Crypto Airdrop Alert: LayerZero, Connex, and Bedrock to Distribute $800 Million

Around $800 million worth of cryptocurrency will be distributed through airdrops this week, affecting three projects.

The largest airdrop is by LayerZero, which will release 25.71 million ZRO on September 20, equivalent to 4.22% of its one billion token supply. This will go mainly to strategic partners (13.42 million) and early investors (10.63 million), with a small portion being tokens that were previously repurchased.

The project is significant in enabling cross-chain communication, but its native token has seen better days, trading at $1 currently and reaching an all-time high of around $7.50. Its price has increased by nearly 30% over the past month.

Next up is Connex, which will release 1.32 million tokens on September 15, accounting for just 1.41% of its total supply. The token is currently trading at $8.90 and has a market capitalization of only $11 million, making it vulnerable to price swings due to low liquidity.

Finally, Bedrock will distribute 40.63 million tokens on September 20, comprising nearly 19% of its total supply. However, this comes with some warning signs: the token's price has surged by 150% over the past month and is currently at an all-time high of $0.50.

While LayerZero's airdrop is more manageable in terms of supply, Connex's low liquidity makes it susceptible to price volatility, while Bedrock's token may be due for a correction given its recent surge.