Dragonfly's State Of Airdrops Report 2025

Abstract

Cryptocurrency and blockchain technology are not fleeting tech trends; it is a monumental shift in the global economic landscape, presenting a golden opportunity for the United States (“U.S.”) to offer visionary leadership and pioneering governance in this transformative industry. However, instead of embracing this role, the U.S. finds itself entangled in political infighting and efforts that undermine the growth of this new paradigm. 

In such an environment, it’s hardly surprising that many crypto projects are reluctant to engage with U.S. users, deterred by the ambiguous application of U.S. laws to digital assets. This uncertainty has led to significant financial losses and restricted opportunities for U.S. users to engage in the sector, including participating in airdrops—an innovative method for distributing new tokens and fostering user engagement. 

This report aims to provide data-driven insights into the role cryptocurrency airdrops play in accelerating economic growth and illustrating the financial losses incurred due to restrictive U.S. policies. It will address the critical need for a regulatory framework that supports innovation while providing clear guidelines to protect investors and the integrity of the market. Our analysis delves into the tangible economic impact of current regulatory practices, including detailed metrics on the financial implications of geofencing U.S. users from airdrops and the resulting tax revenue losses to the government. 

By examining these key factors, alongside a broader analysis of the regulatory landscape in the United States and its impact on the crypto space, we advocate for regulatory changes. These adjustments would enable U.S. citizens and businesses to actively and effectively participate in the global cryptocurrency market, leveraging airdrops to stimulate job creation, drive business growth, and increase tax revenues. The urgency of this research is underscored by the evolving global digital economy and the need for the U.S. to adopt a more competitive and supportive regulatory stance to maintain its leadership role.

Keywords: Cryptocurrencies, Airdrops, Geoblocking, Regulation, Blockchain, Tax