The Most Popular Airdrops to Watch in 2024
Whether you’re a new or experienced DeFi user, you’ve probably heard the term airdrop from time to time.
This is because airdrops are a popular marketing strategy for DeFi protocols and crypto companies for several reasons:
- It allows protocols to reward community members for their activity and participation on relevant platforms, thus further incentivizing users to stay with the protocol.
- It helps projects bring awareness and new traffic to the brand and product/service; especially if they are launching their native tokens.
The guide below covers some of the hottest crypto airdrops of 2024 (potential, confirmed, and even recently distributed airdrops). You’ll soon realize that qualifying for these is limited to actively engaging with relevant features of the protocol, interacting with testnets, creating new wallets, and referring friends to the protocol, among other activities.
Here are a few guides on the subject that may interest you:
What Are Crypto Airdrops and How to Find the Next Big Airdrop?
Airdrops on solana: The Most Popular Tokens That Aren’t Tokens
Any airdrop or token launch unless approved by the relevant protocol. is speculative and not guaranteed.
jupiter
Jupiter is a leading liquidity aggregator on the Solana blockchain, with over 1.2 million users actively exchanging and trading assets on its platform. It handles 60% to 70% of all DEX volume on Solana.
Jupiter remained tokenless until the founding team announced plans to launch the protocol’s native token, JUP, accompanied by an official airdrop on January 31.
The airdrop was successful and JUP is now one of the top 100 cryptocurrencies by market cap.
How did it work?
- Approximately 40% of the 10 billion JUP tokens have been allocated to the community through airdrops.
- Tokens will be distributed in four airdrop rounds, the first of which will be on January 31. Other dates will be announced.
- Half of the tokens will go to the community; 20% is allocated to the Jupiter team.
- Token distribution is based on users’ past interactions with the platform, taking into account activities such as transaction volume on the site.
- The JUP token is designed to govern the future Jupiter DAO.
- Revenue sharing for the JUP token will happen only after Jupiter witnesses a tenfold increase in its user base and this is estimated to take two years.
- Visit the Jupiter website and connect your Solana wallet.
- Choose from many activities at Jupiter, such as exchanges.
- You can also browse their continuous trading section or take advantage of their bridge features to perform cross-chain transactions.
LayerZero
LayerZero is an Ethereum-based interoperability protocol that connects multiple blockchains and allows dApps to communicate with different networks through a single relay. For example, Stargate, a liquidity transfer protocol, uses LayerZero’s messaging system to enable cross-chain transfers.
The team behind LayerZero approved Plans to launch the protocol’s own token in the first half of 2024 are leading to speculation about a potential airdrop.
While specific details regarding the airdrop terms are still pending, crypto users believe that the launch of the token will come with an airdrop. Others think that the token will give users governance rights and give them control over the future of LayerZero, similar to previous projects in the Ethereum ecosystem.
How to qualify:
- The idea is to interact with protocols that integrate LayerZero.
- Stargate, Curve, Shrapnel, and Pendle are some popular options.
- For example, you can stake STG tokens on Stargate, provide liquidity to generate passive income, or be an active user in the DAO community.
Marginfi is a decentralized lending protocol that currently has no token, but speculation suggests a potential token launch in the future. The protocol benefits both lenders and borrowers by offering enhanced risk management in lending services.
Although Marginfi has not announced any plans to release any tokens, airdrop hunters are convinced otherwise, mainly because the protocol uses a points system and is backed by a large number of investors and VCs.
Lending, borrowing, and referrals are just a few ways users collect points, potentially leading to eligibility for an airdrop.
The step-by-step qualification process might look like this:
- Visit the Marginfi website and connect a Solana wallet
- Staking, swapping and bridging assets will help you qualify.
- But lending, borrowing, and referrals are the best ways to earn “mrgn points.”
- Users with current deposits earn points (1 point per day per dollar lent). More loans and longer periods of time earn more points.
- Borrowers receive more points than lenders (4 points per day per $1 borrowed). Debt security also applies to lending points.
- Users who refer earn 10%, and this continues down the referral tree as more users refer others.
EigenLayer, an Ethereum-based liquid staking protocol, has gained attention in the crypto community, especially among airdrop hunters.
EigenLayer has a feature called restaking; This feature allows ETH stakers to stake their coins across various Ethereum-based protocols, creating a robust blockchain ecosystem with pooled security using the staked tokens.
The protocol introduced several innovative features for yield farming and staking. The amount of active development and the points system that rewards depositors have airdrop hunters carefully awaiting a potential token drop. This and EigenLayer’s roadmap state that the team will launch the mainnet in Q3 2024, adding payment and deduction systems.
How to qualify in case of a future airdrop:
- Go to the app and connect your wallet.
- Choose any of the available pools
- stake reTH or seth
- Do this regularly to increase your chances of qualifying
Base, an Ethereum Layer 2 (L2) chain developed by Coinbase in collaboration with optimism, provides a secure, cost-effective and developer-friendly environment for on-chain applications.
There has been speculation about a potential airdrop, mostly due to Coinbase’s Chief Legal Officer hinting at the possibility of a token launch in the future, although this is not completely ruled out.
Unsurprisingly, this announcement sparked a wave of speculation, keeping airdrop farmers and base users on guard for a possible airdrop in 2024.
Early users can qualify for the airdrop if they make regular transactions in the ecosystem using trusted protocols such as the Rhino.fi bridge and trade on Dexes such as Uniswap and Odos. These are just a few of the most popular apps on Base.
Risks and Security Practices to Consider Before Hunting for Airdrops
Airdrops are becoming increasingly popular in the cryptocurrency industry, but as their popularity grows, so do the number of risks that can compromise our financial positions and even sensitive data.
- Wallets: Having a crypto wallet is essential when participating in airdrops. Make sure you use a wallet with a robust algorithm for generating random seed phrases that are difficult for hackers to crack.
- Tax Liability: Airdrops are subject to tax in the United States and certain other jurisdictions.
- Potential fraud: Not all airdrops are valuable, and some may be associated with fraud or low-quality projects.
- DYOR: please do your research (DYOR) on a project, make sure you click on the right links, double-check URLs, don’t sign anything you aren’t sure of its legitimacy, and be careful before participating in airdrops.
- Market Volatility: Market volatility can cause airdrop tokens to experience chaotic price fluctuations.
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