Brief Background on Airdrops

An airdrop in the crypto / DeFi space involves the free distribution of digital tokens directly to users' cryptocurrency wallets. This practice gained mainstream adoption in the early 2010s as an alternative to Initial Coin Offerings for marketing new or existing projects. Over the years, the practice has evolved, giving rise to various types of airdrops and strategies employed by different projects.

Significance in the Current Market

Airdrops have gained significance in the current market for several reasons:

1. Promotion and Marketing: Airdrops serve as a promotional tool for decentralized projects to generate interest and increase awareness. By giving away free tokens, these projects can attract attention, users, investors and gain more adoption
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2. Community Building: Airdrops can foster community engagement and participation. By distributing tokens to a specific group of users, projects can create a sense of community and encourage their community to actively participate in the project's activities and development
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3. Token Utility: Airdrops can introduce new tokens with specific utility or functionality to the market. By distributing tokens to users, projects can encourage token usage within their ecosystem, driving adoption and increasing demand

Even though airdrops can seem like a lucrative reward, they often come with hidden costs in terms of time and possibly even your own investment in a project. So, it's important to be cautious. Going after airdrops just for the sake of free tokens can make you a target for scams or shady operators.

The smart approach in the crypto world is to look for projects that have real value and utility. Think of airdrops as a nice extra, not the main reason you're interested in a project or token.

Executive Summary

A Recap of Potential Airdrops from September

The DeFi sector continues to see a steady influx of airdrops. In September, several potential airdrops captured our attention. The most notable of these are:

• LayerZero
• Scroll
• zkSync Era
• Linea Build
• Taiko
• BASE
• Taho

LayerZero

LayerZero is an open-source omnichain interoperability protocol that enables multiple blockchains to communicate cross-chain and share information seamlessly. LayerZero enables all supported blockchains to communicate with each other easily, hence enabling features such as swaps, transfers, borrowing, lending, and more across different blockchains.

We are closely monitoring LayerZero's long-term airdrop potential.

• ‍Community Engagement and Sentiment

While the team hasn't confirmed an official airdrop, speculation exists about a potential ZRO airdrop soon. Over the last 10 months, the bridged volume on LayerZero's primary bridge, Stargate Finance, has steadily increased, experiencing minor fluctuations. In November 2022, the bridged volume stood at approximately 50 million USD, but by September 2023, it had reached over 3 billion USD. This significant growth indicates increased efforts by airdrop farmers looking for eligibility.

Stargate Bridging Trends

Many users are preparing for the LayerZero airdrop, as the total bridged volume in the LayerZero ecosystem has surpassed 22.3 billion USD and continues to grow rapidly. Taking into account the prevailing community sentiment, the expectation is that the LayerZero airdrop will happen in Q4 2023 or Q1 2024. However, keep in mind that this is just speculation—there has been no official word yet.

• Quality of the Project and its Team

The LayerZero project and its team have consistently demonstrated a commitment to quality, reliability, and innovation in the DeFi sector. The team is spearheaded by co-founders Bryan Pellegrino, Ryan Zarick, and Caleb Banister, who collectively bring a diverse and rich skill set to the table. Bryan Pellegrino's background in predictive AI and game theory, gleaned from prior ventures and a successful career in poker, adds a unique layer of expertise. Meanwhile, Ryan Zarick and Caleb Banister have multiple co-founder credits in AI and blockchain-related startups, further strengthening the technical prowess of the team.

One of the team's standout achievements is their inventive approach to solving the interoperability issue in blockchain technology, advancing well beyond existing market solutions. Their expertise has become evident during technical discussions, which are marked by their dynamism, thoughtfulness, and an unwavering commitment to quality.

The project's ability to form partnerships with other significant entities in the cryptocurrency arena underscores its industry relevance and capability for meaningful collaborations. LayerZero Labs has a reputation for enabling ambitious projects and contributing to significant advancements in the blockchain ecosystem, and the project and its team are well-regarded for delivering impactful and reliable solutions in a rapidly evolving industry.

Overall, we believe that LayerZero is a promising project with a strong team and innovative technology.

• Execution Risks: The project’s Ability to Execute and Fulfill Their Promises

While there's quite a bit of buzz about a possible ZRO airdrop, the team hasn't made any official announcement yet. This leaves room for uncertainty about whether they'll deliver on the market's expectations.

On the other hand, LayerZero and FTX, a well-known former cryptocurrency exchange that went bankrupt at the end of November 2022, are currently embroiled in a significant legal dispute. The situation involves multi-million dollar investments, loans, and allegations of bad faith actions. As the matter is still pending in court, further details can be found through a quick internet search for ongoing coverage and updates.

