Haseeb Qureshi, managing partner at Dragonfly Capital, recently sparked a conversation on X (formerly Twitter) with a detailed thread responding to Claire Kart's critique of airdrops. Kart, CMO at Aztec Network, called airdrops "dumb" for reasons like tanking charts, hindering price discovery, and failing to drive real adoption. Qureshi agrees but argues we can fix them. Let's break down his ideas and see how they could shake up token launches, especially in the wild world of meme coins.

The Problem with Traditional Airdrops

Airdrops, for the uninitiated, are when crypto projects give away free tokens to users, often based on past activity like holding certain assets or interacting with protocols. But as Kart points out, they often happen before a product is even usable. People grab their "free magic internet money," sell it, and move on. This creates fake hype—farmers (users who game the system for rewards) pump up metrics temporarily, only for everything to crash post-launch.

Qureshi draws a parallel to initial public offerings (IPOs) in traditional finance. IPOs "pop" because big institutions like BlackRock get shares at a discount. They're seen as long-term holders, not flippers. Retail investors? They pay full price because they're harder to vet. In crypto, venture capitalists (VCs) get similar preferential treatment due to their reputations, but retail is left to the market.

The twist in crypto: everything's on-chain. We can track wallets and behaviors transparently. Yet, projects mostly filter out obvious sybils (fake accounts) without rewarding true holders.

Introducing Holder Scores: A Game-Changer

Qureshi proposes "holder scores" to fix this. After an airdrop, projects should track and publish metrics like:

• How long users hold tokens (e.g., 7-day, 30-day retention)
• Governance participation, like voting or staking
• Fees paid, liquidity provided, or product usage

These scores become public in a standardized format, like JSON, so future projects can use them. It's like a credit score for crypto holders. If you dump tokens quickly, your score tanks, hurting your chances in the next airdrop. This creates "meta-incentives"—users behave better knowing their rep follows them.

Think of it as crypto's version of credit bureaus. Finance companies share data because it makes everyone play nicer. In meme tokens, where communities drive value, this could weed out pump-and-dumpers and reward loyal degens who stick around.

When Airdrops Still Work (And When to Skip Them)

Not all airdrops are bad. Qureshi says pay-for-performance ones make sense—like rewarding TVL (total value locked), volume, or liquidity with points that convert to tokens. These directly tie to value creation and won't vanish.

For broader distributions in layer-1s or consumer apps, though? Ditch the helicopter money. Instead, use small airdrops (<15% of tokens) for targeted groups: early supporters, contributors, or adjacent communities. The bulk? Shift to tiered crowdsales.

In a crowdsale, users buy tokens, but pricing depends on their holder score. High scorers get bigger allocations at lower prices—like a "distributed BlackRock." Low scorers pay more or get shut out. This adds skin in the game, filters sybils naturally, and builds committed holders.

Qureshi notes this meta arose from regulations pushing projects away from open sales. But with clarity emerging (it's 2025, after all), crowdsales could return, echoing Ethereum's original launch.

Implications for Meme Tokens

Meme coins thrive on virality and community, but launches often mirror the airdrop pitfalls: hyped giveaways leading to dumps. Applying holder scores could foster stronger cults—rewarding holders who engage on socials, provide liquidity, or even create memes. Tools like Kaito (mentioned for social engagement scores) could integrate here.

Projects like Optimism and Arbitrum have experimented with post-launch rewards for holders, but starting at distribution is key. For meme insiders, this means cleaner charts, real adoption signals, and tokens held by people who care, not just chase quick flips.

Wrapping Up: Time to Innovate

Qureshi's thread is a call to explore crypto's vast design space. Airdrops don't have to be dumb—we can make them smarter with data and incentives. As regulations ease, blending airdrops with score-based crowdsales could lead to healthier ecosystems.

Check out the full thread on X for more details. What's your take—will holder scores become the new meta?