The evolution of VC thinking and airdrop strategies can be divided into four stages, each with its own unique focus and strategy:
Phase 1: User volume
Indicators: DAU/MA, number of wallet addresses, interactive behavior. Features: Focus on the number of users and interactive behavior. Airdrops are simple during this period, and the number of users can be increased by batch operations and filling in email addresses.
Phase 2: TVL (Total Locked Value)
Indicators: Wallet balance, liquidity provider (LP), pledge lending. Features: Focus on the real capital inflow within the ecosystem, requiring users to participate in the amount of funds in the ecosystem to prove the real value and attractiveness of the project.
Phase 3: ARPU (Average Revenue Per User)
Indicators: The real average income brought by users to the protocol. Features: Emphasize high-quality users and unique, high-stickiness interactive scenarios. It is necessary to find core scenarios that can continuously contribute to revenue for the protocol, not just low-quality wool-pulling behaviors.
Phase 4: Token empowerment
Indicators: Dividend rights, decision-making participation rights, and multiple key contracts. Features: Tokens must have actual value, such as dividends and decision-making power. Project parties must announce detailed token economics in advance and have sufficient constraints. The value of tokens will return to its original meaning.
The thinking of VCs in the currency circle has shifted from focusing on the number of users to the amount of funds, then to the income per user, and finally to token empowerment, reflecting the emphasis on project quality and long-term value. Future coin flipping is not suitable for large-scale low-cost operations, but requires refinement, finding high-quality scenarios and controlling overall investment. Avoid encountering rat warehouses and narrow-minded project parties to ensure the input-output ratio.
This iteration reflects the VC's in-depth understanding of the project and strategy adjustment. In the future, the coin flipping strategy will pay more attention to actual user contributions and the intrinsic value of tokens.