What we want to highlight here, is that this ongoing lawsuit with FTX poses several challenges to LayerZero's ability to execute and deliver on its promises. From a reputational standpoint, the legal battle could tarnish the company's image, making it difficult to secure future partnerships or investments. Financially, losing the lawsuit would place a significant burden on LayerZero, potentially affecting its operational capabilities and roadmap. The time and resources spent on legal matters could also divert attention from development and growth initiatives.

Investor confidence is another concern. The lawsuit might make both existing and potential investors wary, affecting the company's ability to raise capital. Regulatory scrutiny could also increase, adding another layer of complexity and risk to LayerZero's operations. Operational delays are likely in this case, as the legal issue may cause the company to postpone planned projects or releases.

The lawsuit could also make other companies cautious about engaging in significant financial transactions with LayerZero, increasing counterparty risk. Finally, the legal uncertainties could have an impact on LayerZero's valuation, which recently stood at 3 billion after a successful funding round. In sum, this issue introduces multiple layers of execution risk, which may well affect LayerZero's ability to deliver on its promises across various fronts.

Now, when talking about a potential ZRO token airdrop, the lawsuit could have a ripple effect on users expecting a future airdrop of any reward from LayerZero. Assuming that the company faces financial strain due to the lawsuit, it might reconsider or scale down airdrop distributions as a cost-saving measure. Another potential point to consider is the fact that the token’s value could be impacted if the lawsuit damages LayerZero's market reputation.

Potentially, this legal issue could also delay the timing of the airdrop itself (assuming it happens) as the company focuses on the lawsuit.

• Backing Landscape: Key Investors and Financial Support

LayerZero has secured substantial investment over various periods, totaling over 200 million USD from high-profile investors like Binance Labs, Sequoia, Coinbase, Polygon, Paypal, Uniswap, as well as industry influencers like Sandeep Nailwal. This strong financial backing underlines the project's viability and potential for future growth.

As the platform matures, it is expected that more innovative products will be developed on its technology, enriching the ecosystem further.

For those interested in airdrops, due diligence is essential. Yet, all this indicates that LayerZero warrants attention as a well-funded and technically robust project, positives that certainly increase the likelihood of its success, and the value of any future airdrops.

LayerZero’s Investors

Scroll Airdrop

Scroll is an Ethereum Layer 2 network that uses zk-rollup technology to process transactions off Ethereum on its own network, reducing costs and increasing transaction speed.

We're keeping an eye on this one, especially for its airdrop potential. The mainnet is scheduled to go live in Q4 2023, making it a mid-term focus for us.

Scroll mainnet launch

• Community Engagement and Sentiment

The Scroll mainnet is set to launch soon, stirring up anticipation for a potential airdrop. No testnet rewards or token plans have been officially announced as yet, but that hasn't dampened community expectations. Two main reasons fuel this speculation: 1) Airdrops are common in crypto for boosting adoption and rewarding early supporters; and 2) Scroll's upcoming mainnet launch signals a milestone that often coincides with airdrops.

However, skepticism exists. Some point out that the Scroll team have previously mentioned that there are no current plans for testnet rewards. Others remain hopeful, though, given the team’s ongoing efforts to decentralize its sequencer and prover—key components for network decentralization, which could pave the way for a token launch.

Technically, Scroll is ambitious. It uses a sequencer to batch transactions and a prover to generate zero-knowledge proofs, with the aim of becoming the most robust zk-EVM. After the mainnet launch, the focus will shift to full decentralization. According to Pseudotheos, a researcher at Scroll, "We're far from done after the zk-EVM launch; decentralization remains our main priority."

So, the community chatter suggests that some are hopeful for an airdrop, potentially in Q1/Q2 2025, based on Scroll's ongoing efforts to decentralize its network.

Token Launch Information

• Quality of the Project and its Team

Scroll is a relatively new project in the zero-knowledge rollup space, but it has made significant progress in a short period of time. Behind the project is a technically adept team with backgrounds in cryptography, systems engineering, and Web 3.0 research. Founded in 2021, they aim to tackle Ethereum's scalability issues by offering a compatible zkEVM solution. The team is expanding globally and has various partnerships across different dApp categories, indicating ecosystem integration. They also prioritize open-source code and community participation, ensuring transparency and robustness.

However, the project is relatively new and not yet widely recognized. Indeed, despite its technical promise, Scroll has a lower community engagement rating and needs to build more market demand. There's certainly room for growth in terms of educating the public and expanding its user base.

