加密貨幣空投面臨慘淡的 2024 年，88% 的代幣未能保值

Keyrock 最近的一份報告強調了 2024 年空投季的挑戰，顯示 62 次空投中只有 8 次在 90 天後獲得正回報。

2024 has seen a challenging landscape in the world of crypto airdrops, with a vast majority (88%) of airdropped tokens failing to maintain their value. This trend has sparked concerns among investors and enthusiasts, especially considering the high fully diluted valuations (FDVs) linked to many of these projects.

2024 年，加密貨幣空投領域面臨充滿挑戰的局面，絕大多數（88%）的空投代幣未能保值。這一趨勢引發了投資者和愛好者的擔憂，特別是考慮到與許多此類項目相關的高完全稀釋估值（FDV）。

A recent report by Keyrock sheds light on the difficulties faced during 2024's airdrop season, revealing that out of 62 airdrops, only 8 delivered positive returns after 90 days. This translates to a mere 11% success rate, with Solana and Ethereum emerging as the only blockchains to host winning tokens.

Keyrock 最近的一份報告揭示了 2024 年空投季所面臨的困難，顯示在 62 次空投中，只有 8 次在 90 天後獲得正回報。這意味著成功率僅為 11%，Solana 和以太坊成為唯一託管獲勝代幣的區塊鏈。

Despite airdrops being touted as a strategy to distribute tokens and generate initial excitement, the 2024 data reveals that 88% of tokens declined in value within the first few months, typically following brief price spikes. Of the 62 airdrops studied, only 4 tokens on Ethereum and 4 on Solana managed to post gains after three months, while chains like BNB, Starknet, and Arbitrum saw no winners.

儘管空投被吹捧為一種分配代幣並產生最初興奮的策略，但 2024 年的數據顯示，88% 的代幣在最初幾個月內價值下跌，通常是在短暫的價格飆升之後。在研究的 62 個空投中，只有 4 個以太坊代幣和 4 個 Solana 代幣在三個月後成功實現收益，而 BNB、Starknet 和 Arbitrum 等鏈上沒有贏家。

One of the key takeaways from Keyrock's report is the detrimental impact of high FDVs on token performance. Projects that launched with inflated valuations encountered sharp price declines. The report highlights that high FDVs restrict growth potential and limit liquidity, making it difficult for tokens to maintain their value once recipients begin selling.

Keyrock 報告的主要結論之一是高 FDV 對代幣表現的不利影響。估值過高的項目遭遇價格大幅下跌。該報告強調，高 FDV 限制了成長潛力並限制了流動性，一旦接收者開始出售，代幣就很難維持其價值。

The correlation between FDV and liquidity is crucial, as tokens with insufficient liquidity to support their FDVs crumble rapidly under sell pressure.

FDV 和流動性之間的相關性至關重要，因為流動性不足以支持其 FDV 的代幣在拋售壓力下會迅速崩潰。

For example, ZKLend, a project that launched on Starknet with high expectations, saw its value plummet by 95%, showcasing how unsustainable FDVs can crush a token's market value.

例如，在 Starknet 上被寄予厚望的專案 ZKLend 的價值暴跌了 95%，這表明不可持續的 FDV 會如何壓垮代幣的市場價值。

However, not all airdrops ended in愁苦. Drift, a decentralized futures trading platform on Solana, emerged as one of the standout winners. The project launched with a conservative FDV of $56 million and meticulously managed its token distribution, rewarding long-term users rather than attracting opportunistic traders. By prioritizing community engagement and liquidity, Drift managed to triple its market cap, reaching $163 million post-launch.

然而，並非所有空投都以愁苦告終。 Solana 上的去中心化期貨交易平台 Drift 成為傑出的贏家之一。該計畫以 5,600 萬美元的保守 FDV 啟動，並精心管理其代幣分配，獎勵長期用戶而不是吸引機會主義交易者。透過優先考慮社區參與度和流動性，Drift 成功將其市值增加了兩倍，在發布後達到 1.63 億美元。

2024's airdrop landscape demonstrates that while token giveaways can generate early buzz, their long-term success hinges on careful execution.

2024 年的空投情況表明，雖然代幣贈品可以引起早期轟動，但其長期成功取決於仔細執行。

Projects that launched with realistic FDVs, sufficient liquidity, and strategic distribution plans, like Drift, have managed to thrive. On the other hand, tokens with inflated valuations, such as ZKLend, have struggled to maintain their value in the months following the airdrop.

像 Drift 這樣以現實的 FDV、充足的流動性和戰略分配計劃啟動的專案已經成功蓬勃發展。另一方面，ZKLend 等估值過高的代幣在空投後的幾個月內一直難以維持其價值。