Crypto airdrops have maintained a robust pace into 2024, distributing approximately $4 billion in value so far, with several significant distributions still on the horizon.

Leading the pack are three major airdrops: Jupiter, Starknet, and Notcoin, each distributing around $1 billion in value based on the volume of tokens dispersed and average market prices in subsequent months. Following closely are a variety of projects spanning Solana and Ethereum ecosystems, including notable names like Wormhole, Ether.fi, FriendTech, and Wen.

Airdrops occur when projects distribute tokens to previous protocol users, often coinciding with the issuance of governance tokens that empower users with voting rights. To prevent speculative use of protocols solely for airdrop eligibility, projects may exclude wallets that exhibit such behavior.

Historically, prominent airdrops like Uniswap, Apecoin, and dYdX have set benchmarks, contributing to an estimated $26.6 billion in total airdrop value by December 2023, as reported by CoinGecko. Factoring in 2024 distributions at peak prices suggests a cumulative upper limit of approximately $34 billion across all airdrops to date.

Looking ahead, several notable airdrops are scheduled for the remainder of 2024. ZKsync, a prominent Ethereum Layer 2 network, is set to execute its airdrop next week. Zeta Markets, a decentralized exchange on Solana, plans its airdrop for June, while EigenLayer's Ethereum restaking protocol has initiated its airdrop with tokens expected to become transferable later this year. Additionally, LayerZero is preparing for its cross-chain messaging protocol airdrop, although a specific date has yet to be announced.

Despite their financial allure, airdrops face challenges from individuals attempting to exploit the system. Known as "airdrop farmers," these users employ multiple wallets to maximize their chances of receiving tokens. In response, projects like LayerZero have implemented rigorous measures, including open bounties to report airdrop farming activities. ZKsync has similarly identified and excluded suspected airdrop farmers from its distribution process, reinforcing eligibility criteria to ensure fair token allocation.

While airdrops remain lucrative opportunities, the evolving landscape necessitates heightened scrutiny and safeguards against exploitation. Genuine users may find themselves excluded due to stringent eligibility criteria, underscoring the complex dynamics of token distribution in the crypto ecosystem.