Is it still worth it to farm tokens now? How can studios survive?

Recently, some friends asked me why I haven't talked about token farming and studios for a long time.

In fact, a few years ago, I wrote quite a bit about it, analyzing strategies, operations, business models, etc. But now, the situation has changed, and the underlying logic is different.

1. The days when you could just brush a transaction or fill in an email to get a large airdrop are truly over. Those who caught that wave of dividends have already had their fill; those who missed it, if they rush in now to start a studio and invest heavily, are basically acting impulsively and not very rationally.

2. The entire field is visibly shrinking; there are fewer projects, lower valuations, and good projects are becoming increasingly scarce. In fact, many projects have died before launching their tokens, directly sentenced to death by the market. Not to mention that platforms like Binance Alpha and Kaito are also competing for market share, and competition has entered a close combat phase.

So, if you still have a studio now, the focus is actually on how to reduce costs and keep the team agile and flexible.

My own approach now is to travel light and control costs to the extreme. For example, collaborating with trusted brother teams, sharing resources, working on research and technology together, paying fewer salaries, and dividing profits based on results, while keeping fixed expenditures to a minimum.

In the past, when writing about token farming, I was very confident; but now, changes are happening too quickly, and the industry's rhythm has completely changed. The most important thing now is to wait for a new distribution model to emerge, to avoid rushing in, and not to be greedy.

What we should really think about is: How will this industry change next? How can the team avoid being eliminated?

Of course, I'm not saying that airdrop opportunities are completely gone; the industry has cycles, and the field has its ups and downs. When the market is good, expansion is to capture more value; when the market is bad, cost reduction is to survive first.

So for now, token farming is more suitable as part of a diversified portfolio and should not be the main business anymore. The focus is on reducing trial-and-error costs, minimizing investment, staying flexible, and adapting to changes.

Many times, it looks like the business has been defeated by the market; in fact, it's often more about being trapped by "path dependence" and "greed mentality." Those who made money by luck often end up losing it back in down periods.