Asher Draycott Dec
31

WagyuSwap (WAG) IDO Airdrop: How to Claim Free Tokens and What You Need to Know

Back in 2021, WagyuSwap (WAG) launched as the first decentralized exchange on the Velas Network - a blockchain built on Solana’s codebase, promising ultra-fast transactions and low fees. The project promised something rare at the time: a fully functional DEX with EVM compatibility, no KYC, and a native token reward system for liquidity providers. But what most people remember isn’t the tech - it’s the WagyuSwap IDO airdrop. If you missed it, you might still be wondering: Can I still get free WAG tokens? And if so, how?

What Was the WagyuSwap IDO Airdrop?

The WagyuSwap IDO airdrop wasn’t just a marketing stunt. It was the core mechanism used to bootstrap liquidity and user adoption right after launch. When a project does an Initial DEX Offering (IDO), it typically releases its token directly on its own platform, allowing users to buy in immediately. But to make that work, you need people to provide liquidity - and that’s where the airdrop came in.

WagyuSwap gave away free WAG tokens to early users who did one simple thing: connect their wallet and interact with the platform before or during the IDO. This included swapping tokens, adding liquidity to pools, or staking LP tokens. The goal? Get people to lock up real value so trading could start smoothly on day one.

Unlike some airdrops that require you to join Discord, retweet posts, or fill out long forms, WagyuSwap’s was built into the protocol. You didn’t need to do anything extra - just use the platform. That’s why it was effective. The people who showed up early were the ones who actually believed in the project.

How Did the Airdrop Work?

There wasn’t a public list of addresses or a claim portal you had to sign up for. The distribution was automatic. Here’s how it played out:

If you added liquidity to a WAG/VEP20 pool during the IDO window, you received WAG tokens proportional to your share of the pool.
If you swapped any VEP20 token on WagyuSwap before the first 72 hours, you got a small bonus of WAG tokens as a participation reward.
Users who staked their LP tokens (tokens that represent your share in a liquidity pool) earned additional WAG over time - this was part of the yield farming system.

No registration. No email. No KYC. Just connect your wallet - MetaMask, Trust Wallet, or any EVM-compatible wallet - and start using the DEX. The smart contracts tracked your activity and distributed tokens directly to your wallet address.

This method avoided the common problem of airdrop bots and sybil attacks. If you didn’t put real capital or effort into the platform, you didn’t get rewarded. That kept the token distribution fairer than most.

Is the Airdrop Still Active?

No. The original WagyuSwap IDO airdrop ended in late 2021. The window for claiming free tokens from that launch is long closed. If you didn’t participate back then, you won’t be able to claim any of those initial airdrop tokens now.

But here’s what some people get confused about: WagyuSwap still exists. The platform is still live. The WAG token still trades. So if you see someone online saying “claim your free WAG tokens now,” they’re either mistaken - or trying to scam you.

There are no current airdrops running for WagyuSwap as of December 31, 2025. Any website, Telegram group, or Twitter account claiming to offer “new WAG airdrops” is not affiliated with the official project. Always verify through the official WagyuSwap website (wagyuwap.com) - and even then, don’t expect free tokens.

A fox spirit staking LP tokens in a warm, lantern-lit DEX cabin.

What Happened to the WAG Token?

The WAG token peaked at $0.00435 in early 2022. As of late 2025, it trades around $0.00015 - a drop of over 93% from its high. The market cap has shrunk from over $2 million to just $10,000-$16,000. Trading volume is often near zero on major exchanges.

Why? Several reasons:

Limited adoption: Velas Network never gained the traction of Solana, Ethereum, or even BSC. Fewer developers built on it.
Low liquidity: Total Value Locked (TVL) on WagyuSwap is around $182,000 - tiny compared to Uniswap’s billions.
No major updates: Since 2022, there’s been little public development or roadmap progress from the team.
Market conditions: The broader crypto market turned bearish after 2022, and low-cap tokens like WAG were hit hardest.

The project still technically works. You can still swap tokens, add liquidity, and earn WAG rewards. But the ecosystem is barely alive. Most users have moved on.

