Why are there no more big airdrops? For the same reason we never got a real alt season. Massive gentrification, combined with adoption that did arrive (and is still arriving), but gets completely outpaced by the insane number of products and tokens. In 2021 you had hundreds of tokens to invest in. Today you have hundreds of thousands, even millions of tokens. The same thing is happening with products. Useless L1s, products with inflated metrics. Back then at least they could rely on a real user base and reward them. Now they need to promise tokens with infinite vesting just to attract users, at the cost of the future of the business. We wanted people. But when they finally arrived we overwhelmed them with too much supply for too little demand.