The new project AICoin is becoming more and more "abnormal". Is there still a chance for "lurking"?

CN
1 year ago

"Looting" users and the battle with the project party

Author: Plain Blockchain Interview

Since the governance token free distribution initiated by Uniswap several years ago, more and more new Web3 projects have been distributing tokens for free to users for early access and testing. Wave after wave of wealth effects have kept the "looting" trend enduring, leading to a surge of users and the emergence of studios flocking to new projects for "looting", especially with some star projects appearing to be "crowded with people", and the witch behavior being particularly crazy.

Many project parties are in a dilemma, if a large number of fake users are given governance tokens, it will compromise fairness and be detrimental to the project's subsequent development. Therefore, the "anti-witch" rules of new project parties are becoming increasingly strict, and the recent Layer Zero has carried out a large-scale witch account hunting activity, which has caused many users to worry about being mistakenly targeted and concerned about whether zkSync will also conduct related inspection activities.

**In the face of the escalating "anti-witch" movement, *do "looters" still have a chance?* Plain Blockchain has invited several relevant studio leaders and individual participants to discuss these topics of concern related to "looting". The guest speakers include:

Mr. G (owner of a certain airdrop studio)
Poyin (@poyincom, a 17-year-old leek)
Xiao Xin (Head of Investment Research at Future Labs, host of the Star-Shining Paid Community)
Xiao Guang (individual looting participant)
Mr. M (individual looting participant)

1. How do you view the escalating anti-witch upgrade of projects like L0, and how to deal with it?

Mr. G: The upgrade of the anti-witch is not just from L0, nor will it end with L0. The reason why project parties check for witches is nothing more than two reasons:
First, Airdrop is a tradition of Web3, but the default users of Airdrop are early project participants and real users, at least those who have made real contributions to the project's development, while the users targeted by the anti-witch are often large-scale, strong-replicated, and meaningless participants, such as batch scripts using very low gas to increase transaction volume;
Second, the total amount of Airdrop distribution is fixed and cannot cover all users. Since the number of users is increasing, in order to distribute Airdrop to real users, the screening intensity must be continuously increased.
The solution is simple, to meet the needs of the project party, that is, to make the contributions it needs for the project. If it is staking-related, then invest real money in staking and provide TVL; if it is interaction-related, then truly participate deeply and participate early.

Poyin: The escalating anti-witch upgrade, we need to understand the motives of the project party: The project party simply wants to protect the fairness and security of the project, hoping to distribute Airdrop to real users, which helps to establish a healthy and fair community, rather than ending up like Starknet, where the Airdrop is like a ghost town after it's distributed.
For retail investors:
1) Maintain your privacy, avoid letting peers or competitors know your address. Also, do not use the same set of login information on multiple platforms;
2) Follow the rules and deeply engage in the community. The previous brute-force looting methods are definitely going to be eliminated. When there are more fishing boats than fish, it can only be "industrial upgrading" to do it deeper than others. Be more detailed in execution, slowly interact, or alternate activities to be more like real users, and even actively participate in the community;
3) Learn reporting skills: Mutual reporting should be a norm in the future, understand how to identify and report witch attacks, and if you find addresses with obvious volume brushing, report them directly to receive corresponding rewards. Reduce competition;
4) In execution, do not use the same trading platform for all accounts, and use multiple sub-accounts for deposits and withdrawals;
5) Burn gas, invest real money in burning gas, this is the biggest commitment to the project party.

Xiao Xin: 1) The escalating anti-witch upgrade is an inevitable trend in the development of the looting industry. The wealth effect of past projects such as ARB, Starknet, Wormhole, Eigenlayer, etc., has been too significant, with a large number of studios creating a large number of accounts, millions of addresses. From the perspective of the project party, they will try their best to distribute chips to real users, even if they only appear to be real users.
2) As retail investors, what we can do is to make our accounts as random and different as possible: slow down the speed of creating accounts, and make them more different in terms of funding sources, activation time, cross-chain time, types/quantity of interaction protocols, number of transactions, trading volume, active time, balance, and other dimensions.