Scroll has strong technological foundations and values, but it needs to focus on community development and market adoption to realize its full potential. This information is particularly relevant for airdrop hunters looking for a promising but still emerging project.

In terms of partnerships, Scroll has collaborated across various sectors like DeFi, gaming, and NFTs. They also have ties with the Ethereum Foundation's Privacy and Scaling Explorations group, further underscoring their credibility.

• Execution Risks: Project’s Ability to Execute and Fulfill Their Promises

Based on the historical milestones, Scroll has shown a credible ability to execute on its promises. The project has met significant goals, such as the launch of its Alpha testnet and the connection to the Pheasant Network within specified timelines. These achievements indicate technical prowess and a capacity to deliver on developmental objectives.

The team's explicit communication about the mainnet launch scheduled for the end of this year, without any premature details about a token, also suggests a focus on technology first, aligning with their claim that they will prioritize decentralization and community values.

Plans to further decentralize their prover network and sequencer after mainnet launch provide an outlook that is consistent with the general ethos of the Ethereum community, reinforcing their commitment to stated values and objectives.

Scroll demonstrates a strong track record of achieving milestones and appears well-positioned to fulfill its future commitments, thereby mitigating execution risks.

• Backing Landscape: Overview of Institutional or Notable Individual Backing

Scroll has secured substantial financial backing, raising over 80 million USD from reputable investment firms such as Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, and Variant Fund. This level of institutional backing not only validates the project's technical and strategic merits, but also provides significant financial runway for development and scaling.

The absence of a token, combined with high-level backing and testnet activity, suggests a high chance of a future airdrop. In the crypto space, such strong financial backing often precedes significant airdrop events, which could serve as an additional incentive for community participation and engagement.

Scroll's robust financial backing from well-known investors significantly enhances its credibility and lowers the financial risk associated with the project's execution, making it an attractive opportunity for airdrop hunters.

Scroll’s Investors

zkSync Era

The zkSync airdrop has been on the radar for a while now, and has generated significant interest for its potential advantages. Developed by Matter Labs, zkSync is a trustless protocol aimed at scalable, low-cost payments on the Ethereum network, using zk-rollup technology. It features low gas fees, robust security, quick transaction speeds, and censorship resistance, making asset transfers seamless.

• Community Engagement and Sentiment

zkSync has more than 700,000 members on its Discord channel, and the community is very active. Since the mainnet launch in March 2023, zkSync Era has experienced tremendous ecosystem growth and developer adoption. As a result, many projects, both established and entirely new, have already deployed on zkSync Era, and more newcomers continue to emerge on an almost daily basis. The community sentiment is that zkSync Era users are eagerly waiting for news on a possible airdrop, which is proven by the transaction volume on zkSync increasing over the last few months.

Transaction volume

• Quality of the Project and its Team

zkSync Era and its development team, led by Matter Labs, are well-regarded in the realm of Ethereum's layer-2 scaling solutions. Key factors that underscore the project's quality include:

Team Expertise: Matter Labs, the team behind zkSync Era, is composed of experienced software engineers with specialized skills in blockchain technology, cryptography, and software development.

Mainnet Launch: The successful deployment of zkSync Era's mainnet serves as a critical achievement, proving the team's capability to deliver a reliable layer-2 solution.

Ecosystem Interest: A variety of high-quality projects are queuing up to integrate into zkSync Era's ecosystem, signaling the platform's recognized value and quality.

Security Measures: A bug bounty program is in place to incentivize the discovery of security flaws, evidencing the team's focus on project security. Rewards are tiered based on the severity of the vulnerabilities found.

Developer Resources: Extensive documentation is available for developers, facilitating easier integration and use of the zkSync protocol, thereby enhancing its adoption rate.

The above points confirm that zkSync Era and its team are committed to excellence, security, and innovation within Ethereum's layer-2 scaling landscape.

zkSync Era Ecosystem

• Execution Risks: Project’s Ability to Execute and Fulfill Their Promises

In relation to execution risks for the zkSync Era project, there have been statements from team leaders suggesting plans for a community-focused approach, including the potential introduction of a zkSync token. Two-thirds of this hypothetical token supply would be distributed to the community. While these remarks do not offer concrete details like the maximum token supply, they point toward intent to conduct an airdrop, aligning with the project's emphasis on open-source development and community ownership.

Given that specifics are not yet confirmed, there remains an execution risk. The team's willingness to communicate these plans boosts their credibility, but it is essential to keep an eye on the actual fulfillment of these commitments to assess execution risk accurately.

