1d ago
From first principles: Ownership is a privilege, not a right.
Do I/you deserve ownership in @monad (or any other) network? Probably not.
The level of "entitlement" towards airdrops is the exact thing Kain is talking about.
Crypto twitter has gone a bit overboard in defining airdrop exceptions, without any input from the project — using social pressure to enforce their expectations.
There are many reasons a project may choose to do an airdrop, but the social obligation must go away. Projects should be setting their own expectations with their communities.
Too often, we think crypto is a very different ballgame than fintech/finance — when it's really not. No other startups airdrop to their community, so if you're going to in crypto, there should be a pretty good reason for it.
3d ago
Kain (Infinex founder) is complaining about the predatory economics of airdrops.
airdrops leveled the playing field between founders/VCs and retail. Before airdrops, retail got completely milked by founders/VCs who bought in at very low cost and then non-stop dumped their tokens, and when the bear market started, ALL alts went down 90%. Founders had a GREAT time in previous cycles, and finally, crypto is more friendly to users.
Today in crypto, you NEED to do your airdrop correctly or you risk fading completely into irrelevance and getting fudded into oblivion.
My favorite example is SCROLL, which raised from Polychain at $1.8 billion in the last round and has a current FDV of less than $200 million, an 88% drop. A big reason for that was their jeet airdrop, and Sandy paid a bitter price, and I am EXTREMELY happy about it.
Kain, I understand you. Even if your product is great and you do good honest work, you get slaughtered if you mess up your airdrop. Don't complain and accept this new reality. Founders had a great time for years; now it's the turn of retail.
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