Xiao Guang: The continuous upgrading of anti-witch measures is inevitable, and the difficulty will inevitably increase, because profitable users will increase the scale of their investment, and the total number of users on the chain will continue to increase, so it is necessary to control the scale of scripted addresses, otherwise everyone's interests will be harmed. Ordinary users can avoid being targeted by the project party by reducing the number of accounts. For example, for a project with 50 accounts, create fewer than 5 accounts per day, and complete the initial interaction for a project within a month. The diversity of initial interaction is the most important. And most importantly, optimize your looting strategy based on the Airdrop rules of Starknet and L0, make it more diverse, and avoid clustering behavior.
Another point is to reduce the frequency and quantity of activity, focusing on monthly activity, and not having too many accounts, imitating the operations of real users. Whether it's the so-called "embedded interaction" or other trading modes, ultimately you need to make the project party believe that your interaction is valuable, do valuable interactions, and avoid meaningless interactions. According to the data from previous Airdrops, middle-layer addresses are the preferred choice for wool party, which can avoid the low-protection accounts from not meeting the requirements, and also avoid the clustering trend of high-quality accounts. This is currently my main strategy.
In the future, anti-witch measures will continue to be upgraded, and I hope everyone can think about how to be a real user, consider more steps than the current anti-witch measures, and be prepared.

Mr. M: L0 is divided into two stages: self-reporting and mutual reporting. The analysis is mainly based on on-chain data analysis, using fund associations between addresses (generally 10-20 wallets) and on-chain behavior similarity (interaction with smart contracts, transaction intervals, transaction times, active time periods, etc.) to screen on-chain addresses. If account IP isolation is done well, it won't be so serious.
How to prevent being targeted by the anti-witch? It is recommended to use the platform's sub-account function to isolate wallet addresses (to prevent association), and to withdraw from CEX to wallets (after creating 5 sub-accounts for each main account, a total of 120 addresses can be generated, one-to-one correspondence).

2. With the internal competition of new projects for "looting", do ordinary people still have a chance?

Mr. G: The so-called internal competition is just because the threshold for Airdrop has been raised. From the earliest Uniswap, where any use would get an Airdrop, to more and more rules such as requiring on-chain balances, interaction duration, interaction frequency, etc.; from not meeting a certain rule resulting in a deduction, to being directly banned for not meeting the rules, all of this indicates this.
So internal competition does not mean that opportunities have disappeared, ordinary people can participate as long as they meet the threshold.

Poyin: The opportunities for ordinary people are definitely getting smaller. A year ago, there were probably only hundreds of small studios in China, mostly "slave-like" studios. And there is a big gap between top studios and mid-level studios, with top studios having advantages in experience and technology. Now, with looting studios everywhere, benefiting from cheap labor, as long as there is a market gap, the East Asian internal competition mode has already started. In the future, it may be about refined operations, needing to beat the competition in terms of investment research. Human resources, funds, investment research, and technology are the four dimensions, and only investment research has the highest moat, judgment is the core, just like in investment. The principle of "having what others don't, and being better than others" is timeless.

Xiao Xin: I personally think there is still a chance,
1) After ARB last year, the whole network was focused on ZK, L0, and Starknet. Many friends thought that the looting track was buzzing and coming to an end. The reality is that this year's Starknet, Wormhole, and Eigenlayer still allowed many friends to make a lot of money, and even the latter two are of the "sunshine everywhere" type, with extremely relaxed conditions.
2) But the premise is: to keep your understanding and strategy at the forefront of the track: choose big projects, meet the basic requirements of the project party, and be different.
3) This requires some homework, such as being very familiar with the Airdrop rules of past projects and managing your own accounts, and so on.

Xiao Guang: Currently, L0 has cleared a batch of high-quality accounts, creating new entry opportunities for ordinary people. For example, L0's witch library contains a large number of high-quality ZK accounts. In the future, when ZK distributes Airdrops, it will definitely refer to L0's witch library. This batch of high-quality accounts for over a year will become fertilizer for the project's development. In the future, large studios will reduce the scale of accounts, and the more accounts there are, the greater the possibility of being targeted by the anti-witch. In the future, looting will gradually move towards small-scale and retail development, which will be increasingly advantageous for experienced looters. Currently, it's a bear market, with low costs, so it's still recommended for everyone to loot more during the bear market, as there will be many surprises in the bull market.

Mr. M: There is definitely an opportunity, but many projects this year tend to be staking (such as Merlin, heavy staking, etc.) / points-based, and the probability of retail investors being cannon fodder is high, so the difficulty for retail investors to loot has increased.

