023 has proven to be a big year for crypto airdrops. A recent analysis revealed that of the 50 most substantial crypto airdrops since 2020, 13 occurred in 2023, collectively distributing approximately $4.56 billion worth of tokens.
These figures are calculated based on the tokens’ values at their respective all-time highs (ATHs), which paints a picture of substantial distribution.
The 2023 airdrop landscape was less crowded than 2021, when there were 18 entries in the top 50, but the impact was notable. A report from CoinGecko highlights this trend shift and contrasts it with only five airdrops in 2020 and fourteen in 2022.
Arbitrum leads the 2023 Airdrop Charge
Arbitrum, an Ethereum layer 2 scaling solution, topped the 2023 airdrop chart by distributing ARB tokens worth $1.96 billion on March 23. This move had a significant impact on the total value locked (TVL), which increased by 147% during the anticipation period.
This airdrop alone represented a substantial portion of the total value distributed in the year. Celestia, with its TIA tokens, followed suit, distributing $728 million on October 31.
The airdrop targeted a diverse group including developers, Ethereum rollup users, and stakeholders in the Cosmos Hub and Osmosis.
Blur’s first airdrop, which distributed $446 million to BLUR on February 14, ranked third. The success of this first airdrop set the stage for a second, which distributed another $327 million to finish in fourth place.
A Closer Look at the Crypto Airdrop Trends of 2023
While Arbitrum, Celestia and Blur’s first airdrops accounted for 69.9% of total airdrop value in 2023, there were varied contributions across the industry that year. Jito, Worldcoin, Aidoge and other projects followed, each adding to the cumulative value and diversity of the airdrops.
The total value distributed in 2023 may be down compared to 2022, but it is essential to take into account the market cycles these newer tokens have experienced.
Unlike previous tokens that saw the bull market of 2021 and the non-fungible token (NFT) market of 2022, many of the sky-dropped tokens of 2023 have yet to experience a full bull market cycle.
In terms of performance, Arbitrum and Worldcoin have shown significant gains, with ARB up 22% in the past week to $1.33, at the time of writing, and WLD up over 60% in the past two weeks to trade at $3.86, at the time of writing. the time of writing.
Celestia and Blur follow closely in terms of price appreciation, with both tokens up 10.7% and 5.7% respectively over the past seven days.
Conversely, Jito, despite being the newest among them, has seen a 9.4% drop in value over the past two weeks, but is showing signs of recovery over the past week, up 9%, reflecting the dynamic and often unpredictable nature of illustrates the economy. token valuations after the airdrop.
Featured image from iStock, Chart from TradingView
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