空投将继续存在，但从中赚取数百万美元变得越来越难

空投是加密货币项目向其早期用户分发有价值的代币的方式，为有进取心的 DeFi 爱好者提供了赚取数百万美元的机会。

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 这样早期参与空投热潮的人能够赚到很多钱。但随着越来越多的项目推出代币，新进入者越来越难以复制他的成功。

“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 采访时表示：“空投将会继续存在，但只有极少数会被打印出来，要消灭它们将变得越来越困难。”

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 年期间，在加密货币寒冬中坚持下来的 DeFi 用户获得了多次利润丰厚的空投奖励。

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，模块化区块链 Celestia 向早期以太坊和 Cosmos 用户等空投了 6000 万个 TIA 代币（峰值时价值 12 亿美元）。

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.

同年晚些时候，Solana 项目 Jito 推出了 JTO 代币，并向早期用户空投了 10%。在代币估值最高时，那些获得最小分配的人可以以超过 20,000 美元的价格出售他们的藏品。

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

但近几个月来，许多满怀希望的空投猎人都感到自己被欺骗了。

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.

当以太坊 Layer 2s Scroll 和 ZKsync 在 2024 年底空投代币时，用户抱怨分配量微不足道，或者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].”

“农民们从 ZKsync 中获得了数百万代币，”自称空投猎人的化名 Farea 在 6 月份告诉 DL News。 “但真正这样做了两年的人只得到了 1,200 个[代币]。”

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.

许多获得代币的人选择出售它们，与 Celestia 和 Jito 的代币相比，Scroll 的 SCR 和 ZKsync 的 ZKS 代币的表现不佳就凸显了这一点。

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

据 CC2Ventures 称，推出代币（例如 Layer 2）的类似项目数量的增加正在导致估值压缩。

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

“以前只有两三个 Layer 2 有代币：Optimism、Arbitrum、Immutable；现在已经超过20个了，”他说。

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

简而言之，推出代币的项目越多，市场就越难维持所有代币的高估值。

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，顶级去中心化交易所Uniswap是首批进行空投的DeFi协议之一，用UNI代币奖励在平台上交易的早期用户。

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.

由于 Uniswap 空投和其他类似的早期空投是出乎意料的，而且发生在 DeFi 行业规模较小时，因此奖励的用户数量较少。这意味着每个人都会得到更大的支出。

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

但快进五年，这种动态发生了很大变化。

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，受丰厚回报的吸引，机构、风险投资公司和其他大型参与者已经加入了空投挖矿游戏。随着意识的增强，项目发放的代币正在被更多的人瓜分。

“The market overall smartened up,” CC2Ventures said.

CC2Ventures 表示：“市场整体变得更加智能。”

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.

项目通常使用可预测的资格标准来决定谁能获得空投，谁不能获得空投，这让空投农民（尤其是有组织的农民）很容易确保他们获得报酬。

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

尽管最近的许多空投未能达到之前的效果，但这并不意味着它们都会如此。

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

CC2Ventures 表示：“由于市场早期忽视了这一机会，因此总会出现大量打印的异常值。”

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，当一个 DeFi 项目上线很长时间后，开始吸引大量用户和资金时，就会出现这种情况。

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.

永续合约交易所 Hyperliquid 于 11 月空投了 HYPE 代币，就是这种现象的一个例子。它于 2023 年 11 月推出了空投“积分”活动，当时该平台与竞争对手相比规模很小。

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

但预测下一个超液体说起来容易做起来难。 CC2Ventures 不会冒险。

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

“喷洒祈祷的方法——全部种植——效果最好，”他说。