Of the mercenary wallets that fully sold their airdrop, how many are still transacting (last 30 days) or holding value?
Across 4 perp DEX airdrops, the data consistently shows 75-90% of recipients fully sell their airdrop allocation.
Even whale-tier recipients (100K+ tokens) have sell rates of 65-86%, disproving the assumption that larger allocations create loyalty.
An estimated 174,967 mercenary wallets dumped their airdrops across Hyperliquid, Lighter, and Drift combined — representing the most incentive-responsive cohort in DeFi.
Only 1.3% of Lighter recipients also received the Hyperliquid airdrop, suggesting these are largely separate user bases despite being EVM-native protocols.