@yamada

Downfall In January 2026, the once–highly anticipated L2 project Eclipse officially declared, “We have no users.” Despite having raised $49 million, the project became a ghost town in just one year. The reason lay in a fatal mistake in its airdrop design. 1. Community Fractures Caused by Unfair Distribution At the token generation event in July 2025, Eclipse overwhelmingly favored participants in a “tap game” over liquidity providers (LPs). Users who merely tapped a screen received far greater rewards than investors who had taken real risks by committing millions of dollars. This stark sense of unfairness enraged the very supporters the ecosystem depended on. 2. Liquidity Collapse and the Silence of Activity Disappointment with the distribution immediately triggered a mass exodus of capital. * Evaporation of funds: Total Value Locked (TVL) fell by 95% in 11 months (from $49 million to $2.72 million). * Ghost town: Daily active users dropped to just 1–6, with only 1–2 transactions per day. * Short-term exit: Roughly 80% of addresses never returned after claiming the airdrop. 3. Organizational Breakdown and the Final Curtain The collapse was not limited to metrics—it struck the organization itself. Within just one month of the TGE, 65% of employees were laid off. The CEO resigned, followed by the departure of the founder. Major DeFi protocols withdrew one after another, pushing the project into a state of effective abandonment. 4. Trust Is the Only True Liquidity Eclipse’s failure proved a harsh truth: users attracted by speculative gimmicks (hype) leave the moment the rewards are gone.
What sustainable ecosystems require is not just technical prowess or marketing slogans, but fair respect for contributors who take real risks. The cost of disregarding trust became a lasting lesson in blockchain history—one that rendered even innovative technology meaningless.

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