• Backing Landscape: Overview of Institutional or Notable Individual Backing

Andreessen Horowitz, a prominent venture capital firm, has shown confidence in the potential of zkSync as a scaling solution for Ethereum. Another notable name is BitDAO, a Decentralized Autonomous Organization (DAO) with a significant treasury. BitDAO has backed a 200 million USD DAO specifically for zkSync, with the aim of expanding the ecosystem and contributing to its development.

These investors' support and financial backing demonstrate the confidence in zkSync's technology and its potential to address the scalability challenges of the Ethereum network.

zkSync’s Investors

LINEA BUILD

Linea, developed by Consensys - the same team behind MetaMask and Infura, is a state-of-the-art type-2 zero-knowledge Ethereum Virtual Machine. With Linea, users get the best of both worlds: the security and trustworthiness of Ethereum, along with lower transaction fees. On July 11, 2023, Linea rolled out its Mainnet Alpha.

• Community engagement and sentiment

One month after their mainnet launch, Linea has seen over 150 partners deploy dApps, more than 100k weekly active users, and more than 2.7M transactions. Linea is currently processing an average of 1.5 transactions per second, at 1/15th the cost of fees on the Ethereum mainnet — a price that will continue to shrink as the rollup costs paid to Ethereum are reduced and the savings are passed on to Linea users.

It can be said that the community is very engaged with the protocol and its ecosystem because of its promising future potential as a layer 2, but also because there is the strong possibility of an airdrop in the future.

Linea’s Community

• Quality of the Project and its Team

Linea appears to be a promising project within the Ethereum ecosystem. Its rapid growth metrics—over 150 partners, the increasing amount of TVL, and more than 2.7 million transactions—suggest robust early adoption and utility.

Being backed by Consensys, a well-established player in the blockchain space, lends Linea credibility. Consensys' existing suite of products like MetaMask and Infura can potentially facilitate seamless integration and the broader adoption of Linea.

The project is focused on solving key issues like gas fees and transaction speed, making it attractive for DeFi, NFT, and gaming applications.

The presence of Declan Fox as Product Lead for Linea lends further credibility to the project. His expertise spans multiple critical domains like zkEVM, layer-2 solutions, and NFTs, making him well-suited to address the technical and functional complexities involved in building and maintaining a layer-2 network on Ethereum. As a founding member, he clearly has a vested interest in the project's success and longevity, which is a positive indicator for potential stakeholders.

The quality of Linea and its team appears to be elevated by Declan Fox's comprehensive background and leadership role. His multi-faceted experience in blockchain technologies should add depth to Linea's development strategy, fostering its aim to be a scalable, cost-efficient solution for dApps.

Overall, the project looks strong, particularly in terms of technological innovation, early adoption metrics, and backing from a reputable parent company.

TVL increasing

• Execution Risks: Project’s Ability to Execute and Fulfill Their Promises

Linea faces a few execution risks despite its promising start and backing by ConsenSys. The lack of a confirmed token adds uncertainty, particularly around long-term incentives and governance. While Linea has achieved rapid growth, it has also set high expectations for itself. Failing to maintain this momentum or to deliver on its roadmap milestones could erode trust. Security and progressive decentralization are stated priorities, but they require meticulous, ongoing efforts to realize. Any gaps in execution here could pose risks.

Linea also operates in a competitive market with other layer-2 solutions that might introduce tokens or airdrops. Maintaining a competitive edge is crucial, and the project's reliance on broader ecosystem collaboration adds another layer of complexity and risk, as any misalignment could impact progress. Lastly, Nicolas Liochon's focus on long-term value creation, while commendable, might slow down the achievement of commercial milestones like a token launch. Overall, Linea's ability to navigate these challenges will be the determining factor in its long-term success.

• Backing Landscape: Overview of Institutional or Notable Individual Backing

Linea has secured over 600 million USD in capital, outperforming competitors such as zkSync. This substantial financial backing has led to speculation that the project could potentially execute one of the largest token airdrops in history.

Linea’s Investors

TAIKO

Taiko is building a decentralized and Ethereum-equivalent (type-1) ZK-EVM. Taiko’s goal is to scale Ethereum in a manner that emulates it as closely as possible – both technologically and ideologically. Taiko is still in its testnet phase, and this will remain until early 2024. Their latest testnet, known as Jolnir Testnet (Alpha-5) was launched recently, representing the latest update and a significant milestone on their journey towards a decentralized, Ethereum-equivalent ZK-EVM.

