不断演化的空投,吸引更多的Web3用户

FastDailyPublished on 2023-01-31Last updated on 2023-01-31

Abstract

在考虑空投的未来时,人们很容易对它们的潜力感到乐观。

在考虑空投的未来时,人们很容易对它们的潜力感到乐观。然而基于行业内空投当前状态,表达怀疑也同样合理。很明显,为了正确地利用它们的力量,我们需要进行更多的实验,但执行空投所需的开销和工具的缺乏令人望而却步。它们到底是什么呢?

什么是空投?

简单地说,空投向过去、现在或未来的网络参与者分发代币。空投是更广泛的“代币激励”的一部分。代币激励是对网络参与者贡献资源(如注意力、劳动或资本)的奖励。

激励机制本身并不是一个新概念,也不仅仅局限于加密货币。传统公司长期以来一直在以某种形式利用它们来推动增长、参与和组织整合。

同样,激励机制也推动了加密货币的各种参与模式,如用户获取、留存和参与度。它们还用于协调长期的协议贡献者和治理参与者。空投等加密货币的原生激励措施提供了独特的方式来奖励在特定网络中拥有所有权或治理权的用户。

虽然空投可以成为推动网络健康的强大工具,但迄今为止,大多数空投设计都因缺乏有效性而受到关注。

为了实现空投的潜力,项目团队必须了解他们的协议重视什么样的参与,以及参与的程度。如果不能回答这些问题,就会导致空投分配的效率低下,包括以下问题:

在研究如何更好地配置空投以推动网络健康之前,让我们更深入地了解一下过去和现在的设计模式。

空投历史:过去

大多数人都熟悉以太坊和EVM兼容链上的空投。但是,第一次空投发生在以太坊上线之前。

“原始”空投:2014-2020 | Bittrex&BTC分叉

已知的第一次空投是Auroracoin,这是一种旨在挑战冰岛克朗的加密货币。每个冰岛公民都有资格获得一个发行时价值约385美元的pre-mined空投。

继Auroracoin之后,一些最早的空投是交付给Bittrex等集中式交易所持有者的工作证明叉和子链空投。例如,Bitcoin Private(比特币的一个分叉)被分发给了Zclassic (Zcash分叉)的持有者。代币创造者的目的是将代币分发给对加密货币有类似信念的持有者。

在首次代币发行(ICO)热潮期间,OmiseGo等备受瞩目的项目会向潜在的网络参与者空投一部分供应。他们甚至开始尝试使用标准过滤器,例如分发到持有0.1或更多ETH的以太坊地址。

可以说,早期的空投相对粗糙,但也是有意义的。向链上分发和资格要求的转变使空投的设计原则更具创造性。一旦上链,空投设计者可以根据用户行为进行细分,以获得更大的影响力。

“追溯性”空投:2020-2021 | Uniswap, ENS

下一波空投以Uniswap等加密巨头的大量发行为特色。这开启了“追溯性”的时代。追溯性分发引入了更多复杂的设计,因为过去的使用可以决定资格和奖励级别。

虽然这些最初的链上空投具有创新性,但它们存在几个缺陷。首先,它们通常是一次性分配。这些分配在美元价值和特定代币供应量方面往往大得难以维持。这种设计限制了在投入大量资金之前进行迭代和优化的能力。

参与者通常只需要完成一个基本的动作就可以获得资格。随着时间的推移,人们对未来使用pre-token网络的空投资格产生了期待。这导致了空投farming,在这种情况下,个人会创建许多账户来使用一个项目,以期待它们都能获得未来的空投。farming行为降低了早期链上空投的效率,并可能构成了今天大多数的链上交易活动。

这些缺陷和其他缺陷导致空投造成的增长相对于价值分配来说并不令人印象深刻。在这里,我们可以看到UNI和“追溯性”空投时代的其他分配背后的大量数据:

条件性申领空投:2020-2021 | dYdX,Osmosis

“追溯性”空投时代之后的下一个设计迭代是“条件性”空投。其核心创新是规定接受者要完成一些规定的行动才能领取奖励。在这些条件的基础上,项目保持了根据过去的行为进行细分和分级的能力。

这个时代最引人注目的空投来自dYdX和Osmosis等项目。对于dYdX,交易历史决定了一个人的空投资格,但新的交易量是额外的一个申领要求。

最终,条件性空投通过促进追溯活动而完善了追溯性的设计理念。但是,由于其单一的大笔支出,它们也遇到了类似的成本效益问题。与之前的设计一样,大规模的初始分配消除了应用最小可行奖励的能力——这种方法可以让团队快速获得关于他们分配的反馈回路,以确定成功。

条件性空投压缩了Sybil farmer的利润。然而,某种程度的Sybil farm活动仍然没有得到控制。这也损害了这些设计的效率。以下是关于dYdX空投的更多数据:

空投历史:现在

空投创新的下一个时代围绕空投频率引入了新的理念。2022年,项目开始采取分阶段的方法,同时整合了之前的空投设计元素。

“经常性”空投:2022-2023 |Optimism, Blur

经常性或阶段性允许在每个增量设计中加入更多的反馈。项目可以通过迭代参数、优化和测试新的假设来有效地推动网络健康。此外,他们能够在某种程度上避免大量初始支出的浪费做法。

经常性空投的设计也提高了减少Sybil farming的能力。项目可以更新资格要求,以便在连续的迭代中过滤掉Sybil farming,并降低初始空投量,以打消潜在farmer的积极性。

也就是说,在经常性空投的时代,我们仍有改进设计选择的空间。与以前的时代相比,经常性空投的初始花费更少。然而,经常性空投的早期阶段仍然产生了不理想的结果,数额太大。

产生次优结果的一系列实验的基线没有本质上的问题(事实上,这是意料之中的!)。但是,项目应该在早期迭代中使用最小可行的奖励方法来减少浪费。

Optimism $OP的阶段空投就是这些原则的一个很好的例子。他们采用了一种分阶段的方法,同时保持了追溯性的资格要求。

但是,如下图所示,在初始阶段分配的价值大得令人望而却步。让我们看看当前“经常性”时代OP空投的初始分配的一些数据:

空投的历史:未来

那么空投设计理念的下一步是什么呢?这是一个价值十亿美元的问题。

Quests: 2023+ | RabbitHole-Enabled

关键是速度。

经常性分配、条件性申领和追溯性资格要求涵盖了空投设计的过去和现在。我们相信空投计划的下一个时代将以被称为“任务”的高速实验的形式出现。

这种设计理念将允许一种分阶段的方法,为初始分配提供最小的可行奖励,推动项目和其代币持有人之间更快的反馈周期。项目可以继续迭代,直到获得有吸引力的结果。在这一点上,部署更多的资金来推动增长将变得更加有效。

这些项目将扩大从链上行为中区分合格接受者的范围。在NFT社区流行的机制的基础上,允许列表将成为建立资格标准并领先于空投farmer的强大工具。

Quests也将扩大链上条件的适用范围。项目将要求用户采取特定的链上行动,以申领他们的空投。

Related Reads

Bitcoin's 'Rally Ends,' Officially Entering the Later Stage of a Bear Market?

