When we did the retroactive UNI airdrop it was basically unprecedented Uniswap protocol had been live for years with hundreds of thousands of historical users and strong product market fit At the time we said to ourselves “no one can ever replicate this” because every future airdrop will be gamed Wild to see how far things have come Almost every project now does an airdrop, and most of them are gamed to some degree The good: - life changing financial impact on hundreds of thousands of people around the world (I’ve heard so many stories) - a culture of rewarding early adopters and user - fairer and broader distribution of value and ownership - easier bootstrapping, people are willing to try out new things - healthy early liquidity and early price discovery if airdrop is done right The bad: - industrial airdrop farming and expectation that every project does one - teams mistaking farmers for product market fit - harassing teams / demanding airdrops “wen airdrop” - teasing airdrops that will never come to farm the farmers How to do a good airdrop: - know your goals and design an airdrop that meets them, know that speculators exist and everything that can be gamed will be gamed

Pretty cool how dominant DEX volume has become on ETH/ERC20 pairs USDC/ETH @Uniswap: $784m (v2+v3) @coinbase: $59m ETH/BTC Uniswap: $95m (WBTC) Coinbase: $48m ETH/USDT Uniswap: $271m Coinbase: $159m