Just hours after opening, the second wave of the IRYS token airdrop on Binance Alpha was met with an immediate rush. Yet beneath the enthusiasm lies a persistent concern: some users suspect the token’s airdrop distribution is dominated by a handful of “farmers” operating multiple wallets simultaneously.
A Deliberately Dynamic Claim Mechanism
On July 10, 2026, Binance Alpha released 2,900 IRYS tokens for this wave, distributed on a first-come, first-served basis. To claim, users needed 15 Alpha Points above the minimum threshold of 245 points - with the threshold automatically dropping by 5 points every 5 minutes if the quota remained unfilled until allocations were exhausted. Participants were given only 24 hours to confirm their claim on the Alpha Events page, or their eligibility would be forfeited. Within the first 24 hours, the price of IRYS actually dropped 5.08 percent to $0.01331, even as trading volume surged 111.99 percent to $7.46 million - a sign that many recipients rushed to sell their newly acquired tokens.
The Shadow of Sybil Activity from Previous Waves
Those concerns are not unfounded. Previous IRYS airdrop waves were snapped up in seconds, and several on-chain reports indicated that a single entity allegedly secured nearly 20 percent of an earlier allocation - a classic Sybil attack pattern where one party creates hundreds of dummy wallets to multiply their own share. With a maximum supply of 10 billion tokens and only around 2.56 billion currently in circulation, IRYS’s market capitalization now sits at $34.18 million across 15,490 token holders - far below its all-time high of around $0.055.
The question now is no longer whether there is demand for IRYS airdrops - clearly there is - but whether the team behind the project can close the loopholes long exploited by Sybil hunters. Until there are clear improvements to the mechanism, each new wave of the token’s airdrop will likely continue to follow the same pattern: a frantic rush, followed by downward price pressure once tokens hit the market.
Reported by CoinGabbar.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
