Funny how everyone is trying to copy Hyperliquid's playbook, but nobody is actually able to pull it off.

$LIT has essentially been in down only mode since its TGE, and so have the fundamentals of Lighter:
- Daily active traders down -95%, and I'm not even counting the inflated ATH on TGE day when everyone just showed up to dump their $LIT
- Notional volume down -90%
- Open interest down -60%
- 14 consecutive weeks of net outflows since TGE
Once again, the perfect example of how pointless and unsustainable airdrops are.
$HYPE is probably the only example of a positive airdrop outcome. And even here I'd argue it had nothing to do with the airdrop itself. It was a killer product that people genuinely wanted to use, a top founder in @chameleon_jeff who became a mythical cult figure for an insanely loyal community, and just top notch execution and fast iteration by a highly motivated team of traders building for traders.
The airdrop was a nice cherry on top for its power users. But definitely not the reason they're staying.
The overall airdrop craze has become kind of dead anyway, but I hope that posts like these keep reminding people how dumb the whole concept is:
Fake metrics and pseudo excitement by over-incentivizing products won't bring us anywhere. It's stupid for investors. It's stupid for founders. It's stupid for the entire industry. And it makes us all look simply... stupid.
The people who will argue that we need airdrops are the exact same people who have been destroying this industry for the sake of their get-rich-quick dream, but not for its long term sustainability.
Anyways, Hyperliquid I guess.