AltLayer led the pack with a $100 million token airdrop to its initial users. with two other protocols gearing up for even larger distributions in the near future.
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Cryptocurrency projects are big on incentivization as a way to drive interest towards their brand and the product itself, and airdrops are designed to introduce users to the project and reward them in the process as a dual marketing and reward system.
Several projects have done an airdrop since the beginning of 2024. This week alone we have witnessed the distribution of over $700 million to early users and adopters of crypto projects
AltLayer, a scaling solution for Ethereum, took the lead as the pioneer among at least three protocols to launch token airdrops within the upcoming week.
The commencement of AltLayer’s (ALT) token and claiming process occurred at 9:00 am UTC on January 25. The initial airdrop involves an allocation of 300 million tokens, at an average price of $0.32. As per current prices, the total value of the airdrop is approximately $96 million.
In the meantime, Jupiter, a decentralized exchange built on Solana, has announced its plan to introduce its JUP token on January 31. The token launch accompanies the distribution of 1 billion tokens through an airdrop. As of the pre-market assessment, JUP perpetuals are trading at approximately $0.41. At present prices, the total value of the airdrop amounts to approximately $410 million.
Jupiter however released a debut project (Wencoin) on its launchpad which airdropped $Wen tokens to over one million Jupiter exchange users. including active Jupiter users over the past six months. Over $50Million worth of $Wen tokens were distributed during the drop.