@sparshsingh.base.eth
Why Airdrops Are "Failing"
The decline isn't just about sentiment; it is structural.
1. The Valuation Trap (High FDV): In 2020/2021, tokens launched at modest valuations ($100M-$500M), allowing retail to catch the "repricing" to billions. In 2024/2025, VCs price rounds so high that tokens launch at $10B+ FDV. The upside is extracted before you get your tokens.
2. The "Points" Purgatory: "Points" allow projects to obfuscate rewards. They incentivize specific metrics (TVL, volume) to pump valuation for VCs, effectively treating users as unpaid employees for 6–12 months.
3. Industrialized Farming: You are no longer competing with other users; you are competing with Sybil factories running 10,000 wallets. This dilutes the reward pool to dust.
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