The crypto community has already witnessed several significant airdrops in the first two months of 2024, including JUP, STRK, PIXEL, DYM, ALT, and W. With over a thousand potential airdrops expected throughout the year, opportunities for participants are expanding rapidly. However, only a select few are likely to yield five-figure returns or higher.
To help navigate this vast landscape, we’ve developed a structured evaluation framework and ranked over 100 projects. Below, we highlight the top five airdrop opportunities and introduce some free tools to maximize your efforts.
Airdrop Evaluation Framework
With countless airdrop and points programs available, it’s easy to feel overwhelmed. Our framework uses six key metrics to identify which airdrops are worth your time—arguably your most valuable resource.
Here are the six metrics used:
- Funding
- Points Programs
- Total Value Locked (TVL)
- Dilution
- Momentum
- Required Effort
Let’s explore why each metric matters.
1. Funding
Well-funded projects are more likely to launch a token and distribute substantial airdrops. After all, venture capitalists need a viable exit strategy. Platforms like DefiLlama offer tools to filter untokenized protocols by “total funds raised,” helping identify promising candidates.
2. Points Programs
Projects with points programs often hint at future airdrops. The potential community backlash and brand damage from not following through can be significant. That said, not all airdrops rely on points systems—as seen with ARB.
3. Total Value Locked (TVL)
A high TVL can be a double-edged sword. While it increases the chance of a large airdrop, it may also lead to dilution due to high wallet participation. Many projects use airdrop tiers to manage allocations more fairly.
4. Dilution
If a large number of wallets are farming an airdrop, the overall value per participant may decrease. A good rule of thumb is to aim for the top 10% of eligible wallets. As with investing, if your resources are limited, focus your efforts.
5. Momentum
Pay attention to ecosystems you believe in and chains you enjoy using. Crypto is an attention-driven game, and projects that capture the most interest during a bull market often yield the best returns. Monitor TVL inflows on DefiLlama to gauge momentum.
6. Required Effort
Efficiency matters. Opt for airdrops that require less intensive farming when possible. For example:
- Higher effort: Bridges, decentralized exchanges (DEXs)
- Lower effort: Staking, providing liquidity, restaking
Some airdrops may require a mix of activities.
Ranking the Top 100 Airdrop Projects
We’ve compiled a ranked list of over 100 airdrop opportunities for 2024. This list is regularly updated to include new projects and upcoming airdrops. Many of these are expected to be highly profitable, though some may have been overlooked.
👉 Explore the full airdrop rankings here
Top 5 Airdrop Picks for 2024
Ethena
Ethena Labs is an Ethereum-based synthetic dollar protocol that issues the USDe stablecoin. Despite launching recently, it has quickly gained significant attention. With over 6,360 users and limited dilution so far, it remains a promising candidate. Ethena has raised $20.5 million in funding.
Eigenlayer
Eigenlayer is an Ethereum-based restaking protocol with a TVL nearing $8 billion. It’s poised to be one of the largest airdrops of 2024, backed by $64.5 million in funding.
B² Network
B² Network is a Bitcoin Layer 2 rollup solution that recently announced an airdrop for early users. It has already attracted over 24,000 addresses and boasts a TVL exceeding $400 million. The project completed a seed funding round in January 2024, with support from HashKey, OKX, and Kucoin.
Stride
Stride is a liquid staking platform for IBC blockchains. Its stTIA airdrop has been particularly popular. Users can earn STRD rewards by holding liquid-staked TIA on Stride, Osmos, or Neutron.
Blast
Blast is an Ethereum Layer 2 solution offering native yields for ETH and stablecoins. It has accumulated over $1.8 billion in TVL within months and is supported by $20 million in funding. Like EigenLayer, it has attracted many users, but it remains a potentially lucrative opportunity.
Other Noteworthy Projects
Additional projects with strong airdrop potential include:
- Nostra Finance
- Ether.fi
- Parcl
- Drift
- Protocol
- KelpDAO
Final Thoughts
Airdrops are inherently speculative, and there’s no guarantee of returns despite your efforts. Always conduct thorough research and use reliable resources such as DefiLlama, community forums, and trusted analysts.
Please note: This content is for informational purposes only and is not financial advice. Always exercise caution and perform due diligence before participating in airdrops or using unfamiliar platforms.
Frequently Asked Questions
What is a crypto airdrop?
A crypto airdrop is a distribution of free tokens or coins to wallet addresses, usually to promote a new project or reward loyal users. They often require some form of participation, such as completing tasks or holding specific assets.
How can I increase my chances of receiving valuable airdrops?
Focus on projects with strong funding, growing TVL, and lower dilution rates. Use tools like DefiLlama to track promising protocols and prioritize efforts based on your available time and resources.
Are airdrops safe to participate in?
While many airdrops are legitimate, scams do exist. Avoid sharing private keys or sending funds to participate. Stick to well-known platforms and verify official project links before engaging.
Do I need to pay taxes on airdropped tokens?
Tax regulations vary by jurisdiction. In many countries, airdropped tokens are considered taxable income. Consult a tax professional to understand your obligations.
Can I participate in multiple airdrops simultaneously?
Yes, but managing multiple campaigns requires careful organization. Use dedicated wallets and track your activities to avoid missing requirements or deadlines.
What’s the difference between a points program and an airdrop?
Points programs often reward users for specific actions, with points later converted into tokens or other benefits. Airdrops may or may not be preceded by points campaigns, so participation in both can be beneficial.