Cryptocurrencies have rebounded this 12 months versus final 12 months’s bear market, however airdrops are nonetheless lagging.

Web3 initiatives have distributed $4.56 billion value of tokens, valued at their all-time excessive, a 40% drop from 2022, based on Coingecko.

Regardless of this 12 months’s drop, 13 of the highest 50 airdrops befell in 2023, with Arbitrum main this 12 months’s airdrop rating at $1.9 billion, touchdown in 4th place all-time.

ARB and TIA

The ARB token was distributed to customers of the Arbitrum community in March, with its all-time excessive peaking at $8.67 throughout the identical month. The token has dropped 85% for the reason that airdrop buying and selling right this moment for $1.36, with a market capitalization of $1.37 billion.

The second-largest airdrop was Celestia’s token launch. The Layer 1 chain distributed $728 million of TIA tokens this 12 months. The TIA token has gained 480% since its airdrop, from $2.08 to $12.17 right this moment and $1.77 billion in market cap.

Final 12 months noticed probably the most “free cash” given away, with $7.46B distributed, based on Coingecko. The determine is barely barely greater than earlier years, with $7.43B and $7.28B airdropped in 2021 and 2020, respectively.

Apecoin and BONK

The largest airdrop final 12 months was Apecoin, which gave away $3.54 billion in APE tokens, rating second for many worth distributed. For the reason that airdrop, APE has dropped 80% in value, buying and selling right this moment for $1.72, with a $630 million market cap.

BONK, a token that has been having fun with a current surge in value amid ongoing Solana season, commanded second for many worth distributed. It gave away $1.32 billion, and the token is up 22,000% this 12 months.

Automated market maker Uniswap has been the most important airdrop in historical past, with $6.4B value of UNI distributed on Sep. 16.

Different notable airdrops this 12 months have been Blur’s, though the venture produced two completely different airdrops handing out $818M complete; and Jito, a venture that distributed $312M, briefly overtaking Lido’s valuation on launch.

For these looking out for upcoming airdrops, factors have change into the primary bellwether. Rainbow, a non-custodial pockets, has introduced a factors system to reward MetaMask customers. Jito has additionally just lately introduced a factors system, in addition to MarginFi, and Orbiter.