Aylo Profile picture
Jul 8 1 tweets 3 min read Read on X
Airdrops have been a huge part of this cycle so far.

I was curious to know how many tokens that launched with an airdrop are actually higher than their day 1 launch price.

And this would probably answer the question of whether you should ever hold an airdrop? (is it +EV to hold?)

I crunched the data. Used prices from this morning, so slightly stale, but I think you can get the general gist of things. I only decided to go as far as tokens in the top 500.

Here are the main takeaways:

• 23 out 31 tokens are down since their first day of launch - some are down really bad
• Only 4 out of 31 tokens have beaten BTC since their first day of launch
• Only 1 of the tokens that has beaten BTC was launched in 2024
• Two meme related airdrops have been wildly successful - BONK and DEGEN
• Despite the current hate, TIA is also well above its launch price and has outperformed BTC

Selling airdrops on launch day into USD or BTC will almost always be the right move. You can get lucky (some call it skill) timing an initial move up post launch, but generally speaking the longer you hold the worse the performance.

Yes, there will always be a few outliers, but the odds are massively against you holding the right airdrop, even more so relative to BTC.

If you are really bullish on the long term prospects of a project than you almost always get a better chance to buy lower than launch day. The next bear market may see some of these tokens become better investments. There are some good projects on this list for sure.

Airdrops aren't the only reason the tokens of these projects are down. A lot of the time they have set their valuations far to high with market makers. Users ruthlessly dumping the airdrop is a way of them finding out pretty quickly that their own designated valuation is complete nonsense.

Many are learning this cycle that FDV actually does matter. Holding airdrops means you think tokens have enough demand to go up in price whilst big unlocks occur and investors hedge with shorts.

Yield farmers will also always sell regardless of price, as they are just here to extract yield and move on. However, in theory, tokens should be able to recover from the mercenaries exiting, but in most cases the data suggests they don't. Of course there is still time for some of these tokens. This is just a random snapshot and things can change quickly for some of these alts.

People like to complain that many airdrops have been badly designed, but based on this data it seems very hard to execute an airdrop to the community without it being detrimental to the token in the short and medium term (long term tbc).

Two surprise airdropped meme coins (no points programme) with very low starting valuations have returned the best for holders. Both were designed to help grow different ecosystems (Solana and Farcaster).

We have also seen many meme airdrops go to zero instantly in the past, so you certainly can't just assume meme airdrops are going to necessarily perform better. Surprise + low valuation could be the better takeaway.

I actually think points programmes are here to stay as they are a very common feature of web2 and can contribute to a more fun, positive & sticky UX, but I'm not expecting airdrops to continue in the same form we have seen in the years to come.

Based on this data projects should think very carefully about what form their airdrop takes, or if they decide to do an airdrop at all.Image

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More from @alpha_pls

May 30
Seems like a good day to talk about consumer apps.

I found one built on @avax & I think it is one of the most practical examples of an app that uses blockchain to actually solve a real world problem.

If you are using a centralized password manager then you should read this🧵 Image
@BitNote_xyz is one of the most impressive consumer apps live right now imo.

BitNote allows you to self-custody information, in a similar way that blockchains let you self-custody money.

It's a genuine replacement for 1Password & other centralized password managers. Image
I rely on 1Password currently for almost all of my passwords, but not my seed phrases/private keys, which remain on paper, as Last Pass proved centralized platforms can't be relied on.

1Password has been the best solution for me, but Bitnote can become the superior option. Image
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TON is #9 in the crypto rankings, but I feel a lot of people still know very little about the chain and what is happening.

I've spent a few weeks getting my head around the ecosystem.

Deep Dive into @ton_blockchain and the opportunities right now 🧵 Image
Firstly, make sure you bookmark the thread. It contains a lot of useful links to get started on the chain.

I have done a detailed long form article, but will do a shorter thread here for those of you don't want to leave the comfort of Elon's app.

alphaplease.com/p/ton-the-firs…
The genesis story

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TON rebranded to “The Open Network” in 2020.
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I save so much time from being subbed to good crypto Telegram channels.

Figured I should share the ones I read on a daily basis.

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1. infinityhedge

Lots of real time market moving updates.

t.me/infinityhedge
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Daily briefs + curated reads. Really does cover most of the things you should be reading.

t.me/BullpenBrief
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The 5 best alpha tweets I read this week: Image
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Asset selection matters.

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Distribution is king.

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The 5 best alpha tweets I read this week: Image
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Dentoshi teaching you how she trades Fibs.

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There are so many interesting strategies to stack points on top of points with ETH.

@KelpDAO have expanded to many tokenless L2s now so here are a few ways to earn multiple airdrops with a few clicks 🧵 Image
rsETH is actually very useful across many tokenless L2s. Kelp have prioritized these integrations and it's a great LRT you can use to chase higher airdrops and yield with.

Alpha below:
1. @Blast_L2

• Bridge ETH to Blast:
• Mint rsETH on Blast: (boost with my ref)

DeFi points stacking:

• LP wrsETH/wETH on @ThrusterFi -
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Earn: $KELP, $EIGEN, $BLAST points & gold, $THRUST, $HYPER)blast.io/PNJOM
kelpdao.xyz/restake/?utm_s…
app.thruster.finance/ref/DFJJVM
app.hyperlock.financeImage
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