E-Beggers Getting Farmed
Time to re-strategize, and plan.
It’s the 50th edition of The Gems Corner, and today we will be looking at the general market sentiments, airdrop farmers getting rekt’ed, and other alphas, as usual.
Generally, the market is boring and momentum is low. What ought to have been the height of the bull market is almost reflecting the thick of a bear market.
Having seen most of the major catalysts for 2024 like Bitcoin ETF approvals and Bitcoin Halving, one would be expecting much healthier charts.
But instead this:
If you’ve come this far, it’s not time to give in. It’s a correction, and the market is gearing up for the next run. The mentioned catalysts, like Bitcoin Halving, are not for the short term; they are long-term. That means they ignited a process that’ll undoubtedly run.
For now, I’ll leave you with the words of GCR:
E-Beggers Getting Farmed
Firstly, if you don’t know what the term ‘e-beggers’ means, it’s a term coined by Starknet, used to describe Airdrop Farmers. So, with that out of the way, let’s get in!
It has been a crazy year for airdrop farmers as most of the most-hyped airdrops are dumping insanely upon claim. To add insult to injury, EigenLayer, one of the most anticipated airdrops for 2024, launched with terrible tokenomics - allocating a measly 15% for stakedrops.
Note: EigenLayer Foundation later updated their stakedrops by distributing an additional 100 $EIGEN to more than 280,000 users. You might want to re-check your allocation.
Even so, projects have implemented the airdrop points system as a means to farm users to grow TVL. Points are no longer an effective yardstick for measuring the quality of your expected airdrop allocation.
I think we are on the verge of seeing a new airdrop playbook, as the existing ones have been abused. The terrain is changing, VCs have evolving demands, users are getting smarter, the regulatory landscape is getting more challenging, and developers are developing. Things are on the verge of taking a 360-degree turn.
Protocols like FireFly are already trying something different. Expecting to see more protocols innovate the airdrop playbook soon.
As a user, it’s not a time to relent - continue farming undiluted and under-the-radar projects. You can find them in DeFillama and Dropstab airdrop sections.
Alpha Bites and Tweets
Check your $DRIFT airdrop eligibility - link
Check your $EIGEN airdrop eligibility - link
Claim your $RENZO airdrop - link
Claim your $KAMINO airdrop - link
Claim your $FRIEND airdrop - link
That’s a wrap.
Thanks for reading!
Until next Friday,
Viktor DeFi.
PS: I’d love to hear your feedback and comments.