From 100,000 Losses to Tens of Red Envelopes: Why Are Crypto Enthusiasts Turning to 'Yuanbao Wool'?
Amidst a significant downturn in global financial markets and cryptocurrency prices in early February, many crypto traders, facing substantial losses, have turned to a seemingly more reliable source of small gains: the "Yuanbao Cash Redemption" event. This campaign by Yuanbao, backed by Tencent, offers cash红包 (red envelopes) typically ranging from a few to tens of RMB for simple tasks like referrals and product interactions, providing a psychological escape from market volatility.
In contrast, the traditional crypto airdrop landscape has become increasingly fraught with risk and disappointment. The article highlights cases like Infinex, where users invested significant time and money (e.g., over $11,900 and 406 days of engagement) only to face heavy losses during token generation events, with some unable to even recoup costs. This has led to frustration, silent resignation, or even public维权 (rights protection) efforts.
The core issue is framed as a shift in the purpose of airdrops: from rewarding early users to merely serving as a growth hack for project teams seeking exits or funding, often with unreliable token promises. Web2 companies like Tencent can offer cash rewards with certainty due to strong cash flow and legal frameworks, whereas Web3 airdrops often come with high costs (time, effort, capital), risks like sybil attacks, unlock periods, and rule changes, resulting in lower effective returns.
Both Web2 and Web3 use airdrops for user acquisition, but long-term retention depends on product-market fit and user experience. While Yuanbao leverages Tencent's experience in converting user growth into retention (e.g., WeChat Red Packets), Web3 projects struggle post-airdrop, with many failing to sustain engagement. The conclusion emphasizes that beyond token incentives, Web3 must focus on product functionality and user value to achieve genuine retention.
比推02/04 13:27
