加密货币空投面临惨淡的 2024 年，88% 的代币未能保值

Keyrock 最近的一份报告强调了 2024 年空投季的挑战，显示 62 次空投中只有 8 次在 90 天后获得正回报。

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，加密货币空投领域面临着充满挑战的局面，绝大多数（88%）的空投代币未能保值。这一趋势引发了投资者和爱好者的担忧，特别是考虑到与许多此类项目相关的高完全摊薄估值（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 最近的一份报告揭示了 2024 年空投季所面临的困难，显示在 62 次空投中，只有 8 次在 90 天后获得正回报。这意味着成功率仅为 11%，Solana 和以太坊成为唯一托管获胜代币的区块链。

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.

尽管空投被吹捧为一种分配代币并产生最初兴奋的策略，但 2024 年的数据显示，88% 的代币在最初几个月内价值下跌，通常是在短暂的价格飙升之后。在研究的 62 个空投中，只有 4 个以太坊代币和 4 个 Solana 代币在三个月后成功实现收益，而 BNB、Starknet 和 Arbitrum 等链上没有赢家。

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 报告的主要结论之一是高 FDV 对代币性能的不利影响。估值过高的项目遭遇价格大幅下跌。该报告强调，高 FDV 限制了增长潜力并限制了流动性，一旦接收者开始出售，代币就很难维持其价值。

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

FDV 和流动性之间的相关性至关重要，因为流动性不足以支持其 FDV 的代币在抛售压力下会迅速崩溃。

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 上被寄予厚望的项目 ZKLend 的价值暴跌了 95%，这表明不可持续的 FDV 会如何压垮代币的市场价值。

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，并非所有空投都以愁苦告终。 Solana 上的去中心化期货交易平台 Drift 成为杰出的赢家之一。该项目以 5600 万美元的保守 FDV 启动，并精心管理其代币分配，奖励长期用户而不是吸引机会主义交易者。通过优先考虑社区参与度和流动性，Drift 成功将其市值增加了两倍，在发布后达到 1.63 亿美元。

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

2024 年的空投情况表明，虽然代币赠品可以引起早期轰动，但其长期成功取决于仔细执行。

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 这样以现实的 FDV、充足的流动性和战略分配计划启动的项目已经成功蓬勃发展。另一方面，ZKLend 等估值过高的代币在空投后的几个月内一直难以维持其价值。