March 11, 2025

CLICK HERE TO READ THE REPORT

Dragonfly’s State of Airdrops Report 2025

</aside>

<aside>

DOWNLOAD THE REPORT HERE

25.03.11_Dragonfly’s State of Airdrops Report 2025_Dragonfly Report.pdf

</aside>

<aside>

Supplementary Research

Comprehensive Overview of Crypto Regulation by Enforcement (2008–2025)

</aside>

Important disclaimers located at the end of the report

Funds managed by Dragonfly may be invested in some of the tokens and protocols mentioned in this report. This report should not form the basis for making any investment decision, nor be construed as an investment recommendation.

</aside>

DISCLAIMER

THIS REPORT IS FOR INFORMATIONAL PURPOSES ONLY.

Any content included in this report is for informational purposes only and not an offer, solicitation, or recommendation to buy or sell any securities or pursue any particular investment strategy, and does not constitute the provision of investment, business, or legal advice. Dragonfly Digital Management, LLC (together with its affiliates, “Dragonfly”) does not provide advice of any kind through this report, its website, or social media posts. Information in this report or any posts may not be used or relied upon in evaluating the merits of any investment.

This report should not be considered financial, investment, tax or legal advice. You should consult your own advisers as to business, financial, tax, legal, or other related matters concerning any investment.

DISCLAIMER: THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION PROVIDED HEREIN OR ON THE MATERIAL PROVIDED. Certain information contained herein (including forward-looking statements, blockchain data, economic and market information) has been obtained from published sources and/or prepared by third parties and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable, neither Dragonfly, its respective affiliates and employees, or our information providers warrant or guarantee the timeliness, accuracy or completeness of this information, and shall not be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in the transmission thereof to the user. The information set forth herein does not purport to be timely or complete and is subject to change without notice.

Dragonfly makes no representations about the enduring accuracy of this information, or its appropriateness for a given scenario. Dragonfly may have previously held, currently holds, or will in the future hold token or equity interests in one or more of the ecosystems or projects mentioned in this report.

Please see for additional important information available here: https://www.dragonfly.xyz/legal/disclosures