The cryptocurrency industry distributed over $4 billion through airdrops in 2024, yet 88% of airdropped tokens declined in value within months of distribution, with 64% of recipients selling immediately. This represents a fundamental inefficiency in how protocols allocate value to their communities. Our analysis of three major airdrops—Optimism Seasons 4 & 5, Eigen Season 2, and Ether.fi Season 3—across 29,000+ wallets reveals massive inefficiencies and poor onchain behavior that can be avoided.
