Airdrops were supposed to reward early supporters, but now they have become a tool for project parties to filter out retail investors.
These past two days @BitlayerLabs, @campnetworkxyz
The launch of has shown me what is called 'shamelessness'.
🔸 First, let’s talk about Bitlayer, starting participation from the head mining festival in May last year:
Various ecological project interactions require funding investment, with astonishing losses; Gas can soar above 1 USD!
That’s right, the transaction fees of this Bitcoin Layer 2 are actually higher than the Gas fees on the BTC mainnet; isn’t that ironic?
The head mining festival claims a total token reward value of 24.5 million USD, but now it seems it was retail investors giving them money.
Moreover, the Bitlayer ecosystem has also rug-pulled a large number of projects and has freeloaded a bunch of KOL promotions.
After that, there are endless various activities, NFTs bought for over 1000 USD can drop to dozens of dollars.
Before going live, they were still doing a public sale on Coinlist, raising 4 million USD at a token price of 0.2 USD.
Behind it is a pile of VC investments, with multiple rounds of financing close to 30 million USD, a valuation of 300 million USD. It really makes one ponder whether the VCs were scammed or if it was false financing.
Current token price
$BTR 0.082, if this isn't fraud, then what is? I want to see how else they can wash it.
Speaking of CAMP, I didn’t stake it with my mouth, but I did with my hands.
The total number of wallets interacting on the testnet has reached 6 million, so to summarize:
Huge task volume + testnet lagging + high task difficulty = Sorry, you are not eligible.
Of course, some people are eligible; only 40,000 addresses meet the criteria for airdrops, and here comes the interesting part.
Eligibility = spend 10 USD to register first, then it got canceled due to heavy criticism.
Strict KYC = needs to be done via camera, while the KYC provider has blocked VPNs and certain countries, causing a large number of international users to be excluded.
The TGE only unlocks 20%, and to claim it, you need to first buy coins on the exchange to pay for Gas fees.
That's right, to claim the token you need to buy coins on the exchange as Gas, and the exchange doesn’t open withdrawals within 24 hours.
Now you know why it skyrocketed upon launch. People know whose hands the coin is in; it’s just a self-directed performance.
Oh, by the way, many eligible ones only have 100 coins, unlocking 20%, according to
$CAMP
Currently valued at 2 USD, it’s not even enough to cover KYC expenses.
Seeing these two 'high-heat, good background' projects has left me confused about the airdrop route. The so-called early supporters have become ideal targets for harvesting, and ordinary retail investors should forget about defending their rights; even many KOLs have been scammed.
I hope more people can speak up for retail investors, for every participant who has been harmed.
