Author: Yuyue

My entry point into the crypto space was also through airdrops, but the current airdrop model has changed significantly. As a crypto practitioner with a verifiable track record in selecting tracks, I will discuss what should be done moving forward. This article mainly targets players with small capital to provide some core ideas.

"Bear market for harvesting, bull market for trading; golden dogs don’t roll, big dogs don’t roll"

The most essential point is: lower expectations.

Whether in the secondary market, primary market, or airdrops, which are similar to a primary and a half farming, one should recognize that the crypto industry has entered a bear market in terms of valuation. I have mentioned many times the idea of "returning to common sense." In a lukewarm market, excessive emotional premiums will be deflated, leading to a return to value. If one can lower expectations and not be overly greedy, it forms the basis for continuing to cultivate in a bear market.

Before harvesting, the most important thing to understand is: what is the essence of harvesting?

• Harvesting is a channel for participating in a primary and a half market, and its essence is somewhat similar to primary investment;
• Airdrops, in the current version, are marketing tools used by project parties to acquire customers and improve data;
• Harvesting is not necessarily a guaranteed return; it is also a form of investment, and there is no commitment of returns from the project parties.

Based on the above three points, you will discover that the main group of primary investors—most VCs—actually do not make money. Moreover, the rule of primary investment is to invest in a bear market and reap rewards in a bull market.

In recent years, all significant harvests in airdrop history have almost come from bear markets, such as APT and ARB, which emerged when the secondary market was not performing well. The capital and time costs for retail investors were not that high, especially for Aptos and even the testnet A8 level harvests.

However, the second half of last year was essentially a bull market. Investing in the primary market during a bull market inevitably increases the likelihood of being counter-harvested. If one understands that harvesting is essentially a contract-free primary investment, it becomes clear that being counter-harvested may just be the norm.

Looking back at the timeline of Nillion, this project raised funds in Q3 last year and initiated activities for retail participation during the two most active quarters of the secondary market last year. Now, at the time of TGE, it is again the worst moment in the secondary environment… Essentially, this is a timing issue.

So, what should we do now?

Watch more, act less

In a bear market, there are often unexpected opportunities, such as the recent $COCORO, which can be considered a significant harvest. Slowing down the pace can also yield profits; it just depends on how to assess the level of the narrative.

On the basis of watching more and acting less, do not be overly greedy; earning several thousand U in one go is already quite appealing.

Harvesting and cultivating can still be done, just don’t expand and increase capital investment

If necessary, one can engage in more daily harvesting work. If expectations can be lowered, there are still plenty of easy daily tasks in crypto, such as the IDO tasks from Binance Wallet, which can yield several hundred U per task, OKX's Cryptopedia activities, and Bybit's Solayer & Launchpool activities. These are basically guaranteed airdrops; it’s just that people usually overlook this small amount of money, which is a matter of expectations.

Moreover, while harvesting, thinking and reviewing can also enhance industry knowledge, rather than just treating it as a mere task. For example, how to improve one’s efficiency? The process of programmatically collecting information? How to organize and plan projects and knowledge bases? These are all areas for optimization.

Self-improvement

For those who can read, it’s beneficial to read books, especially to improve learning abilities. Learning a language or enhancing one’s education can have very practical benefits.

Fitness creates a solid physical foundation for the bull market.

Believe that golden dogs don’t roll, and big dogs don’t roll. Try to find areas that still have dividends, rather than just following what others do.

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