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Airdrop in Vietnam: less engagement; over 90% sell airdrop post-drop in H1 2023

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H1 of 2023 in the crypto industry is almost the opposite of 2022, which had more bull market features with a lot of projects raising funds and launching products.

About $14.2 billion was raised in H1 2022 while the figure in 2023 of the same period is $5.1 billion

This must have affected the rate of release of airdrops in the market including the Vietnamese crypto market. 

Airdrops are when cryptocurrency tokens or coins are distributed to individuals’ wallets for free, often as a way to promote a project or reward users.

According to Kyros Ventures Crypto Market report H1 2023 of how Vietnam has reacted to airdrops, the majority of airdrop wallets, specifically 69.4%, are concentrated in the range of 1 to 5, with an average of 2 wallets per participant. 

The survey found that in airdrops involving Vietnamese participants, as many as 3,000 wallets could be part of the collection process. 

Although the number seems high, Kyros Ventures notes that the rate of airdrop engagement in H1 2023 dropped compared with the year 2021.

Out of all the respondents that were interviewed, only slightly over 50% said that they were part of an airdrop campaign this year.

Platforms for airdrops

Looking at the protocols that were involved in promoting airdrops to Vietnamese in the same period, zkSync (64.7%) and LayerZero (54.9%) protocols led the race. An upcoming platform is Venom (40.9%) followed by the two mentioned. 

Notably, it has gathered interest from the community, even though it is in the Testnet phase. 

Other protocols such as Starknet, Linea, ZetaChain, Scroll, and Sei at 31.4%, 29.8%, 29%, 28%, and 25.7%, respectively followed suit. 

Also Manta Network, Base, Taiko, AltLayer, Polyhedra, Fuel Network, Cashmere, Aleo, and Celestia at 22.5%, 20.5%, 18.1%, 12.9%, 12.5%, 9.4%, 8.3%, 6%, and 5.2%, respectively, occupy the ninth positions and below on the ranking of platforms that Vietnamese engaged to get airdrops. 

It also revealed in the report that only 2.6% of the respondents hold 100% of airdrops and buy more while 5.6% hold the majority of the airdrops. 

The figures provided also show that most airdrop participants – 91.8% – sold their airdrop after receiving an airdrop. This happens as investors sell to maximize profit from the tokens they have received.

Read also; New phishing attacks target FTX, BlockFi & Genesis users after Kroll data leak.

 

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