Can You Still Earn WAG Tokens Today?

Yes - but not for free. The only way to get WAG now is to trade for it or provide liquidity.

Here’s how:

Buy WAG on a DEX like WagyuSwap itself or a small exchange that lists it.
Connect your wallet to the WagyuSwap interface.
Provide liquidity by pairing WAG with another VEP20 token (like VELAS or USDT on Velas).
Stake your LP tokens in the WAG farming pool to earn additional WAG rewards.

You’re not getting free tokens anymore. You’re investing real money to earn more. The risk? If the price keeps falling, your LP tokens could lose value faster than you earn rewards. This is called impermanent loss - and it’s real.

The platform still has a reward system built to offset that loss. But with trading volume near zero, the rewards are tiny. You might earn 0.00002 WAG per day - worth less than a cent.

An abandoned WagyuSwap arch overgrown with vines, a robot sweeping coins at dawn.

Is WagyuSwap Worth Your Time?

If you’re looking to make money? Probably not.

If you’re a crypto historian or want to experiment with a low-liquidity DEX for fun? Maybe.

The Velas Network still runs. The smart contracts still work. The WAG token still exists. But the project is essentially in maintenance mode. No new features. No marketing. No team updates since 2023.

Compare it to Uniswap or PancakeSwap - those platforms have teams, roadmaps, partnerships, and millions in TVL. WagyuSwap has a website, a token, and a handful of users.

It’s a ghost of what it once was.

What Should You Do Now?

If you held WAG from the airdrop:

Check your wallet balance. You might still have tokens sitting there.
If you want to sell, do it now - but expect low prices and low liquidity.
Don’t send more funds to try and “farm” more - the returns aren’t worth it.

If you never participated:

Don’t chase the airdrop. It’s gone.
Don’t trust any site offering “free WAG tokens.” They’re scams.
If you’re curious about Velas-based DeFi, look at other projects on the chain - but go in with eyes open.

Final Thoughts: A Cautionary Tale

The WagyuSwap airdrop was a classic example of how early-stage DeFi projects try to jumpstart adoption. It worked - for a while. But without ongoing development, community support, and market demand, even the best-designed token can fade into obscurity.

Today, WagyuSwap serves as a reminder: airdrops are not free money. They’re a tool to build a community. And if the community doesn’t grow, the token doesn’t survive.

If you’re looking for real opportunities in DeFi, focus on platforms with active teams, clear roadmaps, and real trading volume. Don’t chase ghosts.

Was there a real WagyuSwap IDO airdrop?

Yes. WagyuSwap ran a real airdrop during its IDO launch in September 2021. Tokens were distributed automatically to users who provided liquidity, swapped tokens, or staked LP tokens on the platform. No sign-ups or social tasks were required - just active participation.

Can I still claim free WAG tokens from the airdrop?

No. The airdrop window closed in late 2021. There is no official way to claim free WAG tokens today. Any website or social media post claiming otherwise is a scam.

Is WagyuSwap still operational?

Yes, the WagyuSwap platform is still live on the Velas Network. You can still connect your wallet, swap tokens, and stake liquidity. But trading volume is extremely low, and the team has not released updates since 2023.

How much is WAG worth today?

As of December 2025, WAG trades between $0.000151 and $0.0001525 USD. This is down over 93% from its all-time high of $0.00435 in early 2022.

Why did WagyuSwap fail?

WagyuSwap failed because the Velas Network never gained mainstream adoption, the team stopped updating the platform, and trading volume collapsed. Without ongoing development or user growth, even a well-designed DEX can’t survive.

Should I invest in WAG now?

No. WAG is a high-risk, low-liquidity token with no clear catalyst for recovery. The market cap is under $16,000, and 24-hour trading volume is often $0. Investing now is speculative at best and likely a loss at worst.

Asher Draycott

I'm a blockchain analyst and markets researcher who bridges crypto and equities. I advise startups and funds on token economics, exchange listings, and portfolio strategy, and I publish deep dives on coins, exchanges, and airdrop strategies. My goal is to translate complex on-chain signals into actionable insights for traders and long-term investors.