BONK may be a memecoin, but it was airdropped on users of the Solana blockchain network. Some of those users were then able to sell their BONK for quite large sums of money, and this certainly wasn’t the first time that a free airdrop proved to be lucrative on a blockchain network. It certainly wasn’t the last either, and though none of this article should be taken as financial advice, we’ll discuss some of the biggest airdrops scheduled for 2024.
Before we get into it however, let’s define airdrops and their various forms.
What’s an Airdrop?
An airdrop is a crypto campaign through which a project gives their coins or tokens to users for free. Airdrops function as a marketing strategy to help draw in new potential users/investors. They also create loyalty, as there are generally prerequisites tied to the receiving the airdrops (more on this below). Airdrops can help to create a large and interactive project community, which helps strengthen its long-term potential.
What Types of Airdrops Are There?
Airdrops come in five main forms, typically all having different prerequisites for qualification. They are:
Blockchain Hard Forks
A blockchain hard fork happens when there is change or risk to the network’s protocol that cannot be reconciled (different ideas about a project’s direction, for example). The fork results in a new chain and asset being created.
Both chains continue to work, as with Ethereum Classic (ETC) still running after the split that created the current Ethereum (ETH). All holders of the asset on the old chain are airdropped an equivalent amount on the new chain. Another example of this is when Bitcoin (BTC) split into Bitcoin Cash (BCH) and Bitcoin SV (BSV). All 3 are hard forks of Bitcoin.
New Project Token Airdrops
When a new crypto project launches on a blockchain, assets need to be distributed in order to help promote use of the platform. This can be either to initial investors, or simply a new project distributing assets indiscriminately to every wallet address on a chain like with BONK. The asset is simply airdropped and you go claim it.
Loyalty Airdrops
These types of airdrops are given to either frequent users of a platform, members of online communities such as Discord, Telegram, or similar social platforms.
NFT Holder Airdrops
These are airdrops sent to wallets that are holding a specific NFT or type of NFT. It is similar to a loyalty airdrop and the amount received varies on a few factors. The best example of this is when holders of Bored Ape Yacht Club NFTs were airdropped ApeCoin (APE).
Bounties
Bounties are given for completing specific tasks. This could be making your first trade on a centralized exchange or doing something like bug testing. They then airdrop your reward.
Five of the Biggest Airdrops Coming in 2024
Below we’ll note five of the biggest (potential) airdrops coming in 2024, in no particular order. For each airdrop we’ll provide as many relevant details as are available.
MetaMask
MetaMask is one of the most popular if not the most popular crypto wallet options on the market. In March 2022, Consensys founder Joe Lubin confirmed the release of a native token to grant governance via a DAO to improve decentralization, but there has still been no launch.
It seems likely that you’ll simply need to be a frequent user of the MetaMask wallet in order to be eligible for an airdrop, and having a say in governance of an extremely popular wallet will likely be beneficial.
StarkNet
Starknet is a zero-knowledge Layer 2. It uses account abstraction to tackle the limitations of regular wallets, also known as Externally Owned Accounts. Starknet will allow for these accounts to interact with the blockchain in new ways, such as allowing gas payments in any token, or enabling users to schedule recurring payments.
Starknet has confirmed that they are planning to airdrop over 1.8 billion STRK tokens to community members and stakeholders. However, there has been no criteria announced.
LayerZero
LayerZero is an inter-chain communication protocol like IBC for Cosmos. LayerZero uses oracle technology (such as Chainlink) to facilitate the transfer of information between applications built on different blockchain networks. LayerZero’s technology aims to connect separate blockchain networks into one by allowing applications built on one chain to rent infrastructures from other chains.
They confirmed an airdrop would happen in the first half of 2024 in early December 2023, but there is still no word on how to receive it. Your best bet is likely to use any of the protocols currently on LayerZero such as Stargate.
zkSync
zkSync is another Layer 2 solution looking to provide an alternative and more efficient way to use the Ethereum blockchain. zkSync hopes to achieve this through a modified version of the ZK-rollup.
There hasn’t been an airdrop announced but a token was promised in the whitepaper for the project. zkSync bridges are currently live, and using them is likely one of the prerequisites that will be required in order to receive an airdrop.
MarginFi
MarginFi is a decentralized lending protocol on Solana, like AAVE on Ethereum and other blockchain. Users can lend tokens and earn yield, or borrow tokens using tokens lent as collateral.
A MarginFi airdrop is not yet confirmed, but the protocol has introduced a points system, which reflects a user’s level of engagement with MarginFi. Lenders can earn points by depositing on MarginFi, with points accumulating at a rate of 1 point per dollar per day. Borrowers earn 4 points per dollar borrowed per day, on top of their lending points. There are also points given for referrals. It seems likely that these points will be used to distribute a MarginFi token when governance becomes necessary.
Closing Thoughts
Airdrops are a great way for projects to get the community interested and involved. They are certainly a possible way to earn some money with little to no effort as well. However, it is important to keep in mind that many of these airdrops are extremely prorated, and unless you’re a whale, the amount you receive may not be worth the effort. Always do your due diligence before undertaking any steps to receive an airdrop.