Bitcoin prices declined 13% this week, reversing the recent rebound and signaling a likely transition into the later stages of a bear market. Key on-chain metrics deteriorated, with the short-term holder cost basis falling below the Realized Price—a pattern last seen in early 2022, characteristic of bear market maturity. The rally to ~$82k proved to be a bear market bounce, as evidenced by the 90-day realized profit/loss ratio failing to sustain above the bullish threshold of 2. Daily realized losses surged to $1.35B, including significant selling from long-term holders who accumulated near cycle tops, indicating ongoing supply redistribution. Price was rejected almost precisely at the aggregate US spot ETF cost basis of ~$83k, turning that level into resistance and leaving the average ETF investor underwater again. Spot market selling pressure intensified, with the 7-day volume delta turning significantly negative to its weakest level since February. While a major long liquidation event cleared over $400M in leverage, spot demand has not yet stepped in to absorb the resulting supply. Options markets continue pricing in higher future volatility (elevated volatility risk premium) and maintain a skew toward put options, reflecting persistent demand for downside protection, though not yet panic. Overall, market structure remains fragile. Sustained recovery likely requires a reclaim of the ETF cost basis, a shift back to positive spot demand, and a slowdown in realized loss-taking. Until then, the market risks further downside or extended consolidation within the broader bear trend.

Foresight News19m ago

Bitcoin's 'Rally Ends,' Officially Entering the Later Stage of a Bear Market?

Foresight News19m ago

How Risky is the "Death Spiral" of MSTR and STRC?

Summary: This article explores the perceived "death spiral" risk between MicroStrategy (MSTR), its Bitcoin holdings, and its perpetual preferred stock (STRC), drawing comparisons to the LUNA-UST collapse. While both systems feature price anchors, high yields for holders, and potential feedback loops, their core mechanisms differ fundamentally. The MSTR-STRC structure relies on continuous financing to sustain its high dividend payouts, primarily through stock ATM offerings. A negative feedback cycle could occur: falling MSTR stock price makes raising equity capital harder, increasing pressure to sell Bitcoin, which undermines STRC confidence and further depresses MSTR. However, unlike LUNA-UST's automated, direct linkage, the MSTR-STRC loop is weaker and has brakes: STRC dividends can be deferred or rates lowered, and STRC holders have a $100/share liquidation preference in bankruptcy, providing a price floor. The company's sustainability hinges on its ability to continue financing. Its current ~$900 million USD reserves cover only about 6.3 months of its ~$1.71 billion annual interest/dividend burden. The next six months are critical, aligning with both the potential bottom in Bitcoin's four-year cycle and the depletion timeline of its reserves. While a LUNA-style catastrophic collapse is deemed highly unlikely due to structural differences, the key question is whether MicroStrategy can navigate this period through healthy deleveraging to restart its capital engine.

Foresight News37m ago

How Risky is the "Death Spiral" of MSTR and STRC?

Foresight News37m ago

How Much Debt Does Strategy Really Have? Is There a Risk of Implosion?

MicroStrategy's Debt Risk: A Turning Point in the "Never Sell" Strategy As of June 3, 2026, MicroStrategy holds 843,706 bitcoins (valued at ~$53.1B) but faces significant financial obligations. Its capital structure includes $6.75B in convertible notes and $15.48B in perpetual preferred stock (led by the $8.5B STRC series), creating an annual payout burden of ~$1.71B. With software revenue at only ~$500M, interest and dividend obligations far exceed operating income. A critical shift occurred in late May 2026 when the company sold 32 bitcoins for ~$2.5M to cover dividends, breaking CEO Michael Saylor's long-standing "never sell" pledge. This symbolic move triggered a sharp decline in both Bitcoin's price and MSTR stock, reflecting market fears about cash flow sustainability. The core of the strain is the STRC perpetual preferred stock, designed as a "permanent loan" with no maturity date but requiring high monthly dividends (currently 11.5%). Its business model relies on a three-part cycle: issuing new STRC shares, using proceeds to buy more Bitcoin and fund a USD reserve, and using that reserve to pay dividends. This cycle depends on continuous investor demand for STRC and Bitcoin's price appreciation. Analysis shows Bitcoin needs to appreciate at least 2.3% annually to cover the $1.71B in yearly obligations at current holdings. With Bitcoin price down ~22% from March 2026 highs, this pressure has intensified. The company's $900M USD reserve can only cover about 7 months of payments if STRC issuance stalls. Key risks are not immediate bankruptcy or forced Bitcoin liquidation (as BTC is not collateral), but rather: 1) The erosion of MSTR's premium to its Bitcoin holdings (mNAV), which would cripple its ability to raise cheap capital; 2) A vicious cycle where stagnant Bitcoin prices reduce STRC demand, draining the USD reserve and forcing BTC sales, further depressing prices. The period from February 2027 to September 2028 is a crucial test, with over $5.9B in convertible notes facing put options or maturity. In essence, MicroStrategy has evolved from a simple Bitcoin holder into a complex financial entity acting like a "private Bitcoin bank," leveraging its BTC holdings to create layered financial products. Its survival depends on maintaining Bitcoin's price trend, its stock premium, and market appetite for its preferred shares. The recent token sale marks not a betrayal of its Bitcoin thesis, but an admission that the leveraged strategy must eventually be paid for.

