Source: Cointelegraph
Original: “From Binance HODLer to Gate.io CandyDrop: How Exchanges Use 'Candy' to Bind Users”
In today's increasingly competitive landscape of cryptocurrency exchanges, airdrop platforms are becoming a key tool for attracting users. Following Binance's launch of HODLer and Bitget's introduction of CandyBomb, Gate.io has also launched its own airdrop platform, CandyDrop, this week, marking the competition among airdrop platforms entering a heated phase.
These platforms attract user participation through different mechanisms: Binance's HODLer encourages users to hold BNB to receive airdrops, Bitget's CandyBomb rewards users for completing tasks and inviting friends, while Gate.io's CandyDrop combines task completion and holding mechanisms, aiming to enhance user activity and platform stickiness.
| Platform | Name | Mechanism | User Threshold | Features | |-----------|-----------|------------------------------------|----------------|-----------------------------------| | Gate.io | CandyDrop | Participate in tasks/holding for airdrops | Medium | Combines platform token GT ecosystem | | Bitget | CandyBomb | Tasks + invites + social media interaction | Low | Heavy on social media, suitable for new users | | Binance | HODLer | Just hold | Low | No operation required, highly suitable for lazy users |
Why are exchanges focusing on "airdrop platforms"?
The explosive growth of the airdrop market
In 2024, cryptocurrency airdrop activities have shown explosive growth, becoming an important means for project parties to acquire users and promote projects. According to on-chain analysis by Dropstab, projects distributed tokens worth approximately $14.91 billion to users through airdrop activities in 2024. Among them, Hyperliquid distributed $1.34 billion in airdrops to over 90,000 users, and Starknet distributed tokens worth $1.33 billion to 1.3 million addresses. Additionally, projects like Pengu, Wormhole, and Jupiter also reached airdrop amounts of $1.15 billion, $896 million, and $891 million, respectively, ranking among the top five airdrop projects.
User growth and community activity enhancement
Airdrop activities can effectively attract new users to register and participate in trading, increasing the platform's user base. Through airdrops, exchanges can incentivize users to hold and use platform tokens, enhancing user stickiness and community activity.
In March 2023, Arbitrum (ARB) distributed 1.275 billion ARB tokens to 625,143 eligible wallet addresses. On the day of the airdrop, Arbitrum's daily trading volume surged from about 300,000 transactions to 2.7 million, and the number of daily active addresses skyrocketed from 100,000 to 600,000. Less than a month after the airdrop, Arbitrum's account count surpassed 5 million, with active accounts exceeding 4 million. Although some users quickly sold their tokens after receiving the airdrop, a significant number of users continued to participate in the Arbitrum ecosystem.
Exploring new profit models
Through airdrop platforms, exchanges can collaborate with project parties, charging certain service fees or earning profits through token appreciation, exploring new profit models.
Listing fees: Project parties pay a certain fee for their tokens to be listed on the exchange and airdropped.
Marketing promotion fees: Exchanges provide additional marketing services, such as social media promotion and community activities, to increase the exposure and participation of airdrop activities.
Holding project tokens: Exchanges may purchase a certain amount of the project party's tokens before they are listed. As the project succeeds and the token value rises, exchanges can profit by selling these tokens.
Token staking: Exchanges stake the tokens they hold to earn staking rewards or dividends. This method not only generates income but also strengthens the cooperative relationship with project parties.
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