@turetwicefan

For crypto projects, the airdrop model initially served as a low-cost customer acquisition strategy, but it gradually deteriorated over time. Why was it low-cost at first? Because, in the early stages, the project's tokens were self-minted. Without external funding, the token's market cap wasn’t strictly anchored, and prices were mostly determined through free-market dynamics on secondary exchanges. Back then, airdrops genuinely targeted new users. However, in today’s version, asset pricing is essentially determined by VC costs and market maker (MM) order books. This has compressed the space for the secondary market and exposed the dilemma of the "VC coin" model. For projects with funding, does farming airdrop data still make sense? The answer is no. Airdrop data is more like a debt that the project can choose to repay or not, rather than actual users who contribute buy pressure. Today’s airdrops, to be honest, are merely distributed to existing holders.

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