英子上合约咯

When Bitcoin plummeted from its historical high of $126,000 to below $93,000, erasing all of its 30% gain for the year and entering a technical bear market, the Alpha airdrop, once seen as a 'free lunch', also began to show signs of shrinkage. On one side, mainstream cryptocurrencies collectively suffered heavy losses, and a million investors faced liquidation; on the other side, the scale of airdrops sharply decreased, and the thresholds for participation rose dramatically. The crypto market, under this dual pressure, is undergoing an unprecedented winter test.
The 'shrinkage dilemma' of airdrops has already begun to show signs. The myth of single-digit thousand USDT airdrops from projects like APT in 2022 has become a thing of the past. Today’s Alpha airdrop not only has significantly reduced reward amounts but also has seen a notable decrease in distribution frequency—there were still four phased distribution activities in early October 2025, but by mid to late October, it had sharply reduced to just one each. Behind this change lies a fundamental shift in market logic: as the 'haircut gang' crowds in, airdrops have transformed from a tool for project parties to attract users into a cost burden. The tightening of funds during the bear market has made it even harder for project parties to afford high incentives, forcing them to filter users by raising task difficulty and compressing reward scales. The benefits that could once be obtained with a simple click of the mouse now require a significant investment of time to score trades, and the cost-effectiveness of ordinary investors’ participation continues to decline.