Airdrops really aren't as exciting as they used to be. I am a living example of that.

Take aevo, for instance. To boost trading volume, I spent over $10,000 to grind the trading pairs, and the trading volume indeed went up. But what happened? The system flagged it as "abnormal trading rhythm, suspected automated trading," and directly deducted my rewards, ending up with a loss. Meanwhile, those accounts that quietly operated and low-keyed their volume mostly managed to get away with it.

Xion is even more outrageous. Our studio organized 300 accounts, each consistently ranked in the top 20,000 points. At that time, the price of xion was stuck at 8U, and rumors said that a single account could get 1,000U. But I checked later—out of 300 accounts, only 2 actually qualified.

The movement issue is even more abstract. With the same 300 accounts, when it was first released, each could claim 300-500 tokens, with an opening price of 1-2U. We thought since there were many accounts and high gas fees, we’d wait until the next day when gas was cheaper to claim. But they just closed the claiming window, and the project team delayed for a long time before resolving it. By the time it was finally available, the single token dropped from A7 level to A5 level.

The problems don't stop there. Even the query results can be wrong, which was hard to imagine before.

Plus, with the market so cold now, I can't help but speak the truth—most project teams have long stopped caring about the community’s opinions. Their top priority is always how much they can earn.

That said, perpetual contracts have indeed become hot recently. Projects like Lighter, to compete with players like Aster DEX and others, must have a stable profit model and wealth creation effects.

Honestly, now, bulk registering accounts to participate in airdrops is no longer just about looking at funding backgrounds and institutional lists. The logic for choosing projects has completely changed.