Decoding Top 10 Airdrops in History

Airdrops are a great way to get started in the world of crypto. They offer a low-risk and low-commitment way to gain access to the exciting world of web3. For seasoned crypto traders and investors, airdrops can also be a lucrative way to earn substantial rewards.

But how do airdrops work and what makes them so successful? In this article, we’ll take a deep dive into the top 10 airdrops in history, examining their key features, eligibility criteria, and token distribution. We’ll also look at why these airdrops were so successful and what lessons we can learn from them.

What Makes An Airdrop Successful?

An airdrop, in the context of cryptocurrency, is a marketing strategy where free coins or tokens are distributed to wallet addresses to promote a new virtual currency. The ultimate goal of airdrops is to increase the adoption and visibility of a new token.

The success of an airdrop often boils down to strategic planning, including a well-defined target audience. Airdrops that target those already engaged in the crypto community are more likely to be successful because these users are already interested in digital currencies. The amount and value of the tokens distributed must also be carefully considered. Overly generous airdrops can devalue the token, while too meager offerings might fail to attract interest.

Community engagement is also critical. Successful airdrops are often preceded by or coincide with robust marketing campaigns aimed at building a community around the token. A strong community helps to spread the word about the token and establishes its credibility and perceived value.

Transparency is also crucial. The objectives behind the airdrop should be clear, whether it’s to reward loyal supporters, attract new users, or decentralize token distribution. Clarity builds trust and a sense of participation among recipients.

Here’s a breakdown of the top 10 cryptocurrency airdrops, providing valuable insights for founders, developers, token designers, and marketers looking to formulate their own airdrop strategy:

Top 10 Airdrops

1. Uniswap

Uniswap is a decentralized exchange (DEX) that functions as a global marketplace for cryptocurrencies on the Ethereum blockchain. It allows for direct trading without the need for intermediaries. Launched in 2018, Uniswap is open-source, meaning anyone can use its code for their own exchanges.

Think of Uniswap as a bank where you always have control over your money. Unlike some other banks (centralized exchanges), Uniswap doesn’t require you to give up the key to your account. It also executes transactions faster and cheaper because it uses a direct connection (blockchain) instead of a complicated internal system like traditional banks.

Airdrop Details:

• Date: September 17, 2020
• Recipients: Over 250,000 users who had engaged with the platform, receiving at least 400 $UNI tokens before September 1, 2020.
• Tokens Distributed: 400 $UNI per wallet

Eligibility Criteria:

• Open to any Ethereum wallet.
• To qualify, individuals needed to complete at least one of the following actions before September 1, 2020:
  • Executed at least one swap
  • Provided liquidity for any duration
  • Redeemed SOCKS token
  • Possessed at least one SOCKS token when the snapshot was taken

Token Distribution Summary:

• 400 UNI Tokens per Wallet
• 49 Million UNI Tokens were allocated for Liquidity Providers
• 1000 UNI Tokens designated for SOCKS Token Engagement

The UNI airdrop remains a significant milestone, standing out as the most impactful in the history of decentralized finance (DeFi).

2. ApeCoin

ApeCoin, governed by ApeCoin DAO, operates on Ethereum and empowers users to make decisions within a decentralized autonomous organization (ApeDAO). Created by Yuga Labs, inspired by Bored Ape Yacht Club, ApeCoin is used for transactions in the Otherside metaverse.

Airdrop Details:

• Date: March 17, 2022
• Recipients: BAYC and MAYC NFT holders
• Tokens Distributed: Up to 10,950 APE per wallet

Eligibility Criteria:

• Holders of Bored Apes and Mutant Apes NFTs. This airdrop was designed to reward the loyal community of NFT fans and generate publicity for the ApeCoin brand.

Token Distribution Summary:

• Allocation: 150,000,000 APE (15% of total supply)
• Tokens per Claim: Up to 10,950 APE
• Claim Deadline: 90 days post-launch

NFT Allocations:

• Bored Ape Only: 10,094 tokens
• Mutant Ape Only: 2,042 tokens
• Bored Ape paired with Kennel Club: 10,950 tokens
• Mutant Ape combined with Kennel Club: 2,898 tokens

Ensuring a fair launch, ApeCoin distribution to BAYC and MAYC NFT holders is determined by the floor price difference between each NFT collection, approximately from February 7, 2022, to March 8, 2022. Bored Ape Kennel Club NFTs can claim ApeCoin if paired with either a Bored Ape or Mutant Ape.

