I have always thought about this quote from the late Charlie Munger of Berkshire Hathaway:
“Never, ever, think about something else when you should be thinking about the power of incentives.”
See? The power of incentives should never be underestimated.
Crypto natives are not only tech-savvy, we are smart and have a grasp of human nature to an extent as well.
The most effective marketing tool within a crypto project’s arsenal is an airdrop. No other marketing strategy in all of crypto has the ability to drive a project's name into the consciousness of the public and onboard new users onto its platform like an airdrop does.
The numbers tell us this much, and it is common knowledge that numbers do not lie.
A lot of research has been conducted on web3 marketing, particularly the role of
According to the
Such is the efficiency of an airdrop, and it is almost a no-brainer for any serious crypto project to incorporate it into its marketing plan. The evidence lies in the number of high-profile airdrops in crypto, starting with Uniswap's record-breaking airdrop in the summer of 2020. That one airdrop would signal the start of a series of highly successful airdrop campaigns in the following years, one that continues to this day.
State of Airdrops in 2024
At the core of every marketing campaign or strategy lies a simple goal - to attract new customers and retain old ones, and airdrops are no different. Initially, airdrop programs were designed to introduce a new or existing crypto project to the public by rewarding individuals who perform simple social tasks.
For example, a form could be sent out for users to fill out, and those who did would receive free tokens in their digital wallets afterwards. The airdrop requirement in those days was simply participating in these simple social tasks.
However, as more and more crypto projects adopted airdrops as part of their marketing strategies, they began to incorporate different requirements, leading to an evolution in airdrop program design and distribution mechanism. In 2024, the points-based system is the favored airdrop distribution mechanism.
The point-based system has two main categories: trading volume-based and deposit-based. The trading volume model is standard in NFT trading platforms,
On the other hand, the deposit-based model focuses on the amount of funds a user deposits and the duration of the deposit. This model is prevalent on lending platforms,
The second half of the year is underway, and several high-profile airdrops have already been done. Let’s look at some of the best so far.
The Best Airdrops of 2024 So Far
It is only the second half of the year, yet there have already been several phenomenal moments in crypto. From the
Smart Layer
The current version of the web excels at integration, but its growth is stunted. The vast majority of websites and web applications operate in silos, unable to interact with each other or facilitate the transfer of user data such as reputation and credentials amongst each other, thus limiting the potential of the Internet. If the digital landscape is to evolve and reach its potential, there must be a way to achieve integration that exceeds the current standard.
This is where Smart Layer comes in. By utilizing blockchain technology, Smart Layer provides a platform that introduces tokenization to solve the current integration issue on the Internet and usher in the next generation of the web.
Tokenization is a technology that transforms goods, services, and even digital rights into programmable tokens that can self-execute instructions. For example, a flight ticket, upon tokenization, becomes a smart token capable of streamlining several travel processes, such as connecting with car booking services to arrange transportation and adjust hotel accommodations in case of flight delays.
Smart Layer Airdrop Design
Earlier this year, Smart Layer airdropped its native SLN token to users who participated in its Smart Pass campaign. The campaign featured several tasks that users had to complete to earn points.
Aside from the tasks, users could also earn points through referrals. 2% of the total supply of SLN was allocated for the airdrop, and the total value of the airdrop is over $10 million.
Portal
The blockchain gaming industry is one of the fastest-growing sub-industries in web3. In 2023, its value stood at $154.46 billion, and experts say it could grow to $614,91 billion by 2030. Portal, a web3 cross-chain gaming platform and publisher, is one of its biggest exports in 2024.
The great thing about Portal, which makes it a big deal in the blockchain gaming industry, is that it solves most issues plaguing
Another thing that sets the Portal gaming platform apart from other platforms in the web3 gaming space is its team. The Portal team comprises employees from various gaming backgrounds, including video game industry vets from Rockstar Games & Electronic Arts - the companies behind the Grand Theft Auto (GTA) and FIFA franchises.
