Airdrops are a fixture in crypto, particularly for protocols looking to add new users to the ecosystem. But what are the real-world results of these airdrops?
Using Flipside Crypto’s on-chain data and community-enabled analytics, we can find the answers.
We already know from previous airdrop analyses that weekly airdrops struggle to add new users to the Terra ecosystem. When it comes to Uniswap, meanwhile, 23.4 percent of users kept their tokens by our measurement.
Now, it’s time to take a closer look at how many addresses received the original Mirror airdrop to UNI holders and LUNA stakers, respectively. To do so, we’re enlisting the help of two of our analysts — @jr3225 and @darksoulsfanlol.
UNI holders vs LUNA stakers
We’ll start with an analysis from @jr3225, who began by identifying whether LUNA stakers or UNI holders claimed more MIR as part of their initial airdrop.
During this Genesis airdrop, which took place in December of last year, users claimed nearly 9 million of the 9.15 million total rewards available. And, as @jr3225 notes, “while 12,698 UNI addresses have claimed MIR via airdrops, only 1009 LUNA stakers have claimed MIR via airdrops.”
But, perhaps surprisingly, while UNI addresses outweighed the total LUNA addresses by a factor of roughly 12x. LUNA stakers have claimed about 8.91 million MIR while UNI holders have only claimed roughly 2.79 million MIR.
The lucky few to claim both airdrops
These groups, however, were not mutually exclusive. As this submission from @darksoulsfanlol points out, there were a lucky few who claimed both airdrops on ETH (by holding UNI) and Terra (by staking LUNA).
In fact, according to @darksoulsfanlol, “a total of 93 addresses that claimed both airdrops on ETH and Terra for the genesis airdrop and 568 addresses that claimed the genesis airdrop on ETH and any genesis or weekly airdrop on Terra.”
Conclusions
So what can we take from this community analysis of MIR airdrops?
@jr3225 found that “LUNA stakers are simply more aware of MIR.” What’s more, “UNI holders generally don’t know as much about the Terra ecosystem” — which could explain the disparity in claimed amounts. This submission also noted that lost keys or wallets could account for “at least a percentage of unclaimed MIR.” Get the rest of the insights here.
And, as @darksoulsfanlol notes, “Terrans claimed a lot more MIR tokens than UNI holders, the number of addresses that claimed on Terra is only about 10% of the number of addresses of UNI holders,” which could indicate large whale allocations and less reach. This submission also noted that a more fair strategy for airdrop distribution could be to do it by weekly distribution. See more data and insights from @darksoulsfanlol here.
Do more with airdrop data
Want to take a closer look at what’s going on with airdrops in the Uniswap and Terra ecosystems? With Flipside Crypto’s on-chain data and community-enabled analytics, it’s just a click away.
Check out our analysis of Terra airdrops here and our examination of airdrops for Unisawp, 1Inch, and FEI/TRIBE here.
Want to get more involved with the Flipside community and see your own analysis on our blog? Join us on Discord to get started. You can also see some of the best bounty submissions here.