• Community Engagement and Sentiment

Taiko demonstrates exceptional levels of community engagement and positive sentiment, as evidenced by various indicators.

Community Channels: With significant followings on GitHub, Twitter, and Discord, the project has a multi-channel approach to keep the community updated and involved. The Discord server reaching its 500K capacity limit serves as a strong testament to high community engagement.

Testnet Activity: The fifth testnet, Jolnir, revealed compelling metrics within 48 hours of launch, such as 353,740 total transactions and 77,654 wallet addresses. These figures reflect strong community participation and interest in Taiko's development.

Community Sentiment: Social media reactions indicate not just activity but also positive sentiment, enthusiasm, and anticipation for future releases, enhancing the project's credibility.

Airdrop Speculation: Widespread discussions and strategy-sharing related to a potential airdrop from Taiko further affirm community interest and engagement.

Overall, Taiko exhibits robust community involvement, a positive atmosphere, and strong potential for continued growth and support.

Taiko’s community engagement

Taiko’s community engagement

• Quality of the Project and its Team

Mapleblock Capital's investment and detailed thesis on Taiko suggest that the project is highly regarded for its technological approach to scaling Ethereum through ZK-Rollups. Taiko distinguishes itself by enabling the easy deployment of existing dApps without modifications, as well as maintaining Ethereum compatibility. It has successfully launched multiple testnets, with a mainnet launch planned for Q1 2024. Overall, the project is viewed as promising, scalable, secure, and well-backed.

Unlike other decentralized projects, the Taiko team decided not to remain anonymous, with Daniel Wang named as co-founder and CEO.

The Taiko team is really engaged with the industry and thought leadership, as evidenced by their participation in key events and panel discussions such as the ETH Singapore hackathon. With a team member delivering a keynote on "A Progressively Hybrid Rollup Design" and another discussing "Zero-Knowledge Proofs," they show depth in technical expertise. Their active event calendar and public reporting indicate further commitment to transparency and community engagement. Overall, these activities contribute positively to the team's quality and credibility.

• ‍Taiko’s Engagement with ETH Singapore

Taiko is the main sponsor of ETH Singapore, with 10,000 USD’s worth of bounties to encourage white hat hackers to deploy and build on Taiko.

The Taiko team is recognized for their experience in Zero-Knowledge (ZK) projects, specifically their involvement in creating Loopring. The co-founders, Daniel Wang, Brecht Devos, Terence and Matt Finestone, bring a combination of expertise and prior achievements that bolster Taiko's credibility in the space.

• ‍Execution Risks: Project’s Ability to Execute and Fulfill Their Promises

Taiko has launched the Alpha-1, Alpha-2, Alpha-3, Alpha-4 and, recently, Alpha-5 testnets, growing its community. With the mainnet set for Q1 2024, the team has so far demonstrated an ability to meet developmental milestones. The project's operations are transparent and regularly updated, providing trust in its ability to execute.

They have also participated in major Ethereum ecosystem events, showing commitment to community and knowledge sharing.

• Backing Landscape: Overview of Institutional or Notable Individual Backing

Taiko has secured a total of 22 million USD across two funding rounds. The first round raised 10 million USD, led by reputable investors like Sequoia China. The recent second round raised 12 million USD and was led by Generative Ventures. Other investors in the two funding rounds include IOSG Ventures, GSR, GGV Capital, as well as angel investors such as Patricio Worthalter, the founder of POAP, Tim Beiko and Anthony Sassano from the Ethereum Foundation.

Taikos Investors

BASE

Base is a layer-2 scaling solution for Ethereum, incubated by Coinbase. It aims to address high fees and slow transactions on the Ethereum mainnet. Leveraging Coinbase's expertise, Base seeks to maintain Ethereum's security while improving scalability.

We are farming this potential Base airdrop due to the historical precedent of other layer-2 projects reversing their initial stance and issuing tokens. The current lack of confirmation could deter casual interest, making rewards more substantial for early adopters if an airdrop occurs. Engaging early not only allows us to support Base but also positions us favorably for any future token distribution. This approach could yield similar benefits to those experienced by Arbitrum early adopters.

• Community Engagement and Sentiment

Open collaboration with OP Labs and Optimism Collective indicates active engagement with the developer community. The focus on bringing Coinbase’s user base into the Superchain may boost community activity. An invitation for more contributors implies a community-driven approach.

• Quality of the Project and its Team

BASE stands out as a high-quality project, given its comprehensive approach to solving current issues in the crypto space. The backing by Coinbase, a prominent name in the crypto space, adds substantial credibility and resources.

