[The Code of Wealth] How valuable can “wool” be?

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Some big wools appeared in the "crypto" since 2020

① Uniswap released an airdrop, with each wallet receiving at least 400 uni, which was worth $16,000 at the peak of the bull market. Some people had hundreds or thousands of accounts online to make a lot of money. The simple and stimulating income might only take one night’s effort.

②1inch issued airdrops to more than 50,000 users who have traded on the platform, with each wallet receiving at least 600 tokens and an average of 1,600 tokens. The highest price for each 1inch token was $7.

③Gitcoin announced an airdrop of 15 million tokens to early adopters, which were worth more than 300 million U.S. dollars at their peak. ④The decentralized trading platform DYDX announced that it would issue a total of 75 million tokens to more than 60,000 early traders, with each DYDX token worth more than 25 U.S. dollars at its peak.

⑤ Bico issued 20 million tokens to early users and liquidity providers, with an average of 2,000 tokens per wallet, and the price of each token exceeded US$5;

⑥ENS announced that it would issue 25 million tokens to users who had used the ENS domain name service. More than 130,000 addresses participated. At that time, one ENS was worth $80, and each account made an average profit of more than $10,000.

⑦Nation3dao airdrops one Nation3 token to the wallet that replied to the ENS address on Twitter, with a maximum value of more than $8,000;

⑧Project Galaxy airdropped more than 3.65 million tokens to wallet addresses holding relevant equity NFTs. Wallets that completed the 21st Christmas mission will have at least 250 GAL tokens, and the highest price of each token is more than US$15;

⑨Optimism announced an airdrop for 240,000 early user addresses, with an average of 2,300 Op coins per address, and a high price of around $2 per Op coin;

⑩Aptos public chain airdrops more than 20 million APT to 110,000 addresses for early application testnet users and minted testnet NFTs, with each wallet receiving 150 APTs, worth 10,000 RMB. And because there is no prevention of wool parties, many users have multiple eligible wallet addresses.

The above are only some representative wool, the most worth mentioning wool project is Arbitrum. Arbitrum Foundation officially announced the airdrop information, and the token price soared to $14.85 within five minutes of the token issuance.

Although many freeloaders failed in Arbitrum's "very competitive" airdrop rules, this airdrop is still a massive wealth-making campaign in the crypto. The legendary stories of "swiping thousands of accounts", "getting hundreds of thousands of tokens", and "freedom overnight" have become popular again because of this airdrop.

Today, the only players who can compete with VC investors in the crypto are the "money-pulling" army. The "money-pulling" ecosystem has become a "conspiracy" between project owners, users and VC institutions, with each party taking what it needs and ultimately extracting profits from the secondary token market.

The frenzied bull market of the cryptocurrency speculators is not the bull market that the freeloaders expect. In fact, when the price of the coin drops sharply, it is the happy moment for the freeloaders. To some extent, the bear market did not make many users leave the market, but chose to continue waiting and "freeloading". This phenomenon has helped high-quality project parties to overcome difficulties to a certain extent. The existence of freeloaders also forced project parties to focus more on product development, thereby promoting the development of the entire industry.

Airdrops have brought about the wealth effect and the ultimate ideal of decentralization, attracting more and more people to the Web3 field. However, just like the Internet industry, as the traffic dividend gradually disappears, the airdrops are becoming more involuted, and the project side’s anti-witch measures are upgraded, making the studio-style “fleecing” difficult to sustain.

​Okay, that’s all for today. If you are interested, please follow us!

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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