3. dYdX

dYdX is a decentralized exchange (DEX) platform, offering perpetual trading options for more than 35 popular cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Cardano. Renowned as one of the largest decentralized exchanges globally, it boasts significant trading volume and market share.

Operating on a hybrid, partially decentralized infrastructure, dYdX ensures easy access for any user with internet connectivity to engage in trading activities on the platform.

Airdrop Details:

• Date: July 26, 2021
• Recipients: Users who utilized DYDX before July 26, 2021.
• Tokens Distributed: Up to 1,000 DYDX per wallet.

Eligibility Criteria:

• Early dYdX users engaging in trading on any of their protocols (perpetual, margin, spot) on L1 or L2, or depositing funds into dYdX’s borrow/supply pools are eligible for the retroactive airdrop.

Token Distribution Summary:

• Number of Participants: 64,000
• Allocation: 75 Million DYDX Tokens
• Prize: Up to $1000 DYDX Tokens

Note: Any addresses detected for misuse or mass airdrop claiming will not be eligible for the airdrop.

4. Arbitrum

Arbitrum, a cutting-edge Layer 2 scaling solution for the Ethereum blockchain, is spearheading the era of fast smart contract transactions coupled with reduced transaction costs. This groundbreaking technology, pioneered by New York-based Ethereum startup Offchain Labs, has garnered substantial investments from industry heavyweights like Alameda Research, Pantera Capital, and Lightspeed Venture Partners.

Airdrop Details:

• Date: October 19, 2022
• Recipients: Users who met at least three out of six criteria.
• Tokens Distributed: Up to 12.75% of all tokens.

Eligibility Criteria:

• Bridge to Arbitrum: Use Arbitrum to connect.
• Transactions Over Time: Keep using it over months.
• Transaction Frequency and Interaction: Stay active and interact a lot.
• Transaction Value: Make transactions with value.
• Assets Bridged to Arbitrum One: Bring your assets.
• Activity on Arbitrum Nova: Be active there too.

Token Distribution Summary:

• Allocation: 12.75% of all tokens

Rules:

• The more criteria you meet, the more tokens you get.
• Complete all transactions in just 48 hours.
• Have at least 0.005 ETH and don’t use more than one smart contract.

5. Ethereum Name Service (ENS)

Ethereum Name Service (ENS) is like the phonebook of the Ethereum blockchain. Instead of dealing with complicated strings of numbers and letters, ENS gives Ethereum addresses easy-to-remember names, making web3 a breeze.

ENS uses a team of helpers (nodes) to turn those tricky Ethereum addresses into simple names. It’s like magic! They decide who gets to use what name through a fun auction. This makes it super easy to use Ethereum apps and services without dealing with confusing addresses.

Airdrop Details:

• Date: October 31, 2021
• Recipients: Traders who owned ENS tokens on or before October 31, 2021.
• Tokens Distributed: 100 million tokens

Eligibility Criteria:

• Owned ENS tokens on or before October 31, 2021.

Token Distribution Summary:

• Calculation Formula:
  • Age of the .eth address
  • Expiration dates of the address (longer registrations gain more ENS)
  • Owners with set addresses (Reverse Record) get a 2X multiplier
• 25% to Ethereum wallet holders
• 25% to ENS contributors (individuals, groups, or Discord users)
• 50% to the DAO community

ENS is not just transforming web3; it’s also rewarding early adopters and contributors through this airdrop initiative, creating an inclusive and thriving ecosystem.

6. Internet Computer

Internet Computer is like a superhero for the Internet, taking on big challenges like making things more secure, protecting your personal info, and breaking up the monopoly of Internet giants. It’s all about building a better, modern Internet.

What makes Internet Computer unique is its special tech called Chain Key Technology. Unlike regular blockchains, it can handle a ton of data super fast and scale up to include millions of computers.

Airdrop Details:

• Date: May 2021
• Recipients: Members of the community.
• Tokens Distributed: Approximately $1,737 billion tokens

Eligibility Criteria:

• Participation in the community.

Token Distribution Summary:

• Tokens Distributed: 2,513 tokens per participant.
• Node Operator Allocation: Approximately 10.50% of the total tokens (49,268,690 tokens) were allocated to node operators on the blockchain network.

