What is an airdrop?
An airdrop is when cryptocurrency tokens are distributed to users, normally to reward an existing community or increase awareness around a project.
To receive an airdrop, you'll generally need to have met specific criteria like holding a particular cryptocurrency, using the relevant platform or crypto wallet, being part of a community, or completing other miscellaneous tasks.
Some airdrops are conducted randomly, or airdropped to as many crypto addresses as possible.
You should always confirm the legitimacy of any unauthorised airdrops before interacting with them.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Airdrops to watch: April update
Here are some of the rumoured and confirmed airdrops you should be paying attention to this month:
zkSync (Rumoured) - zkSync may launch a token and airdrop it to users who have interacted with the zkSync network. This may include taking actions like bridging Ethereum, staking tokens, trading and adding to liquidity pools.
Blast (Confirmed/Currently open) - New Ethereum layer-2 network Blast will airdrop tokens to early users of the Blast mainnet. You'll need an invite code to join, but can then earn points towards an airdrop by bridging ETH to Blast, inviting friends, and interacting with various dapps on the network.
Are crypto airdrops worth doing?
Yes, many crypto airdrops have proven to be extremely profitable, with users receiving tokens worth thousands, or even tens of thousands of dollars.
To give you a sense of the potential upside, here are some of the most profitable airdrops over the last few years:
- Uniswap - Early users of the Uniswap platform were airdropped 400 UNI tokens in September 2020. At the time of the airdrop, these tokens were worth around $1,900 in total, and were worth a little over $20,000 at the peak in 2021.
- Arbitrum - In March 2023, Arbitrum airdropped ARB tokens to wallets that had used the Arbitrum layer-2 network, including those who had bridged tokens over from Ethereum. Users could receive up to 10,250 ARB tokens, which were worth more than $20,000 at the time of the airdrop.
- Apecoin - Holders of Bored Ape Yacht Club or Mutant Ape Yacht Club NFTs were airdropped up to 10,950 ApeCoin tokens in March 2022. At the time of the airdrop, each ApeCoin was worth around $11, and was worth around $33 at the peak.
Of course, most airdrops will not be anywhere near this profitable and it can be difficult to determine which airdrops will represent the best return.
The main draw of crypto airdrops is the relatively low barrier to entry. Airdrops are generally designed to reward legitimate and dedicated supporters of specific crypto projects not just enrich those with the biggest portfolios.
While you will need some capital to qualify for many of the biggest airdrops, it's entirely possible to receive airdrops without having to spend much at all.
Of course, the phrase "there's no such thing as a free lunch" remains true here. You'll still need to work for your money if you want to give yourself a chance at the best airdrops.
How to prepare for airdrops
- Set up your crypto wallets - You'll need to have specific wallets to be eligible for the majority of airdrops. For added security, it's recommended you get a hardware wallet like a Ledger or Trezor, which are compatible with most of the major software wallets you'll need to receive airdrops.
- Fund your wallets - Many airdrops take place on existing crypto networks like Ethereum, Solana, Celestia and Avalanche. You'll normally need to fund your wallet with the base token of these networks (such as ETH for Ethereum) to be able to engage with projects and qualify for airdrops. If you don't already have the relevant cryptocurrencies, you may need to buy them from an exchange and then transfer them to your own wallet.
Where do I find potential airdrops?
With the number of projects now opting to utilise airdrops as a way to distribute tokens, it's almost impossible to stay across all of them. We'll update the top of this guide with the best potential airdrops to keep an eye on each month.
Sites like Airdrops.io will also list confirmed and potential airdrops, but it's also a good idea to do your own research on platforms like X (formerly Twitter), Discord and Telegram to get additional insights and tips on how to find the best upcoming airdrops.
Things to look out for
It's rare for an airdrop to effectively give you something for nothing and there's almost always costs associated with them, whether that's time or capital.
In order to qualify for most airdrops, you'll need to spend some crypto in the form of transaction or trading fees, as well as buying and holding specific cryptocurrencies.
Many airdrops are also never officially announced or keep their criteria secret (to stop people gaming the system), which means you can end up spending money chasing airdrops that either never eventuate or that you don't end up qualifying for.
Tips to improve your airdrop chances
Use multiple wallet addresses
Let's take the Uniswap example again.
Any valid wallet that had interacted with Uniswap was airdropped 400 UNI tokens, regardless of the level of activity or volume.
This meant someone with a dozen wallet addresses that had all used Uniswap would have received 4,800 UNI tokens overall, even if they ended up interacting with it less than someone who only used one wallet address.
While many projects have cottoned on to the fact that users will create multiple wallets to game airdrops, if you have legitimate activity across multiple wallets you have a chance of receiving multiple airdrops.
Be an early adopter
Many crypto protocols that plan an airdrop want the tokens to go to users who legitimately use the platform or had some role in helping it develop. Even if a project is still in beta testing, it pays to get involved and try out new platforms and protocols when they're first getting off the ground.
Stay active
Some airdrops aim to reward regular users or those who have demonstrated a long-term commitment to a certain platform. While you may qualify for a particular airdrop if you simply interacted once with the relevant platform or protocol, you may receive a larger airdrop if you have continued to use it over a longer period of time.
How to stay safe
Not all airdrops are created equal and many are downright malicious. Unfortunately, there are a number of ways that scammers use airdrops to try and steal your cryptocurrency, including "gifting" airdropped tokens to unsuspecting users.
In fact, if you use a software or hardware wallet, it's likely you will be airdropped tokens at some point. If you don't know why you received a particular airdrop you should do some research to confirm that it's legitimate before trying to sell or transfer the tokens.
You should also be wary of any ads or posts on social media promoting airdrops, even if they seem genuine. Scammers will often advertise fake versions of real airdrops to perform phishing attacks.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
