In response to Dragonfly’s “2025 Airdrop Standing Report,” US customers have missed out on important potential returns from crypto airdrops because of geopolitical restrictions. Between 2020 and 2024, it’s estimated that US customers misplaced between $1.84 billion and $2.64 billion in potential earnings. In the meantime, the US authorities confronted tax income losses starting from $525 million to $1.38 billion on account of these restrictions.
Dragonfly’s “2025 Airdrop Standing Report,” examines the influence of airdrops inside the blockchain ecosystem, shedding mild on their function in fostering worth creation and distribution in rising digital economies.
2025 Airdrop Standing Report
To evaluate the financial influence of US geoblocking on token distribution, knowledge from over 12 airdrops (11 with geoblocking and 1 with out, used as a management) from 2019 to 2023 had been analyzed within the report.
- US Customers Affected by Geoblocking: It’s estimated that between 920,000 and 5.2 million energetic US customers (5–10% of the estimated 18.4 to 52.3 million cryptocurrency holders within the US) had been impacted by geoblocking insurance policies in 2024. These insurance policies restricted their participation in airdrops and restricted entry to sure tasks.
- Proportion of Energetic US Crypto Addresses in 2024: Round 22–24% of all energetic crypto addresses globally had been attributed to US residents.
- Complete Worth of Airdrops in Report’s Pattern: The 11 tasks analyzed collectively generated an estimated $7.16 billion in worth to this point, with roughly 1.9 million claimants worldwide, yielding a mean median declare worth of round $4,600 per eligible handle.
- Estimated Income Misplaced by US Customers: Primarily based on the 11 geoblocked airdrops within the pattern, the entire potential income misplaced by US customers between 2020 and 2024 is estimated at $1.84 billion to $2.64 billion.
- Broader Losses for US Customers (CoinGecko Pattern): Utilizing the share of US energetic addresses utilized to a pattern of 21 geoblocked airdrops from CoinGecko, complete potential income misplaced for US customers from 2020 to 2024 might vary from $3.49 billion to $5.02 billion.
Missed Tax Income from Geoblocked Airdrops:
Primarily based on the evaluation of each Dragonfly’s pattern and CoinGecko’s pattern, the estimated federal tax income misplaced because of geoblocked airdrop revenue between 2020 and 2024 ranges from $418 million to $1.1 billion. Along with this, state tax income losses are estimated to be between $107 million and $284 million, bringing the entire tax income loss to between $525 million and $1.38 billion. Be aware that these figures don’t account for additional tax income that might have been generated from capital good points taxes when these tokens had been ultimately offered.
Company Tax Income Loss from Offshore Migration:
The development of crypto operations shifting aborad has additionally contributed to important US tax income losses. For instance, Tether, which reported $6.2 billion in income for 2024 however is integrated exterior the US, might have contributed roughly $1.3 billion in federal company taxes and $316 million in state taxes if it had been topic to US tax laws. Whereas precise tax legal responsibility would depend upon the corporate’s company construction, this instance highlights the broader tax income losses because of the migration of crypto companies overseas.
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