Arbitrum airdrop was my first after being the space for over an year now, back in 2021 (when I tipped toes) - the pace for giving airdrops was quicker, so it has come back to a new normal where teams are focusing on building the product first, getting some level of PMF, or just a proof-of-concept before giving free internet money (ARB is the best example).
But airdrops are one way to make generational wealth in this ecosystem as you stated. World of finance operates like a casino where people gamble with their life savings to make a quick buck, crypto besides being a global arbitrage machine is also a decentralised casino where an average guy on the internet has a level-playing field (not entirely, but to a large extent) to make life-changing wealth, that remains tied in the hands of whales, institutions that gamble with their suits on.
Crypto has worked with a very different set of mental models, and giving users money for contributing to the product is a part of its ethos! Web2 changes the context of airdrops to "cashbacks/referral fee" etc, regardless giving users cash remains the best way to tap into fleeting mindshare, and gain quick hype!
But without utility for the product (a case with many DeFi apps) - airdrop is down only, and users farm tokens only to dump them harder - governance is not a thing yearned in DeFi - utility is!
Same with web2, some people no longer use Paytm/Zomato for farming promotions/cashbacks (proportion of genuine users will increase over time) ~ utility triumphs in the long-run, coupling that with airdrops - you build a great product!
Very well put, Joel!
Pure banger posts one after another 🫡
My two cents:
Arbitrum airdrop was my first after being the space for over an year now, back in 2021 (when I tipped toes) - the pace for giving airdrops was quicker, so it has come back to a new normal where teams are focusing on building the product first, getting some level of PMF, or just a proof-of-concept before giving free internet money (ARB is the best example).
But airdrops are one way to make generational wealth in this ecosystem as you stated. World of finance operates like a casino where people gamble with their life savings to make a quick buck, crypto besides being a global arbitrage machine is also a decentralised casino where an average guy on the internet has a level-playing field (not entirely, but to a large extent) to make life-changing wealth, that remains tied in the hands of whales, institutions that gamble with their suits on.
Crypto has worked with a very different set of mental models, and giving users money for contributing to the product is a part of its ethos! Web2 changes the context of airdrops to "cashbacks/referral fee" etc, regardless giving users cash remains the best way to tap into fleeting mindshare, and gain quick hype!
But without utility for the product (a case with many DeFi apps) - airdrop is down only, and users farm tokens only to dump them harder - governance is not a thing yearned in DeFi - utility is!
Same with web2, some people no longer use Paytm/Zomato for farming promotions/cashbacks (proportion of genuine users will increase over time) ~ utility triumphs in the long-run, coupling that with airdrops - you build a great product!