What is Investment Research?#
Investment research can be understood as the strategy selection and planning process before taking action.
In simple terms, it is about how to filter projects and decide which to participate in and which not to, as we cannot cover all opportunities.
For example, why can some experts successfully participate in high-return projects (with a win rate of about 70%), while ordinary users only achieve 30%? This is the core of investment research. The current airdrop industry is no longer a simple following phase; even if experts fully share their strategies, it is difficult for us to follow all of them. Especially in the era of content mining, where the authenticity of information is hard to discern, how to choose and invest accurately becomes crucial.
1. Timing (Early Stage)#
Early involvement ensures compliance with airdrop snapshot rules; otherwise, subsequent efforts may not bridge the gap.
"The earlier you participate in all dApps within the ecosystem, the more potential rewards you may receive."
Early participation is crucial; if missed, it is advisable to abandon the project to avoid ineffective investment.
Three Examples:#
- ① strknet: Due to late involvement, it missed the minimum requirement by a few days.
- ② zkbridge: Entered only after the Panda King Odyssey ended, missing the key Panda King NFT and only receiving a small amount of low guarantees.
- ③ initia: Did not participate in the first phase and could not join later, resulting in zero returns.
2. Investment Amount and Team Endorsement (Market Consensus)#
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Projects that raise over ten million yuan and are led by top institutions like a16z and Binance Labs usually have more generous airdrops.
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Projects that involve or are endorsed by key components of public chains (such as DEX) often come with high premiums during airdrops (e.g., Jupiter on Solana, Walrus on Sui).
Investment amounts and teams need to have strong capabilities (reflecting first-tier market backing and consensus). -
① For example, projects with funding exceeding ten million and led by a16z or Binance are preferable. Projects invested by Binance have a high probability of being listed on Binance, as Binance is a leading platform in the crypto market, providing high premiums and exit liquidity.
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② Team Support: If key roles in public chains (like DEX) receive participation or endorsement from the public chain team, the wealth effect is significant. For example, the positions of Jup in Solana and Walrus in Sui lead to higher premiums during airdrops, based on the logic that only projects with ample funds are willing to be generous with airdrops.
3. Track Imagination (Mainstream + Core)#
- Aligning with current mainstream narratives (such as L2 in 2023, DEX in 2024) helps attract hot money and community participation.
- "Content mining" is becoming a popular track in 2025, where anyone can publish articles to earn rewards, driving enthusiasm and capital inflow.
Track imagination (aligning with mainstream and core, reflecting the current market's profit-making style).
For example, the mainstream narratives of L2 for Ethereum scaling in 2023, DEX in 2024, and content mining in 2025 allow users to become KOLs, earning rewards through research tweets, attracting speculative hot money and community popularity.
4. Cost Accounting (Difficulty Level)#
- For small players with limited funds, low-threshold, zero-lockup projects are optimal, losing only time and not principal.
- Over-staking or relying on sign-in interactions can lead to total loss from a single contract accident.
Cost accounting (profit-loss ratio): If a project is high quality but the individual cannot participate (e.g., sign-in types are unfavorable for manpower, staking types are difficult for small capital risk control), then it is not a good project. Nine times out of ten, one earns interest, but a single theft results in total loss. Therefore, preference is given to low-cost projects that only lose time and not money.
To profit from airdrops, one needs to select projects well in the early stage, persist in execution in the mid-stage, and reap results in the late stage.
As airdrop returns decline in 2024, the number of participants in 2025 will decrease, with more people exiting this long-cycle, high-investment, time-consuming activity, while those who remain will shift towards clear targets (such as exchange airdrops) and small investments (like becoming KOLs).
For those who persist, investment research must go beyond simply looking at funding and teams, taking more measures. The current distribution methods may become obsolete, and new narratives will replace them, but only participation can verify the authenticity of projects.
However, projects that are highly certain, low in difficulty, time-saving, labor-saving, and can be operated in bulk are becoming increasingly rare. How do we respond? This is worth pondering.
from——@Beijing Teacher
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