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- 13 out of the 50 biggest crypto airdrops since 2020 happened in 2023, distributing $4.56 billion worth of tokens, valued at their ATH prices.
- Arbitrum dominated 2023, distributing $1.97 billion worth of ARB.
- Celestia (TIA) and Blur’s first airdrop secured the second and third positions.
Despite a subdued crypto market, 2023 witnessed a surge in crypto airdrops, with 13 entries claiming spots among the 50 biggest crypto airdrops that happened since 2020. These 13 airdrops, though fewer than in 2021 and 2022, collectively distributed a significant $4.56 billion worth of tokens valued at their all-time high (ATH) prices.
Total value of crypto airdrops valued at their ATH prices from 2020-2023 (Source: CoinGecko)
CoinGecko’s latest report highlighted a notable trend in the distribution of the biggest crypto airdrops. While 2021 witnessed a surge with 18 airdrops making the top 50, compared to just 5 in 2020, the subsequent years saw a decline. In 2022 and 2023, only 14 and 13 airdrops, respectively, cracked the top 50.
Top 10 crypto airdrops in 2023 valued at their ATH prices (Source: CoinGecko)
The undisputed champion of 2023 airdrops is Arbitrum (ARB), a layer 2 scaling solution for Ethereum, distributing $1.97 billion worth of ARB on March 23, 2023. This strategic move translated into a 147% surge in total value locked (TVL) during the anticipation period.
Taking the second spot in 2023, Celestia (TIA) distributed $0.73 billion worth of TIA on October 31, 2023. The unique aspect of this airdrop was its targeted approach, benefiting developers, researchers, active Ethereum rollup users, and stakeholders associated with Cosmos Hub and Osmosis.
Securing the third position, Blur‘s first airdrop distributed $0.45 billion worth of BLUR on February 14, 2023. The success of this initial airdrop propelled Blur into the limelight, attracting liquidity and setting the stage for a highly anticipated second airdrop.
Together, Arbitrum, Celestia, and Blur’s first airdrop contributed to an astounding 69.9% of the total crypto airdrop value in 2023, amounting to $4.56 billion.
While the overall value compared to 2022 declined, it’s important to consider that many of these newer tokens haven’t yet experienced a full bull market cycle. This is in contrast to its predecessors which witnessed the 2021 bull market followed by the 2022 NFT bull market.
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