Airdrops used to be a popular way for crypto projects to generate initial interest, offering free tokens to attract users. This approach created a buzz but led to issues like sybil farming, where opportunistic users exploited the system for profit, undermining community-building efforts. As a result, many projects shifted to a new strategy: public ICOs. Instead of giving away tokens, they invite investors to buy in early at what they claim are favorable prices, trying to maintain the excitement of airdrops while also raising funds for their treasuries. Current examples like MegaETH and Monad illustrate this trend. MegaETH raised around $50 million with a projected valuation of $900-999 million, while Monad seeks nearly $200 million at a $2.5 billion valuation—all before their products are launched. These ICOs have generated interest, shown by MegaETH's oversubscription rate of 27.8 times. However, there's skepticism about the sustainability of this model. As more projects adopt public ICOs, the market may become saturated, reducing the chances of significant returns as liquidity dries up. The landscape is shifting, with a clear divide forming between quality projects and those riding on hype. Investors should be cautious, as not every ICO will deliver returns. The influx of capital into these new offerings may siphon liquidity away from established altcoins, creating a more competitive environment. The article emphasizes the importance of distinguishing between coins with real value and those based purely on speculative narratives, advising careful investment practices moving forward.