Project Goals: Aiming to onboard a billion users and serving as a hub for decentralized apps establishes BASE as an ambitious undertaking with a broad scope.

Technical Foundation: Built on the OP Stack with a focus on Ethereum's EVM and Layer 2, the project has a solid technical foundation aimed at scalability and modularity.

Decentralization Strategy: A planned, staged approach to decentralization aligns well with the broader industry trend toward decentralization, positioning BASE as a forward-thinking initiative.

Team Experience: The decade-long experience that Coinbase brings to BASE is invaluable, offering expertise in both technical development and market strategies.

Challenges & Solutions: BASE's well-considered solutions to internal bottlenecks and high transaction fees reveal an adaptable, problem-solving approach, underscoring its quality.

Community & Ecosystem: The open-source nature and the Base Ecosystem Fund indicate a strong commitment to community involvement and ecosystem development.

Interoperability: The project's design for cross-chain compatibility demonstrates foresight and adaptability, with a focus on making it more resilient and inclusive.

Strategic Partnerships: Collaboration with OP Labs and the Optimism Collective adds industry validation and collaborative strength.

Planning and Vision: A detailed Road Map for the next two years shows that BASE is not just conceptually strong, but also operationally planned, adding to its overall quality.

BASE comes across as a well-rounded, quality project that is backed by experienced teams and moving towards its goal of tackling current market challenges with calculated, strategic moves.

• Execution Risks: Project’s Ability to Execute and Fulfill Their Promises

BASE demonstrates a robust ability to execute on its Road Map and commitments. Collaboration with OP Labs and Ethereum core developers on EIP 4844 and the expedited timeline indicates strong technical expertise and strategic partnerships. The phased approach to achieving higher levels of decentralization and security adds further credence to their execution capabilities.

The involvement of Coinbase Ventures in the Base Ecosystem Fund adds financial and strategic heft, enhancing the project's capacity to fulfill its promises. The high volume of applications and diverse investment strategy speak to both demand and a well-conceived initiative. This level of backing elevates BASE's credibility and indicates a heightened ability to execute, making the project a likely candidate for successful community incentives, including potential airdrops.

• ‍Backing Landscape: Overview of Institutional or Notable Individual Backing

Investors in Base Network

At the moment, there is no specific information available about the investors in Base network, besides Coinbase Ventures. This leads us to believe that BASE was probably developed exclusively by means of the investments of Coinbase Ventures.

Investors in Coinbase

In the case of Coinbase, the investment landscape is more detailed:

Union Square Ventures: Invested at 20 cents a share in 2013, stake now worth 4.6 billion USD

Andreessen Horowitz: Largest external investor, led a 25 million USD Series B

Ribbit Capital: Third-largest external investor, 12 million shares worth 3.9 billion USD

Tiger Global, Institutional Venture Partners, DFJ Growth: Also, backers

AH Equity Partners III: 4.83% stake

Vanguard Group: 4.74% stake

ARK Investment Management: 3.98% stake

Frederick Ernest Ehrsam III: Fifth-largest shareholder, 3.78% stake

Taho

Taho is a community-owned Web 3.0 wallet that serves as an alternative to MetaMask. It enables connections to DeFi and Web 3.0 platforms and offers features like cheaper swaps, NFT galleries, and ledger support. The wallet is 100% open source and self-custodial.

• Community Engagement and Sentiment

The Taho community appears active and engaged, having been building in public for over a year. High-profile endorsements from Kevin Owocki, founder of Gitcoin and BanklessDAO indicate further positive sentiment. A DAO is in formation, with community calls and community POAPs (Proof of Attendance Protocols) already initiated. The community focuses on values such as accessibility, openness, and communal ownership.

Community engagement is strong, with weekly community calls every Friday at 6:00pm UTC. The project has a community of over 150.000 members on Discord, and Taho appears to have a strong community focus overall. Their Discord channel and hashtag #DefendWeb 3.0 indicates an effort to rally a community around shared values. They report that over 100,000 people have tried their community-powered alternative and nearly 300,000 have signed their pledge, which is a clear demonstration of high engagement and positive sentiment.

Overall, the project appears to have a strong and engaged community, many of whom are willing to contribute ideas.

• Quality of the Project and its Team

Taho has several features that make it competitive, such as lower swap fees and multi-chain NFT support. It has also undergone security audits from reputable firms like Open Zeppelin, Least Authority, and Code Arena, and is supported by major projects in the Web 3.0 space, such as Curve, Uniswap, and Synthetix, among many others. Clearly, the team appears capable and well-regarded, with a clear stance against centralized, web2-style mega-corporations. The wallet is 100% open source, ensuring transparency and community governance.

