Can airdrops really make money? Looking at a few real cases, the easiest way to profit in the crypto world

When it comes to making money with cryptocurrencies, many people first think of trading coins. But there is actually a lower-threshold, higher-potential way — participating in airdrops. In the past two years, more and more users have earned their first pot of gold through this nearly zero-cost method, and the figures are quite impressive.

Real Data Speaks: How Much Have These Airdrop Projects Earned?

Let’s first look at the most profitable airdrop projects in history:

Uniswap Airdrop — September 2020, this decentralized exchange airdropped UNI tokens to historical users. Each eligible wallet received 400 tokens, worth about $1,200 at the time. At its peak, this airdrop was worth over $10,000.

APE Airdrop — March 2022, a project backed by the Bored Ape Yacht Club community issued APE tokens. Calculated at 1,500 tokens per account, selling them on the airdrop day could yield nearly $9,000 to $10,500.

Arbitrum Airdrop — On average, each wallet received nearly 2,000 ARB tokens, which could be directly cashed out at the then-current price for about $3,000. More importantly, after the airdrop, Arbitrum’s ecosystem users and trading volume did not cool off; instead, they continued to hit new highs.

And this is just the top projects. According to statistics, the total value of the top ten crypto airdrops exceeds $15 billion, including projects like dYdX, ENS, Internet Computer, Bonk, and others. Even if not the largest, it is quite common for individual accounts to receive tens or hundreds of dollars in benefits.

Why Do Project Teams Give Away Coins for Free?

On the surface, airdrops seem like a project’s profit-sharing move, but behind it lies a clear business logic: distributing tokens for free to promote the community, which can generate strong word-of-mouth effects and ongoing usage motivation.

Take Arbitrum as an example: a total of 11.62 billion ARB tokens were airdropped to 625,000 wallets, averaging 1,859 tokens per address. This move not only benefited community users but also helped the ecosystem achieve a cold start. Data shows that after the airdrop incentives ended, Arbitrum’s daily active users and trading volume continued to rise, indicating that airdrops are not just short-term stimuli but also laying the groundwork for long-term ecosystem development.

For project teams, this cost-controlled yet highly effective promotion method is far more efficient than traditional marketing.

What Is the Essence of Airdrops?

Airdrop (空投) is an incentive mechanism where cryptocurrency projects distribute tokens for free to users. The project team directly deposits tokens into qualified users’ accounts or sets conditions for claiming.

This concept first appeared in the early days of Bitcoin, where simply spreading the word about Bitcoin on social media could earn rewards. Today’s airdrops are much more complex, with project teams setting various filtering conditions to evaluate user value.

Currently, mainstream airdrop methods fall into two categories:

Simple Type — Based on basic tasks and social activities, such as reposting, liking, reading project news, etc.

Deep Engagement Type — Requires users to hold tokens long-term, participate in governance voting, write smart contracts, and other complex operations.

Simple type has a low threshold but usually limited returns, while deep engagement involves more investment but often offers more substantial airdrops.

Which Airdrops Are Worth Participating in 2024?

In the first half of the year, many new projects emerged, such as Starknet, Etherfi, Dog帽币, Notcoin, which brought substantial returns to early participants. Currently, several categories of projects are worth关注:

Cross-Chain Infrastructure — LayerZero raised $3 billion in valuation, with initial funding starting at $6 million and increasing round by round; token airdrop expectations are high.

Layer 1 Blockchains — Emerging chains like Monad have large funding rounds.

Layer 2 Solutions — Ecosystems like zkSync, StarkWare, Linea, Scroll are thriving, with high airdrop expectations.

Testnet Projects — Base, SEI, Sui, Zircuit, etc., require no real funds—just interaction with testnets.

For beginners, starting with testnet projects is recommended, allowing zero-cost participation and experience. After accumulating some initial gains, consider engaging with mainnet.

How to Effectively Participate in Airdrops?

Step 1: Assess the Project’s Funding Scale

This is the most critical screening criterion. Projects with funding over hundreds of millions are likely to have token issuance needs, making airdrops much more probable. You can check project backgrounds on investment and financing websites or follow airdrop bloggers on Twitter, Reddit, etc., who often share the latest opportunities and participation strategies.

Step 2: Choose Appropriate Interaction Methods

Different projects have different airdrop conditions, so adjust flexibly:

• Task-Based — Reading, reposting, liking project promotions
• Interaction-Based — Swapping, token transfers, cross-chain operations, trading
• Staking-Based — Single or dual token staking, providing liquidity, long-term locking
• Comprehensive — Combining multiple methods for scoring

Step 3: Pay Attention to Frequency and Duration

Now, project teams increasingly value interaction frequency and duration, which are key indicators to distinguish genuine users from airdrop hunters. If you plan to use multiple accounts, ensure proper account isolation to avoid being flagged as a “Witch Attack” and losing eligibility.

(Witch Attack refers to an individual controlling the network by creating multiple accounts or nodes; in the context of airdrops, it means multi-account “wool party”)

Common Questions for Beginners

Q1: Can I participate without experience?

Absolutely. Starting with testnets at zero cost is the safest approach. It’s recommended to become proficient with single-account operations first, then consider multi-account strategies.

Q2: Are there scams in airdrops?

Yes. So, always choose projects with strong backing and good reputation, and avoid participating in unknown projects based on rumors. Be especially cautious of “airdrops” that require large investments—these are likely scams.

Q3: Should I sell the airdropped tokens immediately?

It depends on personal judgment and project prospects. But from experience, cashing out on the first day of the airdrop is a good way to secure gains, especially if the expected benefits have been realized.

Q4: How to find upcoming airdrops?

Platforms like AirdropAlert, Airdrops.io, and CoinMarketCap’s Airdrop section regularly update the latest opportunities. Additionally, social media communities on Twitter, Reddit, Telegram are important sources; project teams often announce airdrop plans in advance through these channels.

Summary

Airdrops have become an increasingly important way for users to earn excess returns. Although participation difficulty is rising as more users get involved, the rewards have not significantly decreased. As long as you master the right evaluation and participation methods, many quality projects remain worth exploring in the foreseeable future.

The key is to have a systematic approach: first assess funding scale, then choose suitable interaction methods, and finally manage accounts and risks carefully. Only then can you steadily profit from the airdrop wave.