The author reflects on the early days of crypto airdrops, such as those from Uniswap, 1inch, and dYdX, which delivered surprising high returns. In contrast, today’s airdrop ecosystem has deteriorated. Users now spend months or even years interacting with protocols, only to face low rewards, harsh vesting terms (e.g., 48-month linear unlocks), and short claim windows, resulting in a severe mismatch between effort and reward. Airdrops have evolved from "loyal user subsidies" to a data game betw...

The author reflects on the early days of crypto airdrops, such as those from Uniswap, 1inch, and dYdX, which delivered surprising high returns. In contrast, today’s airdrop ecosystem has deteriorated. Users now spend months or even years interacting with protocols, only to face low rewards, harsh vesting terms (e.g., 48-month linear unlocks), and short claim windows, resulting in a severe mismatch between effort and reward. Airdrops have evolved from "loyal user subsidies" to a data game betw...