PMF in Crypto
Zig while they zag
Since the Hyperliquid airdrop, people have been desperately searching for an airdrop that can deliver anything close to the output that the HYPE airdrop delivered. Since then, most airdrops have disappointed.
Why is that the case?
There has been a fallacy when people have been comparing airdrops to Hyperliquid, talking about mindshare and narrative that should warrant a windfall. This is the wrong way to go about the process when the success behind the Hyperliquid airdrop was simple.
Hyperliquid had a product-market fit and a profitable product before releasing its token, which is a stark difference from the majority of applications in this industry. They also had a clear way to continue distributing that value to the token holders.
Frankly, 99% of products are based on smoke and mirrors and are at valuations that can’t be justified in any realm.
We have seen airdrops such as:
PENGU
ME
KAITO (wasn’t a bad one to be fair, just exuberant expectations from CT)
None of these have been a disaster but pale in comparison to Hyperliquid.
However, there is only 1 protocol that has the potential to rival Hyperliquid in protocol and airdrop potential.