에어드롭 이후 시대를 생각하다: 장기적 가치 중심 모델을 구축할 때다

원본 기사 작성자: Andrew Redden

원문 번역: zhouzhou, BlockBeats

편집자 주: 공중 투하s were once an important tool to promote the development of crypto projects, but over time, they have gradually exposed the drawbacks of short-term speculation and have difficulty maintaining the long-term loyalty of users and developers. Many projects rely on airdrops and funding programs, but what they attract is hot money that quickly disappears. In the future, blockchain projects should focus on building long-term, value-driven models to incentivize users and developers to continue to participate and contribute, so as to achieve a more stable ecosystem development.

It’s time to focus on building long-term, value-driven models that ensure user and developer loyalty.

After more than a decade of running a cryptocurrency startup, I’m ready to declare a paradigm shift: airdrops have reached their end, and developer bounties are likely to follow suit.

Therefore, blockchain projects must change their thinking and no longer rely on short-term incentives, but should focus on building long-term, value-oriented models to ensure the loyalty of users and developers. Without such a shift, the entire industry will face stagnation or even decline.

Airdrops first went mainstream in 2020, when the Uniswap decentralized exchange distributed 400 UNI tokens to every wallet that interacted with its platform. This strategy was designed to drive widespread adoption of the platform by giving users a financial stake in the project, and it was successful. Other projects followed suit, and airdrops quickly became a common expectation in the DeFi community.

However, airdrops have also brought some unexpected negative effects. For example, the growing phenomenon of “airdrop farming”, where users create multiple accounts or perform minimal operations just to obtain token allocations. Worse, these opportunists often leave the project quickly after claiming their rewards, leading to a rapid decline in user activity and token value. As a result, airdrops have not only failed to cultivate long-term loyal users, but have become synonymous with short-term speculative gains.

Take the Layer-2 scaling solution Blast as an example. In June of this year, Blast issued 17 billion newly issued BLAST tokens to early users in the hope of attracting users and capital. However, the results were not ideal. Many recipients were disappointed with the small rewards they received, and on-chain data also showed that many users left the platform soon after receiving the tokens. The price of BLAST fell by 20% in a few hours as many users quickly sold the tokens. More strikingly, the total locked value of the protocol (the capital that the airdrop aims to attract) had fallen by more than 33% in the month before the airdrop. Depositing users quickly left the platform after obtaining their returns.

Instead of attracting users and retaining them, airdrops have become the target of hot money – these users quickly leave after collecting rewards and look for the next opportunity. According to the latest research from CoinMetrics, two-thirds of airdropped tokens have depreciated since their issuance. The median return rate of airdropped tokens held to date is -61%.

This is not just a problem for developers, but a systemic problem. Networks that rely on short-term incentives tend to attract transient users and developers who come and go quickly. This frequent churn weakens the stability of the network and erodes trust in the entire DeFi ecosystem.

Blockchain grant programs face similar challenges. While these grants help launch new platforms in the initial stages, their effects are as short-lived as airdrops. Developers often jump between multiple blockchains, replicating their services in multiple environments to seek funding, but struggle to establish long-term projects on any single platform. This builders dilemma not only affects developers, but also makes it difficult for major networks to maintain stable and loyal communities.

The instability of these incentive models leads to boom-bust cycles, making it difficult for developers to predict future activity and revenue. Developers often invest a lot of resources into projects, only to receive only a fraction of what they promised due to the unpredictability and frequent politicization of the funding process. This is contrary to the original purpose of the funding program and the goals of open access and composability that the crypto industry promotes at both a technical and ethical level.

CoinMetrics pointed out in its report that airdrops may increase protocol usage in the short term, but whether they can create real, sustainable long-term growth remains to be seen. Based on the way most airdrops and grant programs currently work, there is no reason to believe that short-term incentives can suddenly start creating long-term adoption, liquidity, or positive token price movements.

Airdrops and grant incentives were indeed a great tool for launching projects in the 2020-2022 period. However, that time has passed. While they will still play a role in the broader ecosystem, the days when these tools alone could truly drive adoption and growth are over.

In the post-Blast era, potential “airdrop farmers” will be more skeptical of the value of airdrops. Accordingly, weaker projects will experience boom-and-bust cycles more quickly, further turning “airdrops” from an attractive gimmick into a negative term.

So, what is the solution? Blockchain projects must look beyond these short-term incentives and focus on building long-term, value-driven models that align the interests of all participants. This means developing a system that rewards users and developers not only for coming, but more importantly for staying in the ecosystem for the long term and contributing to its growth.

Whether you are a depositor or a developer, you will soon be able to choose between a one-time payment of an uncertain amount for a token that is likely to drop by 30% next week, or an ongoing payment based on the actual performance of the network and your active contribution to it, which will keep you rewarded as long as you want.

Almost five years after Uniswap debuted, airdrops and grants are no longer enough; it’s time to build protocols that actually work in the long term.

This article is sourced from the internet: Thinking in the post-airdrop era: It’s time to build a long-term value-driven model

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