This week, the crypto market will see a surge in assets due to airdrops from Wormhole and Ethena Labs, expected to inject roughly $2.4 billion in value. Wormhole, a cross-chain protocol, and Ethena, a synthetic stablecoin startup, are targeting a broad range of participants within their respective ecosystems.

Close on their heels, DeFi project Kamino Finance and real estate trading protocol Parcl, both Solana applications, are also gearing up for significant airdrops in the not-too-distant future.

Learn more: What Is a Crypto Airdrop? A Beginner’s Guide

First Week of April

On April 3, Wormhole is set to release a significant portion of its tokens to the community. Releasing an initial circulating supply of 1.8 billion W tokens out of a maximum supply of 10 billion, the airdrop targets community supporters who have been integral to Wormhole’s development.

The airdrop will consist of 1,100,000,000 W tokens, which represents 11% of the total supply allocated to the Community & Launch category. This allocation is set to be unlocked at the Token Generation Event (TGE) next Wednesday. An additional 6% of the community allocation is scheduled to be unlocked four months post-TGE, aligning with the project’s token release schedule.

Learn more: What Is Wormhole?

With W tokens currently trading at $1.71 on Aevo, which allows for pre-market launch trading, the airdrop is expected to be valued at approximately $1.88 billion. This would make Wormhole the fifth-largest airdrop in the history of crypto, behind Uniswap, Apecoin, dYdX, and Arbitrum, as per data from CoinGecko

On April 2, Ethena Labs will airdrop 750 million ENA tokens, equivalent to 5% of its total supply. With ENA currently trading at $0.64, the airdrop’s market value is expected to be approximately $480 million. This airdrop targets users engaged with the Ethena ecosystem, including those staking or holding USDe, and certain NFT holders. ENA tokens are designed to allow its holders governance capabilities within the Ethena protocol.

Since Feb. 19, Ethena has been running a points program to encourage active participation within its ecosystem. This program rewards users for actions such as staking or holding its “synthetic dollar,” USDe, which has amassed a supply of $1.48 billion in the six weeks of the points program.

Read More: Nearly Half of Major Crypto Airdrops Peak in Value Within First 2 Weeks: CoinGecko

Ethena’s USDe is a “synthetic dollar” designed to offer a censorship-resistant, stable, and scalable option within the digital asset realm, distinct from traditional stablecoins. It addresses the stablecoin trilemma—decentralization, capital efficiency, and stability—using a delta-neutral strategy and collateral not reliant on exchanges for enhanced security. With an unlimited supply and a promise of high yields from staking ETH and delta hedging, USDe combines innovation with potential risks, notably around funding and market volatility.

Learn more: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide

What’s Next?

Parcl, a platform on the Solana blockchain that allows trading in real estate indexes, is gearing up to airdrop 8% of its PARCL token supply to its early users. This initiative, set for April, marks a significant step towards decentralization and enhanced user engagement. With the token currently valued at $1.87 on Aevo, this airdrop could be worth around $150 million.

Meanwhile, Solana DeFi protocol Kamino Finance is expected to drop a token in the next few weeks as well. Its points program will conclude on March 31, but the exact date of the airdrop is not yet confirmed. 

Read more: Solana DeFi Protocol Kamino’s Announcement of Airdrop Snapshot Sparks Controversy 

The protocol will airdrop KMNO tokens equivalent to 7% of its total supply for the initial community distribution, with the rewards based on users’ point totals. KMNO will serve as a governance token, allowing holders to influence Kamino’s operations and incentive programs.

While financial incentive provides part of their value, these airdrops are more broadly intended to cultivate decentralized governance within their blockchain ecosystems. They aim to reward and engage communities by ensuring that users have a stake in the projects they choose to engage with, a hallmark of the decentralization movement.

Disclosure: The author of this piece is eligible to receive the airdrops mentioned in the article.