Guide to Earning from Airdrops in 2024 — Instructions, Finding Giveaways, Potential Earnings

An airdrop is a distribution of free cryptocurrency tokens to users conducted by various blockchain projects to attract attention to their product. It’s a unique opportunity to profit without investment or risk, as the received tokens can significantly increase in value over time, although this is not guaranteed.

Our experts have studied how you can earn from airdrops, what nuances to consider, and which services can help in this endeavor.

16 Airdrops for Earning in 2024

According to Coingecko’s analysis, here are some potential airdrops for the year, along with recommendations for participants in each project:

1. Ambient — A DEX with a two-way AMM operating within a single smart contract. A token distribution was hinted at in a tweet on December 19, 2023.
2. Scroll — An L2 network with zero-knowledge based on Ethereum. An airdrop similar to other L2 networks like Optimism or Arbitrum is possible.
3. Taiko — A protocol that is an Ethereum equivalent where existing dApps can be deployed. With the launch of the Alpha-3 testnet and the ability to earn points on Galxe, participation could lead to token rewards.
4. EigenLayer — Middleware based on Ethereum. It is presumed to introduce its token, although as of January 2024, no official announcement has been made.
5. Renzo Protocol — A platform for liquid derivatives for Ethereum stakers. It has introduced a points system. Users earn ezPoints Renzo by staking and holding ezETH, as well as by referring others.
6. MetaMask — One of the most popular wallets in the crypto space. In March 2022, the founder confirmed the issuance of a token for governance through DAO, although it has not been confirmed whether the token will be distributed through an airdrop.
7. LayerZero — A cross-chain protocol built on Omnichain. An airdrop is anticipated, although not confirmed by developers.
8. Starknet — An L2 network with zero-knowledge, using Account Abstraction (AA) to eliminate wallet restrictions. It has confirmed the allocation of over 1.8 billion STRK tokens to the community and interested parties.
9. zkSync — An L2 solution to provide a more efficient way to use the Ethereum blockchain. According to documentation, the company always planned to issue a token for the network.
10. Fuel — The first scalability-focused Optimism rollup on Ethereum. An airdrop similar to other L2 networks like Optimism or Arbitrum is possible.
11. Marginfi — A decentralized lending protocol on Solana. Although an airdrop is unconfirmed, the protocol has introduced mrgn points, reflecting a user’s interaction level with the ecosystem.
12. Quai Network — Aims to combine Proof-of-Work security with sharding efficiency. There is a social media rewards program that incentivizes the community to participate in the project. Rewards are likely to be distributed after the mainnet launch.
13. Thetanuts Finance — Offers aggregated solutions for options trading. The team stated that the protocol can operate without a native token, but the possibility still exists.
14. Atlendis — An unsecured crypto lending protocol. Experts believe that an airdrop in the future is possible.
15. Shardeum — Developing a super-fast next-generation smart contract blockchain using sharding technology. Plans include token issuance and distribution of 5% of the total supply through user airdrops.
16. ZetaChain — Supports data exchange between smart contracts, other blockchain networks, and applications. A testnet is operational where users can accumulate points, which are almost certain to be converted into real tokens after the mainnet launch.

Read more: How to make money on cryptocurrency in 2024 from scratch

Quick Guide

✅ Before delving into the specifics of this earning method, let’s outline the main steps to participate in an airdrop:

1. Research and find suitable airdrops. Various websites regularly publish relevant information.
2. Create a cryptocurrency wallet to receive free coins. The specific wallet depends on the assets being distributed. For example, for ERC-20 tokens, you can use the Metamask wallet.
3. Each airdrop has its own requirements. Read them carefully and fulfill them. Some airdrops also require registration on a specific cryptocurrency exchange or other service.
4. Apply to participate in the airdrop by filling out the form.
5. Wait to receive the coins. This can take from a few days to several months.
6. Once you have received the free coins, you can sell them on a decentralized or centralized cryptocurrency exchange.

How Airdrops Work and Why They’re Conducted

Cryptocurrency airdrops are designed to promote blockchain startups and their services. The organizer distributes tokens to users, with two main goals:

1. Increase interest in the startup. The more interest in the token, the higher the likelihood of its price rising.
2. Ensure fair distribution of tokens among the community from the start.

Unfortunately, this doesn’t always work efficiently, as many users («airdrop hunters») immediately sell the tokens on exchanges after they are distributed, which can cause the price to drop. Blockchain project creators should also be prepared for such risks.

Most airdrops do not require investments. To participate, you need to fulfill certain conditions — for example, participate in the ecosystem at an early stage, hold certain assets in your wallet, be active on social media, etc.

