Defining the Terms

i. Airdrop : In the cryptocurrency world, an airdrop is when a project distributes free tokens to users, often as a marketing tactic to boost awareness, incentivize adoption, or reward early supporters. 

ii.Airdrop farming: This involves making deliberate and systematic efforts to maximize gains from token distributions. Modern airdrop farmers might use multiple wallets, participate in testnets, engage with decentralized finance (DeFi) protocols, or complete specific tasks (e.g., joining a Discord server or tweeting about a project) to qualify for as many airdrops as possible.

iii. HODLing: A term born from a typo in a 2013 Bitcoin forum post ("I AM HODLING"), HODLing has become a very profitable strategy in the crypto . It means holding onto cryptocurrency assets for the long term, regardless of market volatility, with the belief that their value will appreciate over time. 

Who Are Modern Airdrop Farmers?

Unlike early airdrop participants (think 2017–2018, when simply holding Ethereum might land you free tokens), today’s farmers actively seek out opportunities. They monitor platforms like X, follow crypto influencers, join Telegram groups, and closely watch project announcements to identify potential airdrops. Some even use bots or scripts to enable them participate across multiple accounts—a practice known as "sybil farming."

Most modern airdrop farmer are profit-driven, often viewing airdrops as a low-risk, high-reward hustle. 

The Attitude Towards HODLing

1. Opportunity Cost Over Loyalty

Airdrop farmers operate in a fast-paced environment where new projects and token distributions pop up constantly. For them, tying up capital in a single token—especially one received for free—means missing out on the next airdrop or market move. HODLing assumes a token will moon someday, but farmers prefer to cash out quickly and reinvest in the next opportunity. They’re playing a numbers game: why HODL one token hoping for a 10x when you can flip ten airdrops for a 2x each?

Take the example of the Uniswap airdrop in 2020. Early users received 400 UNI tokens, worth about $1,200 at the time. HODLers who kept them saw UNI peak at $44 in 2021 (a $17,600 value), but many farmers sold immediately, pocketing the $1,200 to fund other ventures. 

2. Lack of Emotional Attachment

HODLers often have a emotional tie to their coins—Bitcoin maximalists believe in superiority of BTC, Ethereum supporters in smart contracts. Airdrop farmers, however, see tokens as tools, not treasures. A token earned from an airdrop isn’t “theirs” in the same sentimental way; it’s a bonus, a paycheck, a means to an end. This detachment makes dumping tokens at the first sign of profit more desirable than HODLing through dips.

3. Market Realities and Tokenomics

Many airdropped tokens come from unproven projects with shaky fundamentals. Farmers know the dirty secret of airdrops: most tokens inflate supply, face sell pressure from other farmers, and crash shortly after listing. Projects like Aptos (2022) or Starknet (2024) saw massive hype around airdrops, only for prices to plummet as recipients rushed to exchanges. HODLing such tokens often means watching value erode, so farmers adopt a "sell first, ask questions later" mentality.

Even when a project has potential, farmers weigh the tokenomics. Vesting schedules, unlock periods, and circulating supply matter more than whitepaper promises. If a token’s value seems propped up by hype, they’re out the door before the music stops.

4. Risk Management

Farming is inherently speculative, but it’s not gambling in the HODLing sense. Farmers diversify across dozens or hundreds of airdrops, knowing most will fail but a few will hit big (e.g., the $20,000+ Arbitrum airdrop in 2023). HODLing a single airdropped token concentrates risk, while selling and spreading profits aligns with their strategy of consistent small wins over moonshot bets.

5. Cultural Shift in Crypto

The broader crypto landscape has shifted since the HODLing meme took root. In Bitcoin’s early days, holding was a rebellion against fiat and a bet on a new paradigm. Today, with thousands of tokens, rug pulls, and pump-and-dumps, blind faith feels naive to many. Airdrop farmers are too skeptical —they’ve seen too many "next big things" fade to trust in HODLing untested coins.

Note : in as much as many farmers loves to jet off on TGE , we must also point out that some are farmers prioritize long term gains(HODLING) over short term gains(dumping)