Sun. Jun 16th, 2024

Protocols distribute over $700M in token airdrops in a week. 

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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.

Read Also: 2023 Crypto Regulation: Highlights of Africa’s Most Significant Crypto Regulations in the last year.

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.

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