Participating in the Ethena airdrop campaign involved significant opportunity costs for users, including capital allocation decisions, time commitment, and gas fees expended. Users had to weigh these costs against the potential reward, making calculated decisions about how much to engage with the protocol. This economic calculation varied greatly among participants based on their risk tolerance, belief in the project, and available resources. The concept of ethena airdrop opportunity cost highlights how cryptocurrency participation involves complex economic decision-making even for supposedly “free” distributions. Understanding these economic calculations helps explain participant behavior and provides insights into how different users approach risk and reward in the cryptocurrency ecosystem, with important implications for how future projects design engagement campaigns.