CoinGecko’s Report: $26.6 Billion in Crypto Airdrops from 2020 to 2023

CoinGecko, has recently unveiled astonishing figures in its latest report, highlighting the massive scale of cryptocurrency airdrops over the past few years. From 2020 to 2023, the top 50 crypto airdrops have collectively dispensed tokens valued at an incredible $26.6 billion, showcasing the growing significance of this method in the crypto ecosystem.

At the forefront of these airdrops is Uniswap’s (UNI) landmark event on September 16, 2020. This airdrop set a record in the crypto world, distributing UNI tokens worth $6.43 billion at its all-time high (ATH) token price of $42.88. The magnitude of this airdrop underscores Uniswap’s influential position in the decentralized finance (DeFi) space.

Following Uniswap, Apecoin (APE) made a significant impact with its airdrop on March 17, 2022. A total of $3.54 billion worth of APE was distributed, marking its ATH token price at $23.63. Apecoin’s airdrop was notable for specifically rewarding Yuga Labs ecosystem owners, with allocations reaching up to 10,950 tokens per individual, valued at a staggering $258,737.

Securing the third spot in the airdrop rankings is dYdX (DYDX), which distributed $2 billion worth of DYDX tokens on September 8, 2021. The ATH token price during this event was $26.80. However, it’s essential to note that the total value of the DYDX airdrop is tied to a prolonged vesting period of five years, with portions of the airdrop being released incrementally.

The cumulative value of these three major airdrops – Uniswap, Apecoin, and dYdX – amounts to an impressive $11.99 billion, constituting 45.1% of the entire value of the top 50 crypto airdrops. The remaining airdrops in this category contribute up to $1.97 billion, highlighting the significant disparity in the distribution of value among these events.

Amidst these major airdrops, a recent one by Jito, a Solana-based liquid staking protocol, has garnered attention. Two weeks earlier, Jito initiated an airdrop, releasing 90 million JTO governance tokens to its user base, an event likened to Uniswap’s approach.

However, an overarching trend observed in the report indicates a decline in major crypto airdrops during 2022 and 2023. Only 14 and 13 airdrops, respectively, have managed to secure spots in the top 50 rankings for these years. This trend suggests a shift in the crypto space’s strategies and perhaps a reevaluation of the role and impact of airdrops.