Airdrop, where crypto projects give free tokens to early users, used to be a golden opportunity for DeFi enthusiasts to earn millions of USD. However, according to CC2Ventures, an anonymous investor in the crypto space with profits exceeding seven figures from airdrops, that golden era is gradually becoming harder to replicate.

Value is becoming dispersed and contracted

In the years 2023 and 2024, persistent DeFi users during the 'crypto winter' have been rewarded fairly with many valuable airdrops.

In October 2023, Celestia, a modular blockchain, released 60 million TIA tokens with a peak valuation of up to 1.2 billion USD, aimed at users of Ethereum, Cosmos, and some other ecosystems. By the end of that year, Jito, a project on Solana, released JTO tokens, of which 10% were airdropped to early users. Even those lucky enough to receive the smallest allocation could still make over 20,000 USD.

However, by the end of 2024, many 'airdrop hunters' expressed disappointment. Airdrops from Scroll and ZKsync — two prominent layer 2s on Ethereum — were criticized for drip allocations or completely excluding many loyal users.

Farea, a long-time airdrop hunter, shared: “Organizational 'farmers' received millions of tokens from ZKsync, while those who actually participated for two years only received a mere 1,200 tokens.”

The trend of selling off immediately after receiving tokens also contributes to the decline in the value of SCR (Scroll) and ZKS (ZKsync) compared to projects like TIA (Celestia) or JTO (Jito).

The market is becoming increasingly savvy and fiercely competitive

CC2Ventures noted that the increasing number of similar projects issuing tokens, especially layer 2s, has led to a tightening in market valuations.

“If in the past there were only a few layer 2s with tokens like Optimism, Arbitrum, or Immutable, now this number has exceeded 20,” he shared.

As the number of projects increases, maintaining a high valuation uniformly for all becomes increasingly difficult.

At the same time, the airdrop landscape has changed dramatically. While the initial airdrops, such as Uniswap in 2020, provided substantial rewards due to fewer participants, today, with the involvement of major institutions and venture capital funds, the benefits have been diluted.

“The market is now wiser,” CC2Ventures noted. Clear criteria for selecting airdrop recipients inadvertently create opportunities for professional 'farmers' to exploit, causing individual users to suffer significant disadvantages.

There is still hope for the patient

Although airdrops today are not as appealing as before, there will still be special opportunities that arise.

“There will always be exceptions, where a project is undervalued by the market in its early stages but then breaks out strongly,” CC2Ventures commented.

Hyperliquid, a decentralized derivatives exchange, is a prime example. In November 2023, when this platform was still small, they launched a point accumulation campaign and issued HYPE tokens, yielding significant profits for early participants.

However, predicting which projects will succeed like Hyperliquid is not easy. Therefore, CC2Ventures recommends adopting a 'broad sniper' strategy — participating in as many airdrops as possible to maximize the chance of success.



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