Hard Lessons From Sei Network’s Airdrop

After nearly a year of testing net and testing its network, Sei Network has conducted its mainnet along with an airdrop as promised to the community before. However, Sei Network’s airdrop received a lot of mixed opinions from the community because the information lacked clarity. Let’s join Weakhand to learn about the lessons learned from this airdrop.

Some potential projects that will have huge airdrops in the future that everyone can refer to:

• Retroactive DeBank Hunting Guide
• Retroactive LayerZero Hunting Guide
• Retroactive Hunting Guide Project zkSync Era
• Retroactive Linea Network Mainnet Hunting Guide

Overview of Sei Network’s Airdrop

SEI Tokenomics

• Ecosystem Reserve: 48%
• Foundation: 9%
• Team: 20%
• Launchpool: 3%
• Private Sale Investors: 20%

In Sei Network’s tokenomics, a total of 3% of the total supply is extracted from the community allocation equivalent to 300M tokens for the project’s first airdrop. This 3% level is much higher than the amount that Sei Foundation promised to previous testnet participants with only 1% of the total supply.

The total reward will be divided into 2 parts as follows:

• Reward: For wallets that participate in the testnet and participate in the Sei Ambassador program.
• Airdrop: For wallets that have bridged to the Sei Mainnet network.

Rewards

Those who participate in Sei Network’s Atlantic incentivized testnet will receive a certain amount of rewards, but this reward is only enough to cover gas fees when using the mainnet network. Those who complete more missions and achieve higher rankings in the Sei Ambassador program will receive more rewards than regular participants.

The different levels in the Sei Ambassador program include:

1. Crew
2. Officer
3. Capitan
4. Major
5. Colonel

Airdrop

To be eligible for the airdrop rewards, users must move assets worth at least $500 from one of the following blockchains to Sei Network:

• Ethereum
• Arbitrum
• Optimism
• Polygon
• BNB Chain
• Osmosis

The most important thing about this airdrop campaign is that anyone who owns a qualified wallet address from the above blockchains can participate in this event with only a very small fee to transfer assets. to Sei mainnet.

Why Is Sei Network Turned Away By The Community?

Promising too much

Since the announcement of the first testnet at the end of 2022, Sei Network has promised the community to deduct a portion of the tokens for airdrop. This invisibly made the entire airdrop hunting community at that time very excited after Aptos’s airdrop to participate in using Sei Network.

Sei Network also continuously repeated this throughout 2023 in subsequent testnet rounds, and the community became more and more interested in participating in Sei testnet because at that time there were also huge airdrop projects like Arbitrum up to thousands of dollars per wallet.

Not only do they simply do testnet for free, but many people also invest in a whole system to be able to cheat as many wallets as possible to profit after the Sei airdrop. This has been proven by numbers when there are more than 7 million wallets participating in the Sei testnet along with 450 million transactions.

Everyone knows the result, although the number of airdrop allocations has increased 3 times compared to the original, but due to having to spend on a large number of wallet addresses, each wallet only receives A small amount of tokens is enough to cover gas fees.

Lack of clarity in providing information

Binance has continuously announced two new projects that will be listed on Launchpool on August 1, 2023, Sei Network and CyberConnect. The common point is that both projects have announced that they will airdrop tokens to users before that time. This.

While CyberConnect allows people to check the amount of airdrop they receive immediately 3 days later on August 4, 2023, Sei Network lets the community wait for more than 2 weeks without any official information. from Sei Foundation.

All the community received were brief tweets like the one below.

It was not until a few hours before the mainnet and token listing that Sei began to announce some information about tokenomics as well as the allocation amount, but had to wait until 2 days after the mainnet on August 17, 2023. Only then will the community start claiming the airdrop.

Uneven distribution

Sei Network’s intention in dividing the reward into 2 parts is:

1. Use the reward to thank testnet users as well as Sei Ambassador who have supported the project for a long time.
2. Use airdrops to attract users along with quality cash flow from blockchains with wallets that the project has pre-selected to put on a whitelist.

This idea, if viewed from the perspective of the entire ecosystem, can use airdrop allocation for convenience, but when viewed from the perspective of someone who has participated in the testnet as well as participated in many Other activities to support the project are completely different when having to share what should be yours.

What makes the community even more angry is that the Sei Foundation allocates too little to their early supporters compared to those who own qualified wallet addresses from another blockchain. Each testnet and Sei Ambassador program participant only receives between 1-80 SEI per wallet, while those who may not have supported Sei can just bridge a minimum of $500 to this ecosystem and receive a random reward course from 200-1000 SEI.

Hard Lessons From Sei Network’s Airdrop

After all that we can see from Sei Network’s airdrop, the first thing that all of us can see is that this market is quite similar to investing and we will lose money when:

• Fomo: Fomo is a popular term in investing that refers to people’s fear of missing out and if applied to the airdrop market, it is the community racing to do projects similar to one project. Big had a huge airdrop before (the most suitable name before Sei is probably Aptos).
• All in capital into one project: The term all in is not too strange when referring to investing all equity in a certain token. In the airdrop market, it is someone investing all their capital to make a lot of wallets just because of a promise from the project.
• No analysis: Analyzing airdrop projects will be quite difficult because the right to decide the time and number of airdrops is decided by the project operations team instead of the community. However, we can also analyze bombs like Sei Network and from there choose more suitable projects in the future.

To find projects that will have huge airdrops in the future, the best thing each of us can do at the present time is to improve the problems mentioned above because the general market is quite good. ideal for airdrop hunting while still in a fairly low period so gas fees in general on blockchains are very cheap.

After big bombs like Sei Network, there will be many people leaving the market, so the level of competition for future airdrop projects is generally quite low and this is an opportunity for those who remain. .

Summary

Above are the bloody lessons from Sei Network’s airdrop that Weakhand’s team has learned from personal experience. Hopefully through this article everyone will be able to find projects with huge airdrops in the future.