Top 5 Airdrops of 2024: What We Learned from Successes and Failures

Airdrops have become a key user acquisition and retention strategy for Web3 projects. Yet while some succeed in building strong communities, others result in short-lived speculation and community backlash.

This article analyzes five major airdrops from 2024 — Hyperliquid, Starknet, Pudgy Penguins, Jupiter, and Wormhole — to understand their strategies, the rationale behind their decisions, user reactions, and lessons for future campaigns.

Hyperliquid – A Community-First Masterclass

Hyperliquid, a Layer 1 chain focused on high-speed decentralized trading, positioned itself as radically community-first by distributing 60% of its total supply to users: over 30% via the airdrop and 40% for future incentives. Notably, there were no VC allocations.

Strategic Insight & Community Reaction

The decision was intentional: give control and value to early users and create strong alignment. This made the community the primary stakeholder in the protocol’s success.

The crypto community reacted with massive enthusiasm. Hyperliquid became a trending topic on X. The absence of VCs resonated strongly, with many calling it a new standard for airdrops. The sense of ownership was real.

Engagement & Retention

• Immediate token utility: governance, staking, fee discounts

• Deflationary mechanism: token burn

• Transparent allocation breakdown

These mechanisms led to low post-TGE selling and long-term user retention.

Learn more about Hyperliquid's airdrop strategy

Starknet – Great Tech, Poor Perception

Starknet, a zk-rollup Layer 2 on Ethereum, distributed 700M STRK in February 2024. The drop targeted developers, ecosystem contributors, and stakers.

Strategic Insight & Community Reaction

A minimum of 0.005 ETH was required in users' wallets. While this was likely aimed at filtering out inactive or spam wallets, it alienated many real users. Compounding this, investor tokens were scheduled to unlock just a few months post-TGE.

The backlash was swift and loud. Many users accused the team of favoring insiders. Starknet's attempts to communicate transparently didn’t prevent negative sentiment from spreading across social media, reducing trust in the project.

Engagement & Retention

• Loss of community trust

• Staking and governance

• High FDV and early investor token unlocks increased sell pressure

Starknet's experience underscores the importance of clear, inclusive eligibility rules and aligning token unlock schedules with community interest.

Learn more about Starknet's airdrop strategy

Pudgy Penguins – Bridging Communities with Culture

Once a simple NFT collection on Ethereum, Pudgy Penguins evolved into a powerful brand with physical toys, a metaverse game (Pudgy World), and a token: PENGU.

Insight & Community Reaction

The team decided to include Solana users in their airdrop — a bold move that extended their reach beyond the Ethereum community and signaled an intent to build cross-chain.

The Solana community responded with enthusiasm and gratitude. The brand's appeal was amplified through strong social media storytelling and IRL events.

Engagement & Retention

• Real-world merchandise (toys, plushies)

• NFT-based gamification

• Multi-chain support

While the full token utility is still in development, brand loyalty and cultural relevance have been powerful engagement tools.

Learn more about Pudgy Penguins's airdrop strategy

Jupiter – Rewarding the Masses with Structure

As Solana's leading DEX aggregator, Jupiter ran the largest airdrop on Solana, distributing 1B JUP to over 1M wallets.

Strategic Insight & Community Reaction

In addition to rewarding existing users through the airdrop, anyone who signed up on the site to claim received 200 JUP — worth $100 at TGE. Even those who weren’t originally eligible still ended up receiving $100. The low barrier and high reward created virality.

Massively positive. People celebrated the simplicity, transparency, and fairness. The buzz was amplified by the promise of quarterly staking rewards and the launch of a DAO.

Engagement & Retention

• Up to 15% staking rewards every 3 months

• Community governance via DAO

• Transparent roadmap and updates

This model created recurring engagement spikes and positioned Jupiter as a long-term builder in the Solana ecosystem.

Learn more about Jupiter’s airdrop strategy

Wormhole – Good Distribution, No Follow-Through

Wormhole, a cross-chain protocol, airdropped 617M W tokens (6.17% of supply) across various ecosystems.

Strategic Insight

The wide distribution generated early excitement, but there was no immediate use case for the token. This disconnect between expectation and reality created issues.

Community Reaction

Initial reactions were positive, with users happy about allocations. But the lack of utility quickly caused a sharp drop in sentiment and token price. Users felt the token had no reason to be held.

Engagement & Retention

• No staking or governance at launch

• Utility came too late

• Missed opportunity to convert interest into loyalty

Learn more about Wormhole's airdrop strategy

Cross-Project Insights: What Matters Most

Key Airdrop Design Levers

Strategic Mistakes to Avoid

• Setting confusing or exclusionary eligibility rules (Starknet)

• Launching tokens without clear utility (Wormhole)

• Ignoring timing of unlocks vs. community sentiment (Starknet)

Concrete Tips for Designing a Great Airdrop

• Target with intent: reward active, real users.

• Use vesting/locking for team and investors: implement a 1-year lock-up followed by a 2-year vesting schedule to demonstrate long-term alignment.

• Add immediate utility: staking, governance, or fee benefits at launch

• Apply anti-sybil filters: wallet age, off-chain quests, Anima as anti-sybil-solution.

• Build in follow-up rewards: quarterly staking like Jupiter, DAO governance

• Tell a compelling story: use marketing & community narratives like Pudgy

Final Thoughts

Airdrops are no longer a novelty — they’re an important strategic tool. The best ones, like Hyperliquid and Jupiter, combine generosity with structure, and rewards with purpose. Others show how lack of clarity or utility can backfire.

For any Web3 project planning an airdrop, the formula is simple:

Reward real users. Provide immediate value. Design for the long term.