空投將繼續存在，但從中賺取數百萬美元變得越來越難

空投是加密貨幣項目向其早期用戶分發有價值的代幣的方式，為有進取心的 DeFi 愛好者提供了賺取數百萬美元的機會。

People who got in on the airdrop craze early on, like CC2Ventures, were able to make a lot of money. But as more and more projects launch tokens, it’s getting harder for new entrants to replicate his success.

像 CC2Ventures 這樣早期參與空投熱潮的人能夠賺很多錢。但隨著越來越多的項目推出代幣，新進入者越來越難以複製他的成功。

“Airdrops are here to stay, but only a very select few will print and it will be increasingly hard to make a killing off them,” he said in an interview with DL News.

他在接受 DL News 採訪時表示：“空投將會繼續存在，但只有極少數會被打印出來，要消滅它們將變得越來越困難。”

Throughout 2023 and 2024, DeFi users who stuck it out during the crypto winter were rewarded with several lucrative airdrops.

在 2023 年和 2024 年期間，在加密貨幣寒冬中堅持下來的 DeFi 用戶獲得了許多利潤豐厚的空投獎勵。

In October 2023, modularity blockchain Celestia airdropped 60 million of its TIA token — valued at $1.2 billion at its peak — to early Ethereum and Cosmos users, among others.

2023 年 10 月，模組化區塊鏈 Celestia 向早期以太坊和 Cosmos 用戶等空投了 6000 萬個 TIA 代幣（峰值時價值 12 億美元）。

Later that year, Solana project Jito launched its JTO token and airdropped 10% to early users. At the token’s peak valuation, those who received the smallest allocations could sell their stash for over $20,000.

同年晚些時候，Solana 專案 Jito 推出了 JTO 代幣，並向早期用戶空投了 10%。在代幣估值最高時，那些獲得最小分配的人可以以超過 20,000 美元的價格出售他們的收藏。

But in recent months, many hopeful airdrop hunters have been left feeling short-changed.

但近幾個月來，許多滿懷希望的空投獵人都覺得自己被欺騙了。

When Ethereum layer 2s Scroll and ZKsync airdropped their tokens in late 2024, users complained of paltry allocations or being left out of the airdrops entirely.

當以太坊 Layer 2s Scroll 和 ZKsync 在 2024 年底空投代幣時，用戶抱怨分配量微不足道，或完全被排除在空投之外。

“The farmers got millions of tokens from ZKsync,” Farea, a pseudonymous self-styled airdrop hunter, told DL News in June. “But the actual people who were doing this for two years only got 1,200 [tokens].”

「農民們從 ZKsync 中獲得了數百萬代幣，」自稱空投獵人的化名 Farea 在 6 月告訴 DL News。 “但真正這樣做了兩年的人只得到了 1,200 個[代幣]。”

Many of those who did get tokens chose to sell them, as highlighted by the poor performance of Scroll’s SCR and ZKsync’s ZKS tokens in comparison to Celestia and Jito’s tokens.

許多獲得代幣的人選擇出售它們，與 Celestia 和 Jito 的代幣相比，Scroll 的 SCR 和 ZKsync 的 ZKS 代幣的表現不佳就凸顯了這一點。

According to CC2Ventures, the increased number of similar projects launching tokens — such as layer 2s — is leading to valuation compression.

據 CC2Ventures 稱，推出代幣（例如 Layer 2）的類似項目數量的增加正在導致估值壓縮。

“Previously there were only two or three layer 2s with a token: Optimism, Arbitrum, Immutable; now there are over 20,” he said.

「以前只有兩三個 Layer 2 有代幣：Optimism、Arbitrum、Immutable；現在已經超過20個了，」他說。

Simply put, the more projects launch tokens, the harder it is for the market to sustain high valuations for all of them.

簡而言之，推出代幣的項目越多，市場就越難維持所有代幣的高估值。

In 2020, top decentralised exchange Uniswap was among the first DeFi protocols to conduct an airdrop, rewarding early users who traded on the platform with UNI tokens.

2020年，頂級去中心化交易所Uniswap是首批進行空投的DeFi協議之一，以UNI代幣獎勵在平台上交易的早期用戶。

Because the Uniswap airdrop and other early airdrops like it were unexpected, and occurred when DeFi was a smaller sector, they rewarded a smaller number of users. This meant bigger payouts for each person.

由於 Uniswap 空投和其他類似的早期空投是出乎意料的，而且發生在 DeFi 行業規模較小時，因此獎勵的用戶數量較少。這意味著每個人都會得到更大的支出。

But fast forward five years, and that dynamic has changed a lot.

但快轉五年，這種動態發生了很大變化。

Institutions, VCs, and other large players have joined the airdrop farming game, lured in by the lucrative returns, CC2Ventures said. And with more awareness, the tokens projects give out are getting split among more people.

CC2Ventures 表示，受豐厚回報的吸引，代理商、創投公司和其他大型參與者已經加入了空投挖礦遊戲。隨著意識的增強，項目發放的代幣正被更多的人瓜分。

“The market overall smartened up,” CC2Ventures said.

CC2Ventures 表示：“市場整體變得更加智慧。”

The often predictable eligibility criteria projects use to decide who gets an airdrop and who doesn’t have made it easy for airdrop farmers, especially organized ones, to ensure they get a payout.

計畫通常使用可預測的資格標準來決定誰能獲得空投，誰不能獲得空投，這讓空投農民（尤其是有組織的農民）很容易確保他們獲得報酬。

Despite many recent airdrops failing to live up to earlier ones, that doesn’t mean they all will.

儘管最近的許多空投未能達到先前的效果，但這並不意味著它們都會如此。

“There will always be outliers that will print heavily due to the market early on overlooking the opportunity,” CC2Ventures said.

CC2Ventures 表示：“由於市場早期忽視了這一機會，總是會出現大量印刷的異常值。”

Such a situation could arise, he said, when a DeFi project starts attracting huge numbers of users and capital after it has been live for a long time.

他表示，當一個 DeFi 專案上線很長一段時間後，開始吸引大量用戶和資金時，就會發生這種情況。

Perpetuals exchange Hyperliquid, which airdropped its HYPE token in November, is one example of this phenomenon. It launched its airdrop “points” campaign in November 2023 when the platform was tiny compared to its competitors.

永續合約交易所 Hyperliquid 於 11 月空投了 HYPE 代幣，就是這種現象的一個例子。它於 2023 年 11 月推出了空投「積分」活動，當時該平台與競爭對手相比規模很小。

But predicting the next Hyperliquid is easier said than done. CC2Ventures isn’t taking any chances.

但預測下一個超液體說來容易做來難。 CC2Ventures 不會冒險。

“A spray-and-pray approach — farming them all — works best,” he said.

「噴灑祈禱的方法——全部種植——效果最好，」他說。