Airdrops are a common strategy used by blockchain protocols to attract and grow an initial user base. Tokens are typically distributed to select users as a "reward" for engaging with the protocol, aiming to foster long-term community loyalty and sustained economic activity. Despite their prevalence, there is limited understanding of what makes an airdrop successful. This paper outlines the design space for airdrops and proposes key outcomes for an effective strategy. We analyze on-chain data from six large-scale airdrops to assess their success and find that a substantial portion of tokens is often sold off by "airdrop farmers." Based on this analysis, we highlight common pitfalls and offer guidelines for improving airdrop design.

翻译：空投是区块链协议为吸引和扩大初始用户群而采用的常见策略。协议通常将代币分发给选定用户，作为其参与协议的“奖励”，旨在培养长期的社区忠诚度和持续的经济活动。尽管空投应用广泛，但对其成功要素的理解仍十分有限。本文概述了空投的设计空间，并提出了有效策略的关键成果指标。通过分析六次大规模空投的链上数据以评估其成效，我们发现相当大比例的代币常被“空投猎手”抛售。基于此分析，我们重点指出了常见的设计缺陷，并为改进空投设计提供了指导原则。