through airdrops.

In total, the top 50 airdrops of the year contributed to the distribution of approximately $4.56 billion worth of tokens to the crypto and decentralized finance (DeFi) communities, as per CoinGecko's analysis.

Here's a closer look at the standout airdrops of 2023 based on the peak value of each token throughout the year:

Arbitrum: $1.969 billion

Taking the lead was Arbitrum, Ethereum's scaling solution, with its massive launch of the native governance token, ARB. The airdrops in March injected projects and DAOs on the layer-2 network with hundreds of millions of dollars worth of ARB tokens. Notable beneficiaries included Treasure DAO, SushiSwap, Dopex, Radiant, Balancer, and Uniswap, collectively receiving almost $2 billion worth of ARB tokens. The strategy paid off, evident in the nearly doubled total value locked (TVL) on the Arbitrum network, reaching $2.55 billion at the time of writing.

Blur: $818 million

Rewriting the rules of the NFT industry, Blur, the Ethereum NFT marketplace, promised gamified benefits and abolished creator fees. The first airdrop in February and a subsequent one in November distributed a total of $818 million worth of BLUR tokens. Despite debates around wash trading, Blur's impact was seismic, propelling it past OpenSea as the leading NFT marketplace. Creator fees, once fundamental, are now endangered.

Celestia: $728 million

Initially met with a lukewarm response in late October, Celestia's TIA token saw a remarkable surge in value. Launching at $2.18, TIA doubled to $4.00 and continued to skyrocket, reaching an impressive $15. The market cap surged to $2.28 billion in less than two months, providing a substantial return to Celestia airdrop recipients, despite the modest user base.

Jito: $312 million

Solana's standout airdrop in 2023 came from Jito, a DeFi platform. The native governance token, JTO, sparked anticipation in the Solana ecosystem. Launched on December 7, the airdrop saw users claim $225 million worth of JTO tokens on the first day, with the total value reaching $480 million at its peak. JTO's price has remained relatively stable since launch, currently sitting at $2.

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