In this article, we’ll take a closer look at some of the most notable crypto airdrops in history and explore their impact on the market.

First, Aurora (AUR), which was distributed through an airdrop to Icelandic wallet addresses in 2014. The project goaled to create a decentralized payment system for the country’s citizens, and it was successful in generating significant interest among locals. However, while this airdrop helped to establish Aurora as one of the leading cryptocurrencies in Iceland, its impact on the wider market has been relatively limited.

In September 2019, Stellar Lumens (XLM) conducted an airdrop that saw over $120 million worth of XLM distributed to users of various cryptocurrency wallets and exchanges. The goal was to encourage wider adoption of the Stellar network, which is known for its fast and low-cost payment system. This airdrop helped to establish Stellar as one of the leading decentralized exchanges on the market today, with over $4 billion in daily trading volume at the time of writing.

In September 2020, Uniswap (UNI) conducted an airdrop that saw over $6 billion worth of UNI tokens distributed to users who had interacted with the platform in some way or another. This event helped to cement Uniswap’s position as one of the leading decentralized exchanges on the market today, and it has since become a major player in the DeFi space.

In March 2022, Yuga Labs creators of the Bored Ape Yacht Club NFT collection conducted an airdrop that saw over $3 billion worth of APE tokens distributed to all Yuga Labs owners. Each recipient received 10,950 tokens each, which was enough to acquire a BAYC NFT at the time (the average floor price for these bad boys was around $200,000).

While crypto airdrops can be an effective way for projects to generate buzz and attract new users, they also come with certain risks. Scams are a significant concern in this space, as many fraudsters prey on unsuspecting victims looking for free money. Additionally, participating in too many airdrops can lead to token value dilution which is when the oversupply of tokens leads to a decrease in their overall value.

To mitigate these risks, participants should exercise caution and thoroughly research new and unknown projects before participating in any airdrop. A responsible project will use airdrops sparingly and airdrop a reasonable amount in relation to their token supply.