Original author | ardizor

Compiled by | Odaily Planet Daily Azuma

Editor's note:

For retail investors in the Crypto market, airdrops have always been the most attractive topic. L1/L2, DeFi, NFT, GameFi, social… Users who are enthusiastic about airdrops will try to interact with more projects in various tracks, in order to leverage greater potential returns at a low cost.

However, although the industry also makes judgments on the expected airdrops of specific projects, there seems to be a lack of a clear logic on how to select more feasible airdrop targets.

In the following article, overseas KOL ardizor has sorted out a group of active VCs in the industry and organized the projects invested by these VCs that have conducted airdrops for the community. Finally, the airdrop rates of the investment targets of major VCs are compared, and the conclusions may have certain reference significance for users who are enthusiastic about airdrops.

The following is the compilation of ardizor's original content by Odaily Planet Daily, with some deletions made for the sake of readability.

Recently, I (ardizor in the first person) wanted to figure out which projects invested by VCs prefer airdrops, and how the airdrop rates of investment targets differ among different VCs.

Here is my analysis process.

I selected 11 well-known VCs in the industry and created a database. Then, I organized all the disclosed investments of these VCs in recent years on a large scale and selected the projects that have conducted airdrops.

To obtain the desired data more accurately, I referred to the records of the following major databases:

1. Crypto Fundraising: https://crypto-fundraising.info

2. DefiLlama: https://defillama.com/raises

3. Cypherhunter: https://cypherhunter.com/en/discover/

4. Crunchbase: https://crunchbase.com

The final results are as shown in the following figure:

• Among the investment targets of Coinbase Ventures, 15 have conducted airdrops, including prominent projects such as The Graph, Biconomy, Gnosis Safe, and Aptos.

• Binance closely follows with 12 investment targets that have conducted airdrops, including projects like Sei, Maverick Protocol, and Space ID from Binance Launchpad.

• Following them are the two major top VCs, a16z and Paradigm, with 9 and 8 investment targets that have conducted airdrops, respectively, including notable airdrop "works" such as Uniswap, dYdX, and Optimism.

• Following them are Polychain, Multicoin, Pantera, Jump, Blockchain Capital, and Variant, with 3-7 investment targets that have conducted airdrops.

• The last one on the list is Sequoia Capital, with only Hooked Protocol having conducted an airdrop. It seems that the "traditional" top internet VCs do have some differences in the crypto field.

So, is this analysis over? Not quite. In order to determine which VCs are more inclined to airdrop their investments, I decided to calculate the airdrop rate of investment targets for each major VC using a simple division (number of projects with airdrops / total investments).

The final conclusion is as shown in the following figure:

• With a relatively low number of investments, Binance tops the list with an airdrop rate of 15.4% for its investment targets.

• Following closely is Paradigm with an airdrop rate of 11.6%, making it another VC with an airdrop rate of over 10% for its investment targets.

• Due to a relatively higher number of investments, Coinbase Ventures, which topped the previous list, drops to a mid-level position with an airdrop rate of 6.9%, similar to a16z, Multichain, Jump, and Polychain.

• Sequoia Capital still has the lowest airdrop rate at only 1.7% for its investment targets.

Conclusion

The above is the data statistics and analysis conclusions made by ardizor.

It needs to be clear that the above content only provides a relatively rough analysis method. Obviously, this method will be objectively affected by many factors, such as VCs not necessarily disclosing all investment situations, and the preferences of major VCs in style (such as some VCs preferring non-coin issuance infrastructure projects) and cycle selection are also different. The statistics also do not take into account specific airdrop amounts.

However, it must be said that ardizor's analysis still provides a relatively intuitive picture of the relatively vague airdrop market (even if it is only one perspective), which may help users who are enthusiastic about airdrops make choices when facing a large number of interaction targets.

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