The project places a strong emphasis on decentralization and security, indicating a comprehensive understanding of the risks associated with centralization. The team also shows the ability to evolve, as evidenced by the name change from Tally Ho to Taho.

There is also clear innovation, which can be seen in the initiation of new campaigns and features, as well as partnering with established entities like Stargate and Velodrome.

• Execution Risks: Project’s Ability to Execute and Fulfill Their Promises

While the project has made significant progress, it failed to launch its on-chain DAO in 2022 as initially stated. This does raise some concerns about the team’s ability to meet timelines. However, other milestones like community multisig deployment have been met.

There is also promise with regards to delivering on pledges, such as the commitment to user privacy and radical transparency, and these milestones certainly increase confidence in their capability as a project.

The project offers rewards and quests to engage users, suggesting a gamification strategy to encourage participation.

Recently, as announced on their X account, a campaign to distribute 150K in OP token launched, rewarding those users who completed specific tasks on the Galxe platform.

The deadline for this was September 16, 2023 and, on September 27, 2023, as promised, 100K OP tokens were successfully distributed to all qualifying participants. In this way, the project has demonstrated its ability to meet deadlines and fulfill promises, which minimizes execution risks.

On the other hand, some interesting things happened during the airdrop of 150K OP tokens.

While Taho managed to successfully distribute 100K in OP tokens by the deadline, they fell short in fully delivering on their promises due to a Sybil attack that compromised the airdrop. Initially, they had promised a leaderboard system to award additional prizes, but the integrity of this system was undermined.

Credible sources within social media and the DeFi research community have disseminated information on the subject and the campaign, marketed as 'Sybil-resistant,' was exploited. The attacker snagged over 20,000 USD in OP tokens. This breach indicates a lack of adequate security measures to protect against known vulnerabilities like Sybil attacks. The failure to respond to reports about the attack further exacerbates this perception of potential risk.

While Taho was able to execute part of their plan, this security lapse significantly impacts their perceived ability to fulfill promises and introduces higher execution risks for future initiatives.

• Backing Landscape: Overview of Institutional or Notable Individual Backing

Taho has the support of key players in the Web 3.0 ecosystem, including Curve, Uniswap, and Synthetix, among others. Gitcoin's co-founder Kevin Owocki has expressed excitement about the project, indicating some level of individual backing. Although specific institutional backing details are not provided, these endorsements add credibility.

Nevertheless, Taho has strong community support and alignment with decentralized principles. It also differentiates itself by maintaining independence from traditional banking investors, which allows them to take a measure of high ground in comparison with competitors like MetaMask.

We believe Taho offers a promising alternative in the Web 3.0 wallet space. Its commitment to community ownership, transparency, and user empowerment sets it apart, but execution risks should be monitored.

Project Comparison Table

Probability: Likelihood of airdrop distribution (10: Confirmed, 1: Speculative)

OSS: Open-source software

Key timeline: Airdrop expected

Type: Allocation type

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Project Comparison Table

Probability: Likelihood of airdrop distribution (10: Confirmed, 1: Speculative)

OSS: Open-source software

Key timeline: Airdrop expected

Type: Allocation type

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Case Studies‍

Analysis of Successful and Unsuccessful Airdrops

At Charlie DeFi, we don't merely spotlight airdrop opportunities; we subject them to meticulous scrutiny. Our process involves comprehensive analysis of various factors including the project's maturity, the credibility of the team, past achievements, tokenomics, and due diligence, among others. This rigorous approach ensures that we only recommend airdrops that meet our stringent criteria.

Executed Airdrops

• Taho Potential Airdrop

Announced on August 16, 2023, we conducted our due diligence and promptly informed our audience. As of September 27, 100,000 OP tokens have been successfully distributed to eligible participants.

• opBNB Mainnet Launch Airdrop + Genesis NFT

This opportunity was made public on August 22, 2023. We alerted our audience through our channels, and by September 15, as promised, the Genesis NFT was available for minting. The OP tokens were subsequently distributed as promised.

• Celestia Airdrop

Though not a primary focus, following our previous guidelines would have made you eligible for the Celestia Airdrop. The eligibility criteria aligned with our previous recommendations, particularly regarding interaction with top Ethereum rollups like BASE, zkSync Era, Starknet, Linea, among others.

