Follow the (fake) data

The author argues that crypto traction metrics are largely fake because airdrop farming and sybil activity inflate on-chain numbers, and that counting addresses without weighting identity or past behavior sets the bar too low. The piece says airdrop cost-per-acquisition figures from a Dune dashboard are underestimates, since they divide dollar value by addresses claimed without accounting for the 10% to 20% of addresses that typically hold airdrops, which could make them 5x to 10x higher. It also describes airdrop simulators and automation tools such as nftcopilot.com, whose marketing it criticizes as "Help winners win," and concludes that farming stays prevalent while the cost to game an airdrop is below its potential reward.