marsbit47m ago

How Much Debt Does Strategy Really Have? Is There a Risk of Implosion?

marsbit47m ago

Anthropic Cries Wolf: Is the AGI Threat Real, or Just an IPO Story?

Anthropic has published an article titled "When AI builds itself," discussing the emerging concept of "recursive self-improvement," where AI begins to actively participate in designing, training, testing, and optimizing its own subsequent versions. The company presents internal data showing that by May 2026, over 80% of code merged into its codebase was written by Claude, its AI model. Claude's capabilities have expanded to handling complex, open-ended engineering tasks, achieving a 76% success rate in such areas, and even contributing to research processes, such as optimizing code performance and conducting AI safety experiments. Anthropic outlines an evolution from human-driven development to AI-assisted workflows, culminating in the current stage where AI agents can autonomously write, run, and delegate code. The company cautions that the path toward a "closed loop," where AI continuously improves itself, is becoming visible. It calls for coordinated global mechanisms to potentially slow or pause frontier AI development to allow safety research and societal structures to catch up. However, the timing of this warning coincides with Anthropic's preparations for an IPO, framing the narrative not just as a safety concern but also as a demonstration of Claude's advanced capabilities and its integral role in accelerating Anthropic's own R&D—creating a potential "flywheel" effect for competitive advantage. This contrasts with OpenAI's recent, more policy-oriented discussion of the same risks, highlighting the competitive dynamics in the AI industry as companies position themselves in both the technological and regulatory landscape.

marsbit1h ago

Anthropic Cries Wolf: Is the AGI Threat Real, or Just an IPO Story?

marsbit1h ago

Trading

Spot
Futures

Hot Articles

How to Buy DYDX

Welcome to HTX.com! We've made purchasing dYdX (DYDX) simple and convenient. Follow our step-by-step guide to embark on your crypto journey.Step 1: Create Your HTX AccountUse your email or phone number to sign up for a free account on HTX. Experience a hassle-free registration journey and unlock all features.Get My AccountStep 2: Go to Buy Crypto and Choose Your Payment MethodCredit/Debit Card: Use your Visa or Mastercard to buy dYdX (DYDX) instantly.Balance: Use funds from your HTX account balance to trade seamlessly.Third Parties: We've added popular payment methods such as Google Pay and Apple Pay to enhance convenience.P2P: Trade directly with other users on HTX.Over-the-Counter (OTC): We offer tailor-made services and competitive exchange rates for traders.Step 3: Store Your dYdX (DYDX)After purchasing your dYdX (DYDX), store it in your HTX account. Alternatively, you can send it elsewhere via blockchain transfer or use it to trade other cryptocurrencies.Step 4: Trade dYdX (DYDX)Easily trade dYdX (DYDX) on HTX's spot market. Simply access your account, select your trading pair, execute your trades, and monitor in real-time. We offer a user-friendly experience for both beginners and seasoned traders.

2.5k Total ViewsPublished 2024.03.29Updated 2026.06.02

How to Buy DYDX

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of DYDX (DYDX) are presented below.

活动图片