      Tomasz Tunguz (Theory Ventures) · 2022-11-27
      · 1285d
    

Uniswap Token Airdrop Analysis: Marketing Efficiency and User Retention in Web3

Tomasz Tunguz analyzes the Uniswap UNI token airdrop as a customer acquisition cost (CAC) mechanism, examining its marketing efficiency and long-term user retention. The analysis reveals that while the airdrop reached 220k users, only 6.7% still hold tokens today, and the campaign required a 5.9-year payback period—significantly longer than traditional software companies.

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Metrics in this report

Airdrop Cost Multiplier vs VC Sales Spend

4-7x

range

Relative expense of airdrops vs venture capital sales spending

Airdrop Eligibility Reach

220000users

total

Uniswap UNI airdrop eligible users

Campaign Cost

351$M

total

Uniswap UNI airdrop campaign cost

Cumulative Trading Fees

1205$M

total

Total Uniswap trading fees since airdrop

Current Token Holders from Airdrop

6.7%

percent of original

Uniswap UNI airdrop retention rate

Payback Period - Cumulative

5.9years

median

Uniswap UNI airdrop cumulative payback

Payback Period - Private Software Startups

1.4years

typical

Traditional private software ad spend payback

Payback Period - Public Software Companies

1.6years

average

Traditional public software ad spend payback

Sales Efficiency Ratio

0.17ratio

value

Uniswap UNI airdrop sales efficiency

Tokens Distributed

88M

total

Uniswap UNI airdrop distribution volume

Trading Fees from Airdrop Users

208$M

total

Revenue generated by airdropped users

Unclaimed Airdrop Tokens

12M

total

Uniswap UNI tokens not claimed from airdrop

Unclaimed Token Value

65$M

total

Estimated value of unclaimed Uniswap UNI airdrop tokens

Users with Increased Holdings

0.6%

percent of original

Uniswap UNI airdrop users who bought more