Ignas, a crypto researcher who participated in multiple airdrops during the DeFi Summer, recently reflected on his investment journey, revealing that what truly made him wealthy was not trading, but rather the early airdrop bonuses. However, he admitted that the current market environment is different from the golden age of 2018-2022, and he does not plan to invest any new funds in the future, raising concerns within the community about whether the wealth effect of the crypto industry is weakening.
Starting from €13,930: The Trading Journey of Ignas
Ignas stated that he invested a total of €13,930 (approximately $16,000 in current currency) between 2017 and 2020, and has not deposited any more fiat currency since then. During this period, he accumulated considerable profits by buying Ethereum (ETH) early on, buying Solana (SOL) at the low point of this cycle, and subsequently switching to assets such as Hype at $12.
However, he emphasized that if one relies solely on spot investment, even if one bought ETH at around $200 and held it until now, the asset growth rate could reach about 10 times, but it would still not be enough to "change one's life".
DeFi Summer airdrop bonuses become a key factor in asset accumulation.
According to Ignas, the key to his real wealth surge was the DeFi airdrop boom around 2020. He recalled participating in mining from day one and receiving airdrops from several well-known protocols, including $UNI, $CRV, and $DYDX. His highest single airdrop was $INV, which he received worth approximately $120,000 simply by filling out a Google form. Although he didn't manage to exit at the peak, these became a significant source of capital for his subsequent operations.
Looking ahead to 2024, he stated that the airdrop rewards, including $JTO, $ETFI, $KAITO, $MON , and $LIT , were also quite impressive.
Ignas frankly admitted, "Without the airdrops, I wouldn't have achieved what I have today. The airdrops have been the real 'seed capital' that has enabled me to continue participating in the market since 2022, and they are also a crucial factor in the success of early participants."
The turning point after market maturity: no more additional investment.
Regarding the current market environment, Ignas believes that with the industry maturing and a significant increase in participants, the early opportunities for low-barrier-to-entry but high-return airdrops have greatly diminished. Even with the same investment amount, the success rate of a "bombshell" is far lower than during the period from 2018 to 2022.
He also admitted that he does not plan to invest any new fiat currency funds in the crypto market in the future, but will only operate with existing crypto funds, including trading and airdrop participation. He observed that many experienced crypto participants also hold a similar "withdrawing funds but not depositing them" attitude, causing the market to gradually shift towards relying on institutional funding.
However, I hope we can create opportunities for the younger generation, especially for Generation Z who only have 10,000 euros to their name. Where are these opportunities? RWA, yield-generating stablecoins, low-risk DeFi, pure-play banks (Neobanks)? These are great products when you're already financially independent, but they don't create wealth like airdrops used to.
Revisiting the crypto paradox: Do users want overnight riches or steady growth?
One user pointed out the problem, arguing that the crypto market has always been seen as a place where "either you create generational wealth or there is no investment value." Compared to the traditional stock market, which pursues steady appreciation, cryptocurrencies have fewer mechanisms to establish long-term incentives, which will ultimately only lead to the loss of value.
Ignas agrees, noting that the get-rich-quick mentality is particularly amplified among the stressed-out Generation Z. He acknowledges that reversing this trend requires revolutionary wealth-building opportunities, and the crypto market may ultimately diverge into a "high-risk, high-reward" speculative sector and a "value-accumulating" growth sector.
Some users believe that cases like Hyperliquid or Lighter show that large airdrops haven't disappeared, but their scale and the probability of a critical hit are not as high as before. The real stories of getting rich may have to wait for the next bull market.
As Dragon Managing Partner Haseeb pointed out, the airdrop mechanism itself is flawed, consistently incentivizing short-term speculators. He emphasized that the future of token economics should be built on "on-chain reputation," allowing genuine users to benefit not only from early participation but also from sustained long-term rewards.
This article, "Ignas, an Early Airdrop Player, Recounts His Path to Wealth and Admits He Will No Longer Invest in Cryptocurrency," first appeared on ABMedia, a ABMedia .
