Airdrops on Terra
With the many airdrops on Terra recently, how much are being claimed? How much value do these airdrops have? We'll explore these and more in this article.
Mirror was the first protocol in Terra to announce airdrops for Luna stakers back in December 2020. This has since set the tone for a wave of Terra protocols to announce airdrops to active participants of the Terra ecosystem. Starting with Luna stakers, the criteria for airdrops have evolved to include Anc stakers and the like.
To date, there has been airdrops for Mirror, Anchor, Pylon, Loop, and StarTerra. With the emergence of all these airdrops, how actively are people claiming them? We’ll start with this question and explore more as we dive deeper.
How many airdrops were claimed in the past 90 days?
*By the way, I’m trying out a new format where all the interactive graphs will be posted in a single dashboard at the end of this post. You can also see sql behind these graphs in that dashboard.
Airdrops are claimed every single day! This tells us several things that might already be expected. Even though airdrops like Mir and Anc are available every week (every 100k blocks), people do not claim them on the dot - which is why we are seeing daily claiming activity.
In the graph above, we see that in the past 90 days, there has been a total of 545749 claim transactions, which averages out at about 6k claims a day.
Now, let’s break down the daily airdrop claims by the tokens that are claimed. For easier viewing, the tokens are color coded by their ‘main color’.
Green = Anc
Black = Mir
Blue = Mine
Yellow = STT
Pink = LOOP
This graph tells us 2 main things - the weekly airdrops (Anc, Mir and Mine) are the major source for the daily claiming activity.
We also see spikes of STT and LOOP claims in the graph. Those spikes correspond to the genesis airdrops for both tokens. If we look closely, there is a second spike for STT. This is because STT genesis airdrops are distributed through completing missions that are unlocked in stages.
Value in USD of the airdrops claimed
Now, we see that people are actively claiming their airdrops. But how valuable are these airdrops anyway?
Prety freaking valuable that’s what they are!
Again, all interactive graphs will be in a dashboard at the end of this post.
Zooming in on one date to look into more detail:
At first glance, there are several noticeable peaks. The highest peak was on Sept 28 where the daily airdrop claimed was valued at almost 3.5M USD (mind you, this was from airdrops) where ANC alone contributed 2M USD.
The recent Loop genesis airdrop also helped the daily graph to touch the 2M USD mark on two days.
Looking at just the weekly airdrops at a glance, it also seems that Anc and Mine airdrops are worth more than Mir airdrops.
In the graph above, we see that the total value of airdrop claimed in the past 90 days amounted to 42M USD, which gives us an average of about 468k USD a day!
Only in Terra where you can find a casual ‘468k USD’ airdropped daily.
How many are claiming airdrops?
Now, it’ll be a shame where only a handful of Lunatics have access to these airdrops. Let’s take a look at the how many addresses are claiming these airdrops in the past 90 days.
Anc airdrop claims had the most number of unique addresses at 27k while STT having the least at 16k.
I find it peculiar that LOOP had more airdrop claimers than STT seeing how they both airdrop to Luna stakers. Since Loop also airdrops to MINE stakers while STT does not, this suggests that a substantial amount of addresses in Terra have staked MINE but do not have staked Luna.
When I looked at the total number of distinct claimers, this figure came out to be 47163. In the past 90 days, over 47k addresses have received at least 1 airdrop.
For context, Anchor has about 40k unique users. So having 47k addresses seems pretty distributed to me in that airdrops are not only for whales.
Who are the airdrop hunters?
Last but not least, I am interested in the airdrop hunters. The degens among the airdrop claimers who have claimed all 5 airdrops.
Cross checking across all 5 airdrops, out of the 47163 address, there is only 5539 address that have claimed all. About 12% are airdrop hunters!
Let’s look at the value of the airdrops claimed by the top 10 airdrop hunters below.
Among my fellow degen hunters, one addresses managed to bag over 500k USD in airdrops in just 90 days - not too shabby for ‘passive income’.
Among the other addresses, a large majority of them have claimed just below 100k USD worth of airdrops.
If we were to break this down even further, we see that Anc airdrop is the main contributor to the total value of airdrops across all 10 addresses.
Another observation is that while on a daily scale, LOOP and STT airdrops had high values on their genesis launches, when taking into account the full 90 day period, the value of Anc airdrops outweigh the value of LOOP and STT airdrops.
By simply staking Luna, you would receive all these additional value which I think is just amazing.
Terra Airdrops Conclusion:
Here is a recap of the key stats we’ve covered in this article, only looking at the past 90 days data.
Half a million number of claims, averaging at 6k claims a day.
Peak of 3.5M USD worth of airdrop claimed in one day; with over 42M USD have been claimed in the past 90 days.
47k addresses have claimed airdrops, with 12% of them claiming all 5 airdrops - I call these the airdrop hunters.
The top airdrop hunter raked in 500k USD worth of airdrop while the other top 10 addresses at just under 100k USD.
Link to dashboard with ALL the graphs: https://app.flipsidecrypto.com/dashboard/83-terra-airdrop-graphs-collection-amiMET
If there’s one takeaway from this, it’s this:
It pays to be active in Terra.