Portal Airdrop Design
Portal ran an X (formerly known as Twitter) marketing campaign dubbed Crystal Dash for its airdrop. A unique
Kamino Finance
While blockchains and cryptocurrency introduced the concept of a peer-to-peer financial ecosystem devoid of the pitfalls of traditional finance, such as intermediaries, censorship, and accessibility, it is
Thanks to DeFi, all kinds of financial products and services previously available to only a privileged percentage of the global population in traditional finance are now available to everyone from all shapes and walks of life. These include lending and borrowing, asset management, insurance, investment packages, financial instruments like derivatives, etc.
DeFi is only possible thanks to DeFi protocols and platforms like Kamino Finance. Built on the
Kamino Finance Airdrop Design
Kamino Finance’s airdrop was one of the most anticipated airdrops going into 2024, and it did not disappoint. The platform adopted the points-based system for its KMNO token airdrop.
To qualify, users had to interact with Kamino Finance products to earn points that would be converted into KMNO tokens. They could lend, borrow, or provide liquidity to qualify for the airdrop.
The Upcoming Airdrops To Look Out For
As we head into the year's second quarter, the historical Bitcoin halving is the most anticipated event in all of crypto. There are a couple of airdrops to watch out for as well, including the following.
Sanctum
As the global web3 space continues to grow and mature, the emergence of new concepts and use cases for blockchain technology and crypto is highly likely. There have already been a few in the past, such as DeFi and gaming, and now, in 2024, the next generation of blockchain use cases is springing up.
One such use case is Liquid Staking. For years, Proof of Stake blockchains have enabled and maintained security within their networks through staking. Here’s how it works. Users stake their tokens with a validator on the network, giving it more influence over the decision-making process within the blockchain. The more credible validators users stake their tokens with, the more influence they have on the network, thereby contributing to its overall censorship resistance. In return, these users receive passive rewards (extra tokens).
The only issue with native staking is that users do not have access to their tokens for the duration of the stake. Liquid staking solves this problem by allocating
Sanctum is a Liquid staking protocol on Solana with plans to make all SOL staked and all staked SOL liquid and readily accessible. On Sanctum, users can natively stake their SOL tokens and a select group of Liquid Staking Tokens (LSTs) in return for yield and other passive rewards.
Sanctum Airdrop Design
Sanctum recently launched the Wonderland campaign, and there have been speculations regarding whether or not users who participate in the campaign will be eligible for its upcoming airdrop. The Wonderland campaign is designed to encourage users to use the platform and familiarize themselves with the concept of staking and Liquid staking tokens.
To participate in the campaign, simply head over to the Sanctum website, connect your wallet, and stake some of your native or liquid staking tokens.
InterSwap
Blockchains are essentially democratic, independent ecosystems capable of surviving on their own with little to no interaction with the external world. While this makes them secure and trustworthy, it also means they lack interoperability and cannot achieve
For DeFi to reach its peak, users need to be able to perform cross-chain operations. This includes sending assets across chains, accessing liquidity pools across chains, creating liquidity pools across chains, and much more. These possibilities are essential to DeFi's overall user experience.
That's why platforms like InterSwap are so important. A fully composable native asset cross-chain automated market maker (AMM) protocol, InterSwap brings the concept of cross-chain asset swaps and unified liquidity to life. It is a platform that allows users to transfer assets across chains, create cross-chain markets, access liquidity pools for all kinds of assets (pegged and non-pegged), and more.
InterSwap is built on the Axelar network, a platform that transforms interoperability into a programmable layer. Axelar’s underlying technology is what makes it possible for InterSwap to facilitate various cross-chain experiences.
InterSwap Airdrop Design
InterSwap has just launched its
InterSwap has already allocated 7% of its total supply to the community, from which rewards will be distributed to campaign participants.
Conclusion
Airdrops have evolved over the last few years, and in 2024, most projects are adopting the points-based system for their allocation and distribution. Several airdrops have already been launched using that system this year, and one can expect to see a lot more as the year progresses.
It is also possible that another evolution in airdrop design will occur before the end of the year. If there’s one thing about crypto, it is that it is very unpredictable and rapidly changing.