7. Bonk

BONK, a dog-themed meme coin, is making waves on the Solana network, injecting new life into the Solana ecosystem by enhancing liquidity. Launched on Christmas last year, BONK’s price trajectory marks a significant turning point in the meme coin arena, akin to the success stories of Shiba Inu (SHIB) and Dogecoin (DOGE).

Airdrop Details:

• Date: December 25, 2022
• Recipients: Various sectors of the Solana ecosystem.
• Tokens Distributed: 50% airdrop to the Solana community.

Eligibility Criteria:

• 20% to 40 Solana NFT Collections: Benefiting NFT collectors in projects like Cyber Samurai, Lily, Lotus Gang, SolGods, and more.
• 15% to Early Openbook Traders: Rewarding traders who engaged with BONK in its early stages on Openbook.
• 10% to Solana Artists and Collectors: Supporting the vibrant Solana art community and those who appreciate and collect Solana-based artwork.
• 5% to Solana Developers: Acknowledging the vital role played by developers in the Solana ecosystem.

With its unique style and growing popularity, BONK is making a name for itself in the crypto world. It’s not just a meme coin; it’s a playful addition to the Solana network’s crypto family.

8. Celestia

Celestia stands out as a modular blockchain network designed to empower developers by providing a robust infrastructure for building and maintaining blockchains. Its distinctive feature lies in offering other blockchains the utility of utilizing Celestia as both a data availability and consensus layer.

Airdrop Details:

• Date: To be announced
• Recipients: Developers and early adopters.
• Tokens Distributed: 60 million TIA tokens.

Eligibility Criteria:

• Exploring and Supporting the Ethereum Ecosystem: Engaged contributors on Public GitHub driving essential protocol advancements, fostering public goods, and contributing to ETH Research.
• Pioneering Early Blockchain Development: Innovative contributors on Public GitHub shaping rollups and pivotal modular infrastructure.
• Trailblazing Ethereum Rollup Supporters: Standout users among the top 50% on L2 Beat’s highest TVL rollups as of April 20, 2023, holding a minimum balance of $50 during the January 1, 2023 snapshot.
• Cosmos Hub & Osmosis Champions: Dedicated stakers with a minimum of $75 and integral IBC relayers on Cosmos Hub and Osmosis identified through a snapshot on January 1, 2023.

Token Distribution Summary:

• Allocation: 60 million TIA tokens
• Genesis Drop Involvement: 7,579 developers and 576,653 unique on-chain addresses.

Platform Inclusivity: Ethereum rollups, Cosmos Hub, and Osmosis.

9. LooksRare

LooksRare is a cool NFT marketplace that’s all about giving back to the folks who love trading, collecting, and creating. Unlike other places, LooksRare wants to be the go-to spot for NFTs in the crypto world, and they’ve got a unique way of making it happen.

Airdrop Details:

• Date: January 10, 2022
• Recipients: NFT traders on OpenSea.
• Tokens Distributed: 120,000,000 LOOKS tokens

Eligibility Criteria:

• Traded 3 ETH or more on OpenSea from June 16, 2021, to December 16, 2021.
• List an ERC-721 or ERC-1155 NFT for sale on LooksRare.

Token Distribution Summary:

• Allocation: 120,000,000 LOOKS tokens (12% of all LOOKS)
• Minimum: 125 LOOKS tokens
• Bonus: Up to 10,000 tokens for active traders.

10. 1inch Network (Airdrop 1)

1inch Network isn’t your regular crypto exchange. It’s like a super-smart assistant that checks out all the cool places where you can swap your digital assets to get the best deals. It’s super handy for folks who provide liquidity.

Airdrop Details:

• Date: December 24, 2020
• Recipients: Wallets interacting with 1inch until midnight on December 24, 2020.
• Tokens Distributed: 90 million 1INCH tokens

Eligibility Criteria:

• Used 1inch before December 24, 2020.
• Complete one trade before September 15, 2020, or make at least four trades, or trade a total of $20.

Token Distribution Summary:

• Allocation: 90 million tokens
• Recipients: Over 55,000 wallet addresses.

Conclusion

By studying past airdrops, founders, marketers, and crypto project builders can gain valuable insights into how to cultivate and engage a community. They can learn what incentives and communications resonate with potential users.

Airdrop case studies can also provide educational insights into the workings of cryptocurrencies, tokenomics, and the broader digital asset ecosystem. This knowledge is beneficial for anyone looking to deepen their understanding of the crypto world.

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