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Yesterday, I was on The Zeta Layer 2 blockchain's townhall space where their forthcoming airdrop was discussed. The feedback from the community was shocking. I have always been on the side of the community, but yesterday was a completely different case. It is one thing for the community to seek fairness and equitable distribution, but it is another entirely to try to force the hand to overcompensate the community.
The argument proposed by some of the speakers yesterday was that the 10 million Zeta (estimated at around $1 million) was too small for the community. It is important to note that ZetaChain airdropped their tokens to their early adopters at launch, and this is another airdrop for active users. From my understanding, airdrops are more of a compensation; however, some people have taken it as a job and demand to be rewarded handsomely for their interactions.
Imagine a situation where someone spends $50 in fees and expects to make above $500 in airdrop rewards. This is not only unrealistic and unsustainable but also fueled by the same greed we in the community accuse developers and VCs of having.
Now, I understand that most airdrop farmers get burned by projects, making them desperate to maximize their gains from every project, but I believe that comes with the hustle. People making $100,000 from airdrops might sound nice, but it is not sustainable. Airdrops are supposed to be used for marketing and testing purposes. It is not a get-rich-quick scheme.
Additionally, projects should be less greedy as well. Creating tasks or campaigns where millions are made in the form of transaction fees and only a fraction of that is shared with the community is greedy. If a project needs to make a profit, it should come up with more creative ways of doing so, and the best way to achieve this is by creating useful Dapps.
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I have said in the past that Blockchain/Web3 projects do themselves a great disservice by overpromising. A project cannot overpromise and underdeliver and still expect some sort of understanding from their community. That may have worked in the past when there were fewer projects vying for people's time, money, and attention. Communities often vote with their feet as their form of protest against greedy VCs and Founders.
Nevertheless, it is also important that the community stays pure and does not become the same thing they despise. Most people come into this space with hopes of making life-changing money, but that comes at a price to the space and projects. Sustainability is as important as transparency in the Web 3 space. Cheers!