The airdrop from Nillion @nillionnetwork has sparked heated discussions again, which in my opinion may signal the end of an era.

In the past, the model of a project was as follows:

1) A good team tells a good story.

2) Well-known VCs come together to organize.

3) Yield farming studios and community contribute data.

4) Top exchanges.

5) Retail investors take over in the secondary market.

The ultimate endpoint of this model is that retail investors take over at a high market value, so the first four roles are all happy.

Then starting from the second half of 2024, after countless times of being cut, retail investors began to awaken. So this model started to collapse from its final endpoint. The awakening of each role takes time, so many projects and studios rely on this path.

If retail investors no longer take over at a high market value, then the distribution of benefits must be reallocated. Whether it's the team or the VCs, their profits will definitely decrease. However, the project party still needs to hold the community, so for airdrops, the result of equal distribution means that each person may only get a few dollars, which will definitely leave everyone unsatisfied. The first choice is to target the studios, after all:

1) A studio may have tens of thousands of addresses. If you remove ten thousand addresses, only one person has an opinion.

2) Studios that receive airdrops will basically sell immediately, which greatly impacts the coin price.

Removing a large number of studio addresses and reallocating the benefits to other community members is currently the best choice.

In fact, since 2024, there have been almost no airdrops that satisfy everyone. Each time a project launches, a large number of people come out to complain.

Then, it seems that yield farming is somewhat distant from the secondary market. But the root cause lies in the secondary market. Everything has changed; the bull market is no longer what it used to be, and everything else will change as well.

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