Largest Airdrops in Recent Years

According to research conducted by Coingecko, the largest airdrops from 2020 to 2023 were:

1. Uniswap (UNI) Airdrop — $6,432,614,493. A decentralized exchange with AMM and liquidity mining capabilities.
2. Apecoin (APE) Airdrop — $3,544,345,703. Token from the creators of the NFT token collection Bored Ape Yacht Club.
3. dYdX (DYDX) Airdrop — $2,009,935,493. Protocol for decentralized futures trading.
4. Arbitrum (ARB) Airdrop — $1,969,296,101. L2 network that reduces fees and increases transaction speed on the Ethereum blockchain.
5. Ethereum Name Service (ENS) Airdrop — $1,878,605,813. Project that allows buying lettered addresses in the Ethereum network.
6. Internet Computer (ICP) Airdrop — $1,737,391,583. Fast and scalable blockchain aimed at creating a convenient platform for developers.
7. Bonk (BONK) Airdrop — $1,325,428,015. Popular meme coin on the Solana blockchain.
8. Celestia (CEL) Airdrop — $728,380,235. Modular network that allows users to create and connect their own blockchains.
9. LooksRare (LOOKS) Airdrop — $712,335,336. Native token of an NFT platform.
10. 1inch (1INCH) Airdrop 1 — $670,872,722. DEX aggregator, the most popular among competitors.

These amounts are based on the token’s maximum price on the market, and for promising startups, this is not the limit.

Varieties of Airdrops

Experts highlight four main types of airdrops used in the crypto space:

1. Retroactive (retro drops) — Example: Arbitrum. Tokens are distributed to users who have previously interacted with the platform or service.
2. For holders — Example: Stellar (XLM) distribution to Bitcoin (BTC) holders. Intended for holders of a specific token. In this case, new tokens are distributed in proportion to the number of tokens held by the participant. Often used to incentivize participants to hold tokens long-term.
3. Exclusive — Intended for a limited group of people. For example, community members, users of a specific wallet, or even participants of previous airdrops. The participation conditions for such events are strictly defined.
4. Bounty programs — Participants receive tokens in exchange for completing specific tasks. These tasks can include creating content, advertising the project, bug detection, and more.

Assets distributed in airdrops can also vary — they can be cryptocurrencies, tokens, tokenized assets, as well as free NFTs.

How to find current airdrops

• Specialized websites regularly publish information about new airdrops. Examples include AirdropAlert, Airdrops.io, and AirdropKing.
• Monitoring announcements on project’s social media platforms, often on Telegram and Twitter.
• Forums like Bitcointalk can also be suitable places to find information about new airdrops.
• Checking official cryptocurrency websites and subscribing to their newsletters.
• Being active in the crypto community, using new platform features, and holding promising tokens in anticipation of potential retro drops in the future.

How much you can earn from airdrops

• The potential earnings from airdrops vary widely and depend on many factors.
• It’s impossible to predict exactly how much one can earn from airdrops, as profits can range from zero to thousands of dollars.
• Airdrop hunters constantly track new drops and participate in them, sometimes even organizing groups for collective participation.
• One positive example is the 2017 Ethereum owners receiving free OmiseGo (OMG) tokens, which significantly increased in value later on.
• Another example is the Uniswap airdrop, where users received 400 UNI tokens, totaling $17,000 at one point.
• However, there are also negative examples, with some airdrops turning out to be fraudulent, requiring investments, and resulting in people losing money.
• Additionally, most tokens received in airdrops have low liquidity and are difficult to sell in the early stages.

How to choose an airdrop

Four Key Factors to Consider When Choosing an Airdrop:

1. Carefully read the terms and conditions: Some may require specific actions such as subscribing to a newsletter, participating in social media, or holding a certain amount of cryptocurrency. Check if these conditions align with your preferences and are safe.
2. Ensure the project has real value: Research the organization and team, read the White Paper, and see if there are partnerships with well-known companies.
3. Verify that the airdrop does not require confidential information: Some airdrops may ask for registration and verification on a website, but be cautious if asked to provide private keys or passwords, as this is likely fraudulent.
4. Growth potential: The purpose of participating in an airdrop is the potential for the received coins to increase in value. Therefore, analyze the market and understand if the startup’s product/service will be in demand and who its competitors are.

Remember, profits are not guaranteed, but since no investments are required, this form of earning is one of the least risky.

Conclusion

Airdrops offer the opportunity to receive promising tokens without significant effort or investment. However, it’s important to remember the risks associated with this form of earning. There is no guarantee of token growth, and some projects never become popular or list on exchanges. Nonetheless, there are airdrops that can yield substantial returns. Therefore, it’s crucial to carefully research each project to assess its potential.