Airdrops are one of Web3’s most beloved features, I mean, who doesn’t love money falling from the sky into their wallets? Business has started to pick up again on this front, largely instigated by the $BONK airdrop on Solana reviving in price late last year.
Before diving into the latest airdrop news, let’s understand what an airdrop is.
What Is an Airdrop?
In Web3, an airdrop refers to the distribution of free tokens to the holders of a specific blockchain. This promotional tactic aims to raise awareness, attract new users, and reward existing community members. Airdrops can vary in size, criteria, and purpose, and they often come with specific instructions on how to claim the tokens.
For some good tips on how to approach airdrop hunting, check out “Get Your Airdrops” by @Flower83_. But before you do that, what airdrops are looking to make waves in Q1 of 2024?
Less Fees & Gas ($LFG) Airdrop
In a move to lure Ethereum users frustrated with high gas fees, an anonymous team launched the $LFG token on Solana. The token, standing for Less Fees & Gas, was airdropped to Ethereum addresses that had spent over $4269 on gas since 2016. With approximately 387,000 eligible Ethereum addresses, $LFG aims to onboard users to Solana by offering a smoother experience. Claimants need to sign a gasless signature with their ETH wallet and provide a Solana wallet address for the airdrop. The airdrop has already attracted over 50,000 wallet claims.
Jupiter’s $JUP Token Airdrop
Decentralized trading aggregator Jupiter is gearing up for a massive $JUP token airdrop on the Solana network by the end of January. With meme coins and previous airdrops contributing to a surge in Solana’s DeFi activity, Jupiter’s airdrop aims to test the longevity of the altcoin frenzy and assess the network’s infrastructure.
The pseudonymous founder, Meow, emphasizes that the focus is on conducting a major token distribution rather than optimizing for hype or perfect price discovery. The airdrop, distributing 40% of JUP’s total supply to nearly 1 million Solana wallets, is expected to stress test the JUP trading infrastructure and the Solana network itself.
Dymension’s DYM Token Airdrop
Dymension, a layer-1 blockchain built on Cosmos and IBC, is introducing a token drop for over a million crypto users across various chains and projects. Functioning as a network for deploying app chains called “RollApps,” Dymension standardizes rollups with IBC, enabling connections across diverse rollup scaling networks.
The DYM token airdrop, known as the “genesis rolldrop,” offers eligible users a chance to claim DYM tokens until January 21. Users staking the TIA token in Celestia, along with participants in Ethereum layer-2 networks, Cosmos Hub, Stride, and Osmosis DEX, are among those eligible to claim.
The Manta Network Airdrop
As a highly anticipated event in 2024, the Manta Network Airdrop is gaining attention from crypto enthusiasts and analysts. Manta Network, a modular blockchain on Ethereum, boasts a zero-knowledge application L2 called Manta Pacific. The network allows developers to build high-performance applications with low fees and near-instant settlements.
To qualify for the Manta token airdrop, users need to bridge assets from Ethereum to the new L2 and interact with DeFi protocols and NFTs on the network. Analysts, including Miles Deutscher, predict that the Manta airdrop could become one of the largest in 2024, adding to the legacy of noteworthy token distributions in the crypto space.
The crypto industry has witnessed a surge in airdrops over the years, evolving from Uniswap’s historic $6.43 billion distribution in 2020, to the recent strategies employed by Blur that result in the change of dynamics for an entire market. While 2021 marked an increase in airdrop frequency, 2022 and 2023 saw a downturn, likely due to the crypto winter that took hold.
We’re barely into the new year, and airdrop season, if not already upon us, is certainly taking shape nicely. With a bullish year for crypto forecasted, these huge stimulus injections of cash will only add weight to the chance that we see ATHs breached across the board in 2024.
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