Altcoins have given rise to crypto airdrops, which have evolved over time. Initially, airdrops were a simple way for ordinary individuals to obtain free cryptocurrency. However, with the $UNI airdrop for early adopters of the Decentralized Exchange Uniswap, the potential value of airdrops has significantly increased.

It's no longer just a matter of a few dollars; recent cases like Ether.Fi involve thousands or even millions of dollars for airdrop hunters. 

This may sound awesome but sadly, airdrops have turned into a game played by and for the whales. 

The Ether.Fi Airdrop Disaster

In my last post, I wrote about "$ETHFI On Binance Launchpool - Sell Or HODL?". Today trading of $ETHFI tokens starts on Binance and I will sell mine that I farmed on Binance Launchpool right away as I expect a huge drop soon after trading starts.

Two days ago, Ether.Fi has also announced their airdrop but for most early adopters there had been no reason to be happy as most of the airdropped tokens will go to the wallets of whales. One of these whales is the controversial founder of TRON Justin Sun.

It is not cool at all that Justin Sun, gets a $20M airdrop in $ETHFI tokens after staking for three days before the snapshot was taken.

On the other hand, many other early adopters, especially those who staked small amounts of $ETH will receive nothing at all. They paid a lot of gas fees to collect points for potential airdrops but in the end, they received nothing but a huge bill of gas fees. Many shrimps start realizing that it is not them farming on Ether.Fi, it had been the other way around. EtherFi. has farmed the wallets of the shrimps!

Of course, this airdrop disaster has led to a huge backlash from the Ether.Fi community. The project seems to have forgotten that the community is not just a handful of whales.

How CZ Would Have Handled The Case

This is not the first time that Justin Sun went airdrop hunting. He also tried to exploit the Binance Launchpool by the end of last year. While the team and the founder of Ether.Fi thinks that it is fine that Justin Sun claims nearly 6% of the total airdrop supply, CZ took action against Justin Sun!

The Binance team told Justin Sun that they would take action if he used any of his deposits to farm the $SUI tokens on Binance Launchpool. 

The reason for this is as clear as it is obvious.

These airdropped tokens are meant for retail users like you and me and not just for a handful of whales!

My Final Conclusion

Does it make sense to give airdrops to whales or is it just wash trading between whales paid by shrimps?

Please let me know your opinion in the comments.

In the end, I would recommend that you do it like Justin Sun and watch out for free tokens. In the best case, you farm free tokens where whales are not accepted like Binance Launchpool. If you can not farm tokens on Binance Launchpool because you have not yet registered on Binance then please consider using my referral link with the invitation code E3PGAJCE to sign up. Using it saves you trading fees for each trade on Binance, a classical win-win situation.

Thank you for reading! If you enjoy this type of content, follow me here on Publish0x for more. You can also follow me on Twitter/X and Medium.

You may also like: Five Potential Projects to Launch on Binance Launchpad and Binance Launchpool in 2024