• zkSync ID

Announced on August 18, 2023, eligibility required interaction with zkSync ID, specifically acquiring at least one domain. This was in line with our prior guidance in the zkSync Era airdrop article.

• ZKX airdrop

Though initially shared in April, ZKX only recently confirmed its airdrop distribution. This case underscores the importance of long-term strategy in airdrop participation.

Our methodical approach aims to mitigate risks and maximize returns for our audience, ensuring that you are well-positioned to capitalize on credible airdrop opportunities.

Market Overview

The airdrop market is continuing to grow, with more and more projects using them to attract users and build their communities. We believe that this trend will continue in the coming months, as more and more projects launch on Ethereum.

Market Trends That Could Affect Future Airdrops

One of the most notable market trends in the airdrop space is the increasing popularity of retroactive airdrops, which are awarded to users who have interacted with a project in the past, such as by using its dApp or providing liquidity to its protocol.

Another notable trend is the growing number of projects that are using airdrops to distribute utility tokens, which give holders access to exclusive features or products on a project's platform.

Next Month Opportunities

A Sneak Peek at What We’re Keeping an Eye on for Next Month

We are keeping an eye on a number of upcoming airdrops, including:

• ‍LayerZero: LayerZero is aiming to be a game-changer in the DeFi world by solving a long-standing issue: the absence of a seamless, cost-effective, and trustless way to transfer assets between different blockchains. It gets rid of middlemen, wrapped assets, and multiple transactions, thanks to its 'LayerZero Endpoint' smart contract. The result? You can move assets between any chains in a single transaction.
  
  LayerZero removes the need for additional costs and steps, thereby opening doors to new DeFi possibilities like true Cross-Chain DEXs, Yield Aggregators, and Multi-Chain Lending.
  
  For those eyeing LayerZero, the project's unique features should pique your interest. LayerZero is changing the rules of the game in the DeFi world. As the ecosystem grows, it is likely to attract a variety of projects looking to leverage its capabilities. The unique features may well attract high-quality partner projects, potentially leading to joint airdrops that could be lucrative. So, being a LayerZero airdrop hunter isn't just about the immediate gains; it's also an investment in a range of future possibilities. It is backed by several notable investors, and has a strong team. But keep in mind the legal issues with FTX we talked about earlier, which could impact their ability to deliver on their promises.

• ‍Optimism Airdrop: Optimism has already confirmed in their documentation that they will continue to distribute airdrops to the most active users and remain organically consistent with OP mainnet and its ecosystem.

• ‍Taho Potential Airdrop: Taho Wallet initiated a task series, disbursing 150K in OP tokens to participants who met the criteria. The completed airdrop aimed to attract new users and broaden community reach. Taho's team advocates full decentralization and community ownership. They have affirmed plans for additional task releases, possibly as part of an ongoing airdrop strategy.

• Starknet Airdrop: Focus on StarkNet's potential airdrop is driven by its decentralization goals, the precedence set by similar projects, community engagement strategies, and the financial incentives associated with airdrops.

• ZKX Airdrop Phase 2: Phase 1 of the ZKX token airdrop is currently active, and early adopters and contributors have the opportunity to claim their ZKX tokens. If you miss the initial phase, a subsequent phase has been confirmed, during which over 10 million ZKX tokens will be distributed.

Risk Analysis

The overall risk profile of airdrops is relatively high, as they are typically associated with new and unproven projects. However, there are a number of things that users can do to mitigate risk, such as:

• Team Evaluation: Prioritize airdrops from projects led by credible teams with clear Road Maps. Scrutinize team members' backgrounds, prior achievements, and industry reputation. Projects with anonymous leaders or no verifiable history warrant caution
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• Financial Commitment: Limit the capital invested in any single airdrop to minimize potential losses
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• Portfolio Diversification: Spread the risk by participating in multiple airdrops from varied projects
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• Community Engagement: A vibrant community and established partnerships can be indicators of a project's viability
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• Smart Contract Audits: Validate whether the project has undergone an audit by a reputable firm. An audited protocol is generally more secure against exploits
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• Fundamental Analysis: Understanding a project’s target market, distinct features, and long-term vision is crucial
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• Tokenomics Review: If applicable, analyze the token allocation structure. Red flags include a disproportionate share for project insiders at the expense of the broader community
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• Scam Vigilance: Be wary of malicious airdrop schemes that aim to compromise your wallet. Verify the airdrop’s legitimacy before participating and never divulge personal information, such as private keys

Tactical Links

Our curated list of essential resources and reading. Please visit our Airdrop Guide.