Team research on token incentives, compensation and airdrop design, with the underlying methods available to read.
Why read Dragonfly?
Dragonfly's writing is useful for understanding the practical choices around a token before looking at a price chart. Zackary Skelly's compensation guide compares token grants valued at a market price with annual awards and a percentage of supply. Start with those alternatives to see how grant timing, vesting and the agreement change what an employee is actually offered. It is a framework published in 2022.
The team's State of Airdrops Report 2025 offers a more data-heavy route. Its methodology combines project eligibility documents with claim-contract events and token valuations to estimate the effects of geographic exclusions. Read the sample and estimation method before the policy conclusions. The report shows how onchain data can inform a question while still requiring assumptions about users and geography.
Start with the original
Selected work
Guide ·
The Comprehensive Guide to Token Compensation
Zackary Skelly compares grant structures and their tradeoffs. Begin with the market-value, annual-grant and supply-percentage sections.
Research report ·
Dragonfly's State of Airdrops Report 2025
A team report. Start with Methodology to see the claim-event data, eligibility documents and limits of the geographic estimates.
Onchain
Linked wallets
- Ethereum
0xb953e202c5e51c7c010e80402a63c02f37f14059Open in explorer - Ethereum
0xcdf3a93611d097461b1103a9208cfc50f3298f7dOpen in explorer