Introduction: What are Crypto Airdrops?

Cryptocurrencies have caused quite a stir globally in the years capturing widespread attention. One of the most popular ways to acquire a new cryptocurrency — without major financial investment at stake — is through airdrops. Airdrops are essentially free tokens that are distributed to users as a way to generate buzz around a project. In recent years, they have evolved from simple social tasks to rewarding early adopters and significant contributors. Projects have adopted more advanced technologies (points system & sybil detection) and offer better rewards to attract users. DeFi projects, in particular, have been at the forefront of this approach, with significant airdrops taking place every year since 2020 when Uniswap successfully airdropped their ecosystem token to active users of their DEX. Since then till date, other projects have adopted the same route which have proven to be a smart approach for success. Some projects which have airdropped free tokens to their early users and contributors include: Arbitrum, Optimism, ZetaChain, AltLayer, including majority of DEXes etc. In 2024, we expect to see some exciting new crypto airdrops that you won't want to miss out on.

In this article, we briefly analyse some benefits of crypto airdrops (from a project's and user's perspective); potential airdrops of 2024 you should set a target on; and strategies you must apply if you want to be eligible for most airdrops.

Benefits of Airdrops

Crypto airdrops offer a range of advantages for both a project and an end-user, making them highly appealing to cryptocurrency enthusiasts. Some of the key benefits of crypto airdrops include:

Marketing Boost

From a project's perspective, the major advantage of running an airdrop campaign is the immense marketing boost it brings into your project, work and ecosystem. The conversations in forums, on Twitter/X or Discord servers as speculators anticipate a potential airdrop brings on a handsome degree of attention and visibility to a project, which is a net positive.

Free Tokens/User Incentives

For the user, the foremost advantage of participating in crypto airdrops is the opportunity to receive free tokens. This allows participants to acquire new cryptocurrencies without financial investment, essentially providing a window for many users to delve into the crypto space with lower risk.

Early Access to Promising Projects & Learning Opportunities

Airdrop campaigns are often a target for crypto enthusiasts. In participating in these airdrops — from testnet phase up to launch on mainnet — individuals can gain early access to these projects and their tokens. By following a project through it's journey, you can become versed in what problem it is trying to solve; how it works; understand it's underlying technology, and gain insights into the broader crypto landscape. This knowledge can be beneficial for making informed investment decisions and staying up-to-date with the latest developments in the crypto industry.

Portfolio Diversification

Airdrops provide an excellent window of opportunity to diversify one's crypto portfolio. Earning tokens from multiple airdrop campaigns can serve as a propeller to accumulate tokens from various projects and expand the number of assets in your portfolio. This approach to diversification is arguably one with the lowest risk and can be extremely beneficial in the long run.

Community Building

Many crypto airdrop campaigns require participants to engage with the project's community, such as joining their social media channels, referring friends or creating memes. This helps foster a sense of community and connection among participants and the project's team. Building relationships within these communities can lead to further opportunities, such as exclusive airdrops, partnerships, or even early access to future project developments on that network.

Potential Crypto Airdrops in 2024

zkSync

Top of the list and arguably the most popular project speculated to launch an airdrop campaign is zkSync — a Layer 2 protocol that aims to scale Ethereum with cutting-edge zero-knowledge proof technology. While an airdrop has not been explicitly confirmed, the larger crypto community has put bits and pieces together from tweets, AMA & Spaces conversations, and the little teases from the project's X page which all points to a potential airdrop in the air.

Matter Labs — the company behind zkSync — raised over $458 Million to foster zkSync adoption. The network have seen tremendous growth of their ecosystem, whilst speculators gear up for the announcement of a snapshot date. It might not be too late to position yourself to be eligible. Using services and products built on zkSync may increase your potential eligibility. Simple actions like purchasing and holding the Libertas Omnibus NFT on zkSync launched by the project itself; making paymaster transactions on zkSync through DEXes which support the feature (*the paymaster feature allowes you to set a different token asides ETH to use in paying gas fees on the network) or ensuring your transaction volume on the network is larger can potentially set you apart when the time comes.

Linea

Next up is Linea, a versatile Layer 2 platform built by Consensys - the team behind Metamask wallet (a widely used EVM wallet). Linea was launched in 2023, starting with a tasking testnet campaign (Linea Testnet Voyage) that culminated in the distribution of 4 tiers of testnet NFTs depending on your points accumulated during the campaign. Since the conclusion of the testnet phase, the network and it's ecosystem has advanced quite superbly with numerous partnership events and completed it's first bout of community event termed 'Linea DeFi Voyage'.

To boost your chances of qualifying for a Linea airdrop if it happens, you may participate in the ongoing Linea Park campaign on Layer3.xyz and earn LXP (a soul-bound token that represents a metric for measuring your activity on the network). Linea Park is described to be a pinnacle of web3 gaming & social dApps, where users can discover and engage with new projects on the network. Asides community-centered events, holding a Linea Voyage NFT of any tier; utilizing dApps on the network; and minting, buying or selling NFTs on Linea can ensure your transaction count & volume are higher (metrics which have previously been used in airdrop distribution campaigns).

