Original | Odaily Planet Daily (@OdailyChina)

Author | Asher (@Asher_0210)

Another anti-dumping project has emerged...

Following the last update on the total supply of tokens for the airdrop at 21% (divided into Season 1, Season 2, and Season 3, each accounting for 7%). Yesterday, YZi Labs invested "tens of millions of dollars," and CZ joined as an advisor for Genius updated the Season 1 airdrop documentation. According to the latest content, a total of 70 million GENIUS tokens will be distributed at TGE, and early users have two ways to claim:

• Select to claim immediately at TGE: The deadline for immediate claims is 7 days after TGE, if the user chooses to claim immediately, 70% of the tokens will be automatically burned. For example, if a user has a total claim limit of 100 GENIUS tokens and chooses to claim immediately, they will lose 70 GENIUS, ultimately receiving only 30 GENIUS, with the remaining 70 GENIUS being permanently burned;
• Select to lock for one year at TGE: This claim method will not incur any penalty, users do not need to perform any tasks, and wait for the airdrop claim window to close. After that, the user's token quota will be locked in a smart contract for one year. For example, if a user has a total claim limit of 100 GENIUS tokens and chooses to lock for one year before claiming, they will receive 100 GENIUS after one year.

According to the latest information from the official Telegram, Genius explained that this airdrop distribution plan aims to provide an exit route for those who do not care about the long-term development of the project while rewarding those who stay and genuinely believe in this product.

Genius official explanation of the airdrop rules

Interestingly, the airdrop section of the official document included a previous tweet from CZ (tweet content: "If you've ever been jealous of those who bought cryptocurrencies at low prices and managed to ride out the cycles, think about what they did at times like this.")

This airdrop claiming rule has ignited strong dissatisfaction among the community.

YZi Labs invested "tens of millions of dollars," and CZ serves as the advisor for Genius

Genius is a decentralized trading platform centered around privacy, offering spot trading, perpetual contracts, and copy trading, supporting more than 10 public chains including BNB Chain and Solana, aiming to become an on-chain alternative to Binance—bringing the speed, liquidity, and privacy experience of a CEX on-chain while maintaining complete self-custody and non-custodial (users hold private keys).

As early as October 2024, Genius announced the completion of a $6 million seed round financing, led by CMCC Global, with participation from Cadenza Ventures, AVA Labs, Arca, Flow Traders, and others.

Then, on January 13 of this year, Genius announced that YZi Labs invested "tens of millions of dollars," and CZ personally joined as an advisor.

Textbook-level anti-dumping process: From high expectations to rule reversal

After the rules were announced, the community's most direct feeling was "betrayal." Community members complained that with CZ's endorsement and a detailed TGE timeline, everyone was willing to spend real money for a few months to boost trading volume, only to be told just before TGE that they would have to "cut 70%"—"Either take a small portion and leave, or wait another year with the project."

If we break down the entire process, this situation resembles a constantly corrected expectation, ultimately adjusting the rules just before TGE with a "textbook-level anti-dumping process."

Initially, the narrative provided was almost uncontroversial: funding, advisors, airdrop proportions, and timelines were all laid out clearly, the logic was smooth, and expectations clear. Within this framework, continuously boosting volume, investing time and funds actually became the "rational choice" for those looking to profit.

Then expectations began to be recalibrated. Airdrop proportions were reduced, distribution structures adjusted, and these changes themselves were not uncommon. Even within the market environment at that time, there was some space for explanation. Many profit-seeking participants chose to continue investing at this stage, essentially accepting the new expectation of "lower returns but still potential."

The real turning point appeared just before TGE. After the claiming rules were redesigned, the originally determined distribution turned into a conditional choice—either accept significant losses for liquidity or bear the time cost to obtain the full quota. At this point, the gap between expectations and reality was rapidly magnified.

Cost reassessment: Apart from the earliest users, recent "heavy hitters" may collectively be "anti-dumped"

According to feedback from multiple long-term participating "profit-seeking" users, the cost of acquiring GP points through boosting trading volume in recent weeks has been roughly $0.025 to $0.045 per point.

However, for a project that has been online for a few months and has not yet fixed its spinning wheel function, it is challenging for early users to maintain high expectations for the opening price or the second season airdrop. Under these expectations, most people are more likely to choose to TGE and burn 70%, immediately claiming the remaining 30%, which means the actual cost is directly magnified, recalculating to a real cost of $0.083 to $0.15 per point.

According to user Nathan, if the total points are 200 million, for users who earned GP points by boosting trading volume in recent weeks, Genius's opening FDV must reach at least $800 million to avoid "being anti-dumped."

Airdrop proportion and FDV relationship

Perhaps, only the earliest users will not lose money.

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