Crypto Assets users tend to seek instant gratification

A recent study found that Crypto Assets users generally exhibit a higher tendency for instant gratification and a lower recognition of long-term value. This characteristic is worth noting when designing token distribution strategies.

The study employs a hyperbolic discounting model to measure people's preference for immediate rewards versus future gains through two parameters: immediate inclination (ꞵ) and discount coefficient (𝛿). The results show that Crypto Assets users have a significantly higher immediate inclination compared to the general population, while the discount coefficient is notably lower.

This behavioral characteristic may stem from several features of the Crypto Assets market:

1. The market is highly cyclical, with frequent price fluctuations, and users tend to engage in short-term trading rather than long-term holding.

2. Generally cautious about the future value of tokens, worried that potential declines will wipe out gains.

3. Speculative applications dominate the current ecosystem, attracting users who prefer immediate economic returns.

These findings have important implications for the design of token distribution mechanisms in projects. For example, a perpetual contract trading platform introduced a mechanism for receiving double rewards with a delayed claim during a token airdrop, with only 15% of users choosing to claim immediately. This indicates that through reasonable design, project parties can guide users to make choices that are more beneficial for long-term development.

The future token distribution strategy should fully consider user behavior characteristics, seeking a balance between immediate incentives and long-term value to achieve a better economic model and user retention effect.