EigenLayer

A lesser known project with a huge potential of launching an airdrop campaign is EigenLayer. EigenLayer is an Ethereum-based middleware designed to make decentralized trust more widely available. The project is at the forefront of one of the newest narratives on Ethereum network — Restaking. By it's design, users can restake up to 12 liquid staking tokens (LSTs) including stETH, rETH, swETH & cbETH and earn EigenLayer points (an arbitrary point that accumulates on your account overtime after restaking)

Though the restaking window for LSTs are currently paused as at when this article was published, you may take advantage by utilizing any of the various protocols which offer native restaking for EigenLayer points eg. Swell etc. Asides restaking, a possible criteria for EigenLayer airdrop might be holding any of two EigenLayer NFTs (EigenLayer World Builders & EigenLayer Worlds) on Ethereum. These NFTs are currently trading on NFT marketplaces at an average price of 0.01 ETH as at the time of publication.

Bridges

With Uniswap setting the pace on airdrops from a DEX, the crypto space has evolved in recent years with many other DEXes following suite. In 2024, Layer 2 ecosystem have taken center stage, with each solution/platform trying to onboard the next million Ethereum users. But how exactly do you begin transacting on a layer 2 and escape the notorious gas fees that the Ethereum network is known for? Simple! By bridging in assets into a layer 2 network!

Bridges serves as a 'portal', allowing you to transfer your assets from one network to another. There are many prolific bridges currently but a few stands out because of their ease of use, speed, good design/interface and overrall support of a variety of layer 2 networks. Three examples are Orbiter, Owlto and Rhino.fi which are currently tokenless and have one form of community campaign or another currently ongoing: O-points, Points and Galxe campaigns respectively.

Strategies to Ensure Airdrop Qualification & Eligibility

There are a few key strategies to adopt if your goal is to increase your chances of being eligible for crypto airdrops:

Connect with the Community & Stay Updated

Keep a close eye on crypto forums, social media groups, and websites dedicated to crypto airdrops. The most valuable social media platforms you should be active on are Twitter/X, Discord and Reddit. Many projects actively use these media channels as a first-line spot for announcements, notification of latest developments and teases. For in-depth news and articles, checking out the project's Medium page is the go-to spot if they have one active.

By staying updated with the latest news and announcements, you can be among the first to know about upcoming airdrops, catch little hints and secure your spot early.

Practice Wallet Segregation & Prioritize On-chain Activity

Wallet segregation refers to creating & using separate wallets for distinctive actions. In relation to crypto airdrops, a smart move is to have a wallet set aside specifically for hunting and participating in airdrops. Being that you'll be interacting with very new networks/chains which probably haven't been 'battle-tested' or audited aggressively, it is vital you do not use your main wallet where your majority of funds are held in order to mitigate any potential security risks to all your funds. Instead, creating a new wallet specifically for airdrops is the way to go.

Usage of one wallet for airdrops also ensures all your on-chain activities across any network you interact with are recorded on it, showing you are an active web3 user, and you get the benefit of been able to track your airdrop-centered actions easily.

Complete KYC Requirements

Because of the possibility of huge incentives, many airdrops require participants to complete Know Your Customer (KYC) procedures in order to beat sybils, cheats and bots who hunt airdrops with multiple wallets. To ensure your eligibility, be prepared to provide the necessary documents and information to prove your identity. Some methods applied by projects include utilizing gitcoin passport scores or galxe passport. Failure to complete KYC may result in disqualification from the airdrop.

Refer Friends

Some airdrop campaigns offer referral bonuses, which can significantly increase your rewards. Notable successful airdrops in 2024 which have applied this specific criteria include Manta, ZetaChain and StarkNet. As the rewards can greatly outweigh your input, it is wise to take advantage of such referral campaigns by sharing your referral links with friends, family, or on social media platforms. The more people you refer, the more tokens you can earn if the criteria is applied at the airdrop launch date.

Conclusion

In summary, participating in crypto airdrops offers several benefits, including marketing boost for a project, acquisition of free tokens for interested users, portfolio diversification, early access to promising projects & learning opportunities, and community building. While it can seem tedious in properly knowing the best strategy to adopt when hunting airdrops, proven strategies to stay ahead of the vast majority is to connect with community and partake in discussions, maintain reputable on-chain activity on your wallet and refer friends amongst others.

Some of the most anticipated crypto airdrops in 2024 include zkSync, Linea, EigenLayer and those from bridges such as Orbiter Finance, Owlto Finance & Rhino.fi. By keeping an eye on the top crypto airdrops, one can maximize their chances of discovering unmissable opportunities and potentially unlock significant value in their crypto journey.

Asides crypto airdrops, another cool way to get free tokens with lower risk is through faucets. Check out our extensive article about faucets here.

---

_{Disclaimer: All opinions, news, research, analyses or other information contained in this article are provided strictly for informational purposes only, and does not constitute investment advice. Cryptocurrency products are currently unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Faucet Crypto (“the website”), including its staff, is not affiliated with and does not endorse nor sponsor any of the mentioned services within this article. Conduct your own thorough research by contacting financial experts before making any investment decisions.}