I've recently been delving into the world of cryptocurrencies, watching the market start to come back to life 🚀. One topic that caught my attention, which I believe many of you are already aware of, is the plethora of airdrop opportunities available today, and it seems their numbers will only continue to grow. In fact, many experts predict that 2024 will be the year of airdrops. However, my stance on this issue is somewhat ambivalent, and here’s why:
👉🏻 Airdrops are overrated.
🤔 Why do I say this?
First, let me clarify that I am all for taking advantage of the opportunities the market offers, and I personally make an effort to participate in airdrops selectively, without dedicating too much time to them. I am quite meticulous in assessing whether the cost (both in time and money) of engaging in activities that don't align with my interests justifies the potential benefit of an airdrop whose value is uncertain. Only if the activities linked to the airdrop match my interests and goals in the world of cryptocurrencies do I consider partaking in them.
For example, projects like EigenLayer and KelpDAO interest me for several reasons:
1️⃣ They operate within the Ethereum/EVM/L2s network, an environment I am familiar with and often navigate.
2️⃣ I own a significant amount of ETH that could benefit from being used as LSTs and LRTs.
3️⃣ EigenLayer is aligned with Ethereum, it's in the testnet phase and soon to be launched, representing an opportunity.
4️⃣ KelpDAO has a solid project and a reliable team behind it (Stader), plus I know some of the people involved.
5️⃣ It relates to the narratives I follow, such as Restaking, DA, and Modular Architecture.
On the other hand, there are airdrops like Lens Protocol or Zerion in which I am not as interested. While I recognise their value, the effort required to interact with them just for the benefit of an airdrop does not seem justified to me.
👉🏻 We need to rethink our obsession with "free money" from airdrops, as they are not really free. Participating in them means investing time, money, and effort in protocols that are not fully tested, taking risks by entering new ecosystems. The real question is whether the cost justifies the potential reward, a question each person will answer differently.
🧠 My intention is for you to ponder this every time you come across a new airdrop that promises to “change your life”.
Airdrops, in their original concept, aim to decentralise a project by distributing decision-making power through tokens to those who contributed early on. However, today, this practice has become so common and predictable that many dedicate themselves exclusively to capturing airdrops without considering their true value or contribution.
This leads me to a personal reflection on the balance between the pragmatism of airdrops and my life philosophy, which prioritises earning money by adding value and generating a positive change. Although participating in airdrops can bring liquidity and activity to an ecosystem, it is often done with a self-interest and transitory nature. I believe it would be more beneficial in the long term to invest time and skills in contributing meaningfully to an ecosystem.
And again, don’t get me wrong, they are beneficial, and for many of us they are breath of fresh air, but I believe they are “the cherry on top” if you know what I mean, they’re not the essence, just a nice addition.
Conclusion
I consider airdrops overrated because they limit us to believing they are the way to take advantage of the world of cryptocurrencies. In reality, the web3 universe offers countless more valuable opportunities than airdrops. As I often say on my YouTube channel, investing time in helping a project or a DAO, building relationships, and contributing skills can be much more fruitful than chasing airdrops. Crypto is an infinite game where merely participating already makes us winners.
Always remember to evaluate how to invest your time in this space, especially in the face of pressure to obtain immediate rewards.
We're here for the long haul, and I'd like to leave you with a phrase that deeply inspires me:
"The journey is the destination."
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Until next time! 👋🏻