3. What do you think is a reasonable distribution rule?

Mr. G: There is no completely reasonable rule:
For looters, a reasonable rule is 100% full Airdrop;
In the eyes of VCs, a reasonable rule is 100% distribution to early investors;
In the eyes of the project party, a reasonable rule is 100% for the team and 0 lock-up.
So if you look at it from one side, each seemingly reasonable rule is absurd and controversial, and a relatively reasonable rule is to try to take into account the interests of all parties, VCs have provided funds, the project party has pushed the project's development, the community is made up of early participants and feedback providers, and even has to contribute a portion of the shares in order to be listed. Different projects and different stakeholders will have different rules.

Poyin: In the long run:
1) Based on contribution
Airdrops and rewards should be distributed based on the actual contributions of users to the project. For example:
Technical contributions: participating in testing, submitting valid bug reports, developing new features, etc.
Community contributions: writing project-related content, actively participating in community discussions, promoting the project, etc.
2) Long-term holding incentives
Reward users who hold project tokens for the long term, rather than short-term speculators. For example:
Lock-up mechanism: requiring users to lock tokens for a period of time to receive full rewards.
Gradual release: gradually releasing rewards to encourage users to hold tokens for the long term.
3) Fair distribution
Ensure that both small holders and large holders receive a reasonable proportion of rewards, to avoid excessive bias. For example, a limit can be set to prevent a few large holders from receiving too many rewards.

Xiao Xin: Personally, I think it's quite difficult to have reasonable distribution rules. Like the vast majority of projects, after the Airdrop, active data sharply declines.

Xiao Guang: The points-based distribution rule is currently more reasonable, referring to the Airdrop rules of ARB. The points-based Airdrop rules will not be one-size-fits-all, and your efforts will not be overlooked due to details, every effort will be rewarded.

Mr. M: For distribution, snapshots can be taken at several key upgrade nodes of the project, because as the number of addresses increases later on, those who were there at the beginning with the project are the real early users, and their Airdrop weight can be higher, that's how I see it.

4. What are the "looting" projects currently being focused on?

Mr. G: Projects with high financing, great imagination space, conforming to the main narrative of the market, and have not had a Token Generation Event (TGE), such as puffer in the Ethereum staking category.
Hyperlane, which does cross-chain, is also good, the cost should be high. Eclipse was originally going to do it, but it stopped due to the project party's harassment, there are too many projects, can't keep up with them, so I won't talk about the rest.

Poyin: Currently, the more star-studded and larger projects are: Linea, Magiceden;
Next are some high-financing projects in the Bitcoin ecosystem, such as Babylon;
Finally, the AI sector, apart from Pionex, I haven't found any good projects, but this sector should be given enough attention.

Xiao Xin: The main ones are these 4 projects with a valuation of over 1 billion US dollars: Linea, Scroll, Magiceden, Farcaster.
I did a statistic before: in the past 3 years, out of 12 big opportunities that could make ordinary people earn 1 million US dollars, 7 of them came from looting, and most of them had financing of over 100 million US dollars and a valuation of over 1 billion US dollars. The original text is in the pinned tweet: @xiaoxin_bit
The fact proves: simplicity is the ultimate sophistication, doing well in these big projects is the best wealth code for ordinary people.

Xiao Guang: Currently, I'm focusing on L2, adding some new ZK accounts, and looking for new looting opportunities. I suggest that in the future, try to avoid projects across the entire chain, L0 is an example of this. I have participated in some other projects, such as Bear Chain, participating in Discord and testnets. Currently focusing on the BTC ecosystem, looking for some potential opportunities, and will share with everyone if there are any.

Mr. M: Currently, it's a bit confusing, Taiko, Zks, L0 are about to distribute, Scroll can also be checked for points, it's estimated to be only two or three months, and recently looting Phoenix, which is an order book DEX. In early May, Paradigm's lead investment was announced, and because it's on the SOL chain, the high TPS (transactions per second) may be a key point for the rise of the order book, the risk is that the project party has repeatedly stated that they will not issue tokens, and Airdrop is even more absurd.

Original article link: https://www.hellobtc.com/kp/du/05/5204.html

Source: https://mp.weixin.qq.com/s/hG-7MsyxazzIkH3YJyLxhQ

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