Crypto airdrops are regaining traction as several projects prepare to launch their tokens amid improved market conditions. Key projects include Hyperliquid, Swell, Grass, Scroll, and Magic Eden, each with distinct offerings and planned airdrop distributions aimed at engaging users and incentivising participation. Notable features include utility within their respective ecosystems and potential valuations based on pre-launch trading.
The resurgence of crypto airdrops has sparked interest in upcoming projects poised to launch their tokens. This comes on the heels of economic changes, including a 0.5% interest rate cut by the Federal Reserve and increased support from US politicians for cryptocurrency. Several projects are gearing up to take advantage of this renewed interest with planned token launches.
Hyperliquid is a decentralised perpetual exchange that allows users to bet on crypto assets prior to their official launch. Recently, it initiated the Hyper Foundation, announcing the upcoming release of its native token, HYPE. Users can earn points through trading and deposits, which will determine their HYPE token allocation. Hyperliquid is currently leading in its sector with $744 million in deposits and daily volumes exceeding $1 billion.
Swell has evolved from being a competitor in Ether liquid staking, similar to Lido, to incorporating Bitcoin staking and developing its Ethereum layer 2 solution. The project is set to airdrop 8.5% of its total 10 billion SWELL tokens to points holders from its ongoing promotional campaign, although the specific date for the airdrop remains undisclosed. Swell boasts $1.4 billion in deposits across its offerings.
Grass is an innovative platform that enables users to monetise their internet connectivity by contributing to AI training. With over a year of incentivising participation through a points campaign, Grass is preparing to launch its GRASS token. Due to regulatory ambiguities, it operates through the newly established Grass Foundation. With 2.5 million users on its network, the GRASS airdrop is poised to be significantly wide-reaching.
Scroll operates as a layer 2 solution, enhancing the Ethereum blockchain for efficiency. After launching a points campaign, Scroll has confirmed the impending release of its token, SCR. The upcoming airdrop will distribute 7% of the 1 billion token supply to early users, with a start date of October 22. The pre-launch trading value for SCR is approximately $1.45, indicating a substantial market valuation.
Magic Eden, the largest NFT marketplace on Solana, recently initiated the ME Foundation and plans to launch its utility token, ME. Although details regarding the airdrop and token distribution remain scarce, the current market trading value for ME is approximately $0.18. As Magic Eden broadens its services beyond NFTs, the ME token is expected to play a crucial role.
These projects exemplify a noteworthy return to the airdrop mechanism amid evolving market conditions.
Tim Craig serves as DL News’ DeFi Correspondent based in Edinburgh. He is reachable for insights or tips at [email protected].
