Crypto airdrops have remained robust in 2024, distributing an estimated $4 billion in total value so far, with several significant distributions still anticipated.

Among the largest airdrops this year were Jupiter, Starknet, and Notcoin, each distributing around $1 billion based on token volumes and average market prices over subsequent months. Following closely were projects like Wormhole, Ether.fi, FriendTech, and Wen, predominantly on Solana and Ethereum platforms.

Airdrops occur when projects distribute tokens to existing protocol users, often coinciding with transitions to community governance through issuance of governance tokens. These distributions typically avoid rewarding wallets that solely anticipate receiving tokens.

Historically, major airdrops such as Uniswap, Apecoin, and dYdX have been substantial, totaling $26.6 billion up until December 2023, according to CoinGecko. Factoring in 2024's contributions, valued at peak token prices, suggests an upper limit of $34 billion across all airdrops.

Looking ahead, several notable airdrops are scheduled for 2024:

- ZKsync's Ethereum Layer 2 network airdrop is set for next week.
- Zeta Markets, a Solana-based decentralized exchange, plans its airdrop in June.
- EigenLayer's Ethereum restaking protocol has initiated its airdrop, with token transferability expected later this year.
- LayerZero, a cross-chain messaging protocol, is preparing for its airdrop, although the exact date remains undisclosed.

While airdrops continue to distribute substantial sums, they face challenges from increasing attempts to exploit the system. "Airdrop farmers," who use multiple wallets to interact with projects expecting token issuance, pose a significant challenge. In response, projects like LayerZero are actively addressing these issues, offering bounties to identify and exclude farming activity from distributions.

For instance, ZKsync recently removed wallets engaged in farming that did not meet distribution criteria, also capping distributions to prevent excessive rewards to large wallets and redistributing tokens more equitably among recipients.

As a result, while airdrops remain lucrative, they have become more competitive and stringent in qualification, potentially leaving even genuine users excluded from distributions.