Airdrops are one of the most sought-after events for users of on-chain projects. They’re the distribution of a protocol’s token, often to historical users. The aim is to reward loyal users and increase the user stickiness of the product. But they don’t always go as intended.

Airdrops come with their own set of challenges, with the biggest one being that of airdrop farming. This is especially true for projects that announce an airdrop ahead of time. Airdrop farmers are purely profit-motivated entities only interested in using a platform to receive the airdrop at a later date to sell for a profit, making the advantages of an airdrop somewhat of a double-edged sword.

To the uninitiated, it might seem like all airdrops and their associated effects are very similar. While they have similar goals and implications, the behaviors associated with each airdrop vary vastly.

Delphi Analyst Priyansh Patel dove into this and more in his just-released report on airdrops.