Despite industry leaders claiming that the airdrop model is broken, the crypto community’s interest in airdrops remains strong. Last week saw significant airdrops from ZKsync and LayerZero, collectively valued at $6.1 billion. However, this has not deterred airdrop hunters from seeking new opportunities, now focusing on Ethereum layer 2 solutions Scroll and Linea.
Continued Interest in Airdrops
The concept of airdrops, where projects distribute tokens to users for free, has long been popular in the crypto community. While some argue that users often abandon projects after claiming their tokens, the allure of “free money” keeps the practice alive. On-chain data supports this, with a notable shift in attention to Scroll and Linea post-ZKsync and LayerZero airdrops.
Scroll and Linea Attract New Attention
Scroll, an Ethereum Virtual Machine (EVM)-compatible layer 2 solution, has seen a 40% increase in Total Value Locked (TVL) over the past month. This spike can be attributed to Scroll’s “Sessions” campaign, which rewards users with Scroll Marks for various activities within the ecosystem. These activities include bridging assets via native or LayerZero bridges and providing liquidity on DeFi platforms like Aave, Ambient, and Nuri.
Linea, another zkEVM rollup, has also experienced a significant uptick in activity, with its TVL growing by 15% in the same period. Linea’s rise in deposits reflects growing confidence and participation in its ecosystem. Linea’s rewards program allows users to earn LXP for their contributions, further incentivizing engagement.
The Disconnect Between Airdrops and User Loyalty
Despite the enthusiasm around new airdrops, the sustainability of these models remains in question. For instance, ZKsync has already seen a decline in its TVL in ETH from 220,000 to 210,000 ETH post-airdrop. Similarly, LayerZero’s activity dropped significantly before the airdrop snapshot, only to rise again with users claiming their tokens.
Starknet’s Example
Starknet, which conducted an airdrop in February, has experienced a 23% decline in TVL over the past month. This drop is despite ongoing efforts to incentivize liquidity provision through campaigns like “DeFi Spring,” which rewards users with STRK tokens.
Base’s Consistent Performance
Contrastingly, Base, a Coinbase-incubated layer 2 network without an airdrop, continues to show robust performance. Its TVL has grown by 20% over the past 30 days, reaching 2.1 million ETH. This growth is likely driven by strong marketing efforts and speculation about potential future airdrops.
The ongoing interest in airdrops underscores their continued relevance in the crypto space, despite criticisms and potential pitfalls. Projects like Scroll and Linea are leveraging airdrops and reward programs to attract and retain users, even as the broader community debates the sustainability of these models. The success and long-term viability of these strategies remain to be seen, but for now, airdrop hunters are not giving up.
