Looking back at 2025, more and more participants have to admit that the returns from airdrops that year were not ideal. There were quite a few projects, and the participation rate was not low, but very few actually succeeded – airdrops continued to shrink, token issuance reached its peak, and insufficient liquidity gradually became the norm.

What was once seen as a low-risk "consensus dividend" – profiteering – is now more like a highly competitive selection mechanism. As the dividend fades, the problems become clearer:

Should we continue to participate indiscriminately, or should we re-examine our time, risks, and expectations?

#PANews Encrypted Year-End Review