Top 5 Airdrops in 2024
Plus my free ranking tool
There are over 1,000 potential airdrops in 2024.
But only a few will print 5+ figures.
I've spent the last few weeks developing the ultimate airdrop assessment framework.
Here are my top 5 projects + my free tool.
With thousands of airdrops and points programs available, it can quickly become overwhelming.
To navigate this, I created a framework to evaluate which airdrops are worth our time to engage with.
After all, time is our most valuable resource.
Here are the 6 categories I will use:
Funding
Points program
TVL
Dilution
Momentum
Effort
I'll explain why I chose each of these categories and what makes them important.
Projects that are well funded, are much more likely to launch a token and have a large airdrop. After all VCs need a way to cash out their gains.
DefiLlama has a great tool which lists all tokenless protocols that may airdrop. You can then filter by 'Total Money Raised'.
If a project has a points program, it is highly likely that they will do an airdrop in the future. Imagine the community backlash and brand damage if they didn't.
Important to note that not all airdrops will be based on points programs (e.g. ARB).
Having a high TVL can be a double-edged sword. While it increases the chances of receiving a significant airdrop, it may also result in dilution due to the involvement of numerous wallets.
Projects often use airdrop tiers as a way to manage the distribution more fairly.
If a large number of wallets are already farming a particular airdrop, then it means the overall airdropped value will be diluted.
General rule of thumb- aim to be in the top 10% of wallets if you can.
Like investing, if you have limited capital, concentrate your bets.
Focus on ecosystems that you are bullish on and chains that you enjoy using.
Crypto is an attention game and projects that attract the most attention in the bull will be the biggest winners.
Check TVL inflows on DefiLlama → DeFi → Chains → Sort 1m Change.
I'm generally a pretty lazy person. I don't want to expend any more effort than I need to.
So I prefer airdrops where I have the option to passively farm. For example:
Higher effort: Bridges, Dex's
Lower effort: Staking, LPs, Restaking
Sometimes both are required.
Now that we have our framework in place, it's time to assign some scores.
After spending the past week meticulously analyzing data for over 100 potential airdrops, I'm excited to share my findings with you.
Here are my top 5 potential airdrops based on a weighted average score.
Ethena
Ethena labs is a synthetic dollar protocol built on Ethereum. The stablecoin is $USDe.
Only launched a few days ago and already attracting huge attention.
6.36k users so not heavily diluted yet but it won't take long. $20.5m raised through funding rounds.
EigenLayer
Eigenlayer is a restaking protocol built on Ethereum.
TVL is closing in on $8b and airdrop could be the biggest of the year. $64.5m in funding.
See here my deep dive on EL and the best restaking projects.
B² Network
BSquaredNetwork is a Layer 2 rollup solution on Bitcoin.
It recently announced an airdrop for early users and already has over 24k addresses deposited and over $400m in TVL.
It completed a seed round for an undisclosed amount in Jan 2024 (HashKey, OKX, Kucoin).
Stride
Stride is a liquid staking platform for IBC blockchains.
Its stTIA Airdrop has been extremely popular. You can earn $STRD rewards by holding the liquid staked TIA on either Stride, Osmos or Neutron.
Blast
Blast is an Ethereum Layer 2 solution with native yield for ETH and stablecoins.
It has amassed over $1.8b in TVL in only a few months and has significant backing ($20m).
Similar to EigenLayer, it is already heavily farmed but still could be a lucrative airdrop.
Honorable mentions to:
I'm confident that there will be numerous profitable airdrops among the approximately 100 projects listed in my sheet. There are likely many others that I have overlooked as well.
Make a copy of my Google Sheet to experiment with scores and weightings for your own top 5 list.
I'll keep updating this sheet with new projects and future airdrops:
In the end, airdrops are speculative in nature, and there's no guarantee of receiving any rewards for our efforts.
Nevertheless, we're only two months into 2024 and already had some huge airdrops announced: JUP, STRK, PIXEL, DYM, ALT, W.
The fun is only just beginning.
I want to shout out some excellent resources I used for this thread:
Note: None of this is financial advice or sponsored content. Always be hypervigilant when clicking links/ airdrop farming.