According to a previous report by Zombit, data from blockchain analysis company Nansen indicates that nearly half of the top 10,000 wallets that received the most ZKSync native tokens ZK airdrop have already sold all their allocations, sparking discussions within the community about the project’s token distribution methods.
Cryptocurrency lawyer Gabriel Shapiro believes that no matter how strict the rules are or how precise the witch hunts (what LayerZero is doing) take weeks to implement, it cannot prevent airdrop recipients from selling the tokens. The only way to build a community, according to Shapiro, is to distribute chips to stakeholders, including those who spend money to buy tokens and those who participate in building, rather than airdropping to zero-cost pseudo-users.
On the other hand, renowned KOL Cobie stated that, in the current environment, the overall disadvantages of project token airdrops outweigh the benefits.
Cobie mentioned that projects need a high fully diluted valuation (FDV) after issuing tokens to consider the airdrop as “good,” creating strange incentives for circulation and FDV creation. Additionally, if there are minor mistakes during the airdrop process (including or excluding certain groups), the community will face significant backlash. Within a few days of announcing the airdrop inquiry, the recent large airdrops (zksync and eigenlayer) have been criticized as “zkscam” and “eigenscam.”
Furthermore, Cobie pointed out that a project (apparently referring to Ondo) that did not conduct an airdrop has recently performed well in the market, indicating that airdrops are not the only option for projects. Finally, Cobie stated:
However, many in the community believe that this airdrop model will continue because projects and bounty hunters actually have a symbiotic relationship. Bounty hunters actively participate in interactions to receive a project’s token airdrops, while projects need bounty hunters to contribute attractive user interaction data, allowing them to raise funds at higher valuations from VCs.