Last week, we launched Spot Margin: a new primitive for onchain leverage.
But why build a new way to trade with leverage?
Because perps come with hidden costs that most traders never see. 🧵👇
1/ In the light of yesterday's @Backpack "above 200M FDV" bet on @Polymarket - Polymarket’s current design for price/FDV markets (single-point snapshot at a fixed time) creates a structural vulnerability: outcomes can be bought, not predicted. More in this thread:
henlo & gBera 🐻
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To be honest, as a simple guy who has nothing to do with VCs or project teams, who has been here since 2018 and has seen a lot, words like the ones here affect me to the core: https://t.co/AKbCcDtc2N
But I will try to be as objective as possible.
Many have seen these graphs, where the tokens of projects whose teams have conducted airdrops have a perpetually red graph. Before we had enough new data on projects that held a token sale instead of an airdrop, these charts looked impressive and truly convinced us that an airdrop is a problem for a project and brings no practical benefit. But now, it has been almost a year since active token sales began, and we can look at some preliminary results.
First, I would like to explain how the research was conducted.
- All projects conducted their TGE in 2025.
- The projects are divided into two categories: those that had a token sale and those that did not, but had a classic airdrop. It is important to note that some projects, for example, all projects from buildpad, also conducted an airdrop.
- In the "sale" category, I did not include projects that only had a launchpool on an exchange, due to the small supply of tokens being sold.
- The fairness of distribution for some airdrops, such as kgen, is difficult to verify, but I also have no data to suggest that the team distributed tokens to themselves, as was the case with apriori (which I did not include in the selection).
- In most cases, the initial FDV was based on the 5-minute chart and indicates the price at which a retail investor could sell the token. However, the high of the candle is not taken into account; instead, the average price over the specified time period is used. Sometimes, when a project was launched at the beginning of the year, the 1-hour chart was used as the source data.
First, I suggest you take a look at the raw numbers for projects, broken down by various launchpads. Here, in addition to the initial and current FDV, the prices at which the tokens were sold are listed. For retail investors, token sales are generally beneficial. They don't have to think about the criteria the team will use to distribute an airdrop. They are given the terms and they simply buy the token. The last column is the ratio of the current price to the initial price of the token. Many will say, well, that's the market, nothing you can do about it. And they will be right.
Now, let's sort this table from the most successful performance to the worst.
Many evaluate the success of a project based on how much they earned. But I repeat, this is not about retail investors. This is about VCs, who for some reason are trying to prove to us that the entire problem of why project tokens only have a downward movement lies in airdrops. Most of the projects shown here have a clear vertical downward chart. Now let's take a look at how things are with projects that had an airdrop but no token sale.
Doesn't it seem strange to you that out of 36 projects that conducted a token sale, only 5 are trading above the TGE price? 3 of which are relatively small, barely reaching a $150m capitalization, while at the same time, out of 20 projects that conducted an airdrop instead of a token sale, 4 projects are trading above TGE and have a capitalization of more than $300m?
Now, looking at these numbers, tell me: were airdrops the problem?
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😬Calling out team @zksync
👇Here is how to fix this
🪙Total supply - 21B
🪙Total Airdrop - 3.65B
🪙Airdrop to users - 3.25B
👥Current eligibile wallets - 696k
👇Changes suggested
👥Include all the wallets which meet at least one criteria
👥Approximately - 1.3M users
🪙Allocate 500 $ZK to every eligible wallets
🪙Total minimum drop to eligible wallets- 650M $ZK
🪙Remaining 3B tokens can be allocated to all wallets based on your wallet holding, multiplier etc etc
🤯3B is still great amount of tokens
😁But we r making 2x users happy
🧢Reduce maximum allocation from 100k to 50k or 75K
✅This way everyone get decent portion of share in 17.5%
🤯17.5% allocation of total supply in TGE Airdrop is remarkable, but if many r not happy, u should consider changes in allocation
😁I don't have any problem if u reduce my 100k allocation to 50k
🙂Community, do u agree with this? Let me know in comments
🤗I believe @zksync@TheZKNation will relook into the eligiblelity criteria & make community happy
💙Like
🔁RT
12000 wallet received airdrop without transaction
this is just part of the corruption of the @ZkSync team. they have not considered their community worthy of reward. Anyone who protests will be slandered by Sybil and Airdrop Hunter. 👇
https://t.co/6kMI8sXyRX
#zkscam#zksyncscam