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

When WagyuSwap launched its IDO in 2021, it promised free WAG tokens to early users - a classic move to spark adoption on the Velas Network. But if you’re reading this now, in late 2025, you’re probably wondering: Can I still get WAG tokens for free? The short answer? Probably not. But here’s what actually happened, who got paid, and why this airdrop matters even today.

What Was the WagyuSwap IDO Airdrop?

The WagyuSwap IDO airdrop wasn’t a big, flashy campaign like some Ethereum-based projects. It was quiet, technical, and built for users already on the Velas Network. WagyuSwap, launched on September 13, 2021, was the first decentralized exchange (DEX) built on Velas - a blockchain that uses Solana’s codebase to process transactions faster and cheaper than Ethereum.

The airdrop was tied to the Initial DEX Offering (IDO). That means instead of selling tokens upfront like an ICO, WagyuSwap let users trade WAG tokens right away on its own platform. To kickstart liquidity, they gave away free WAG tokens to people who:

• Connected a wallet compatible with Velas (like Phantom or Trust Wallet)
• Added liquidity to WAG/VEP20 pools
• Staked their liquidity provider (LP) tokens

You didn’t need KYC. You didn’t need to sign up anywhere. You just had to interact with the smart contracts. If you did, you earned WAG rewards - sometimes as much as 5,000-10,000 tokens in the early days.

Who Got the Free WAG Tokens?

The airdrop wasn’t distributed to random Twitter followers or Discord members. It was earned through action. If you were one of the first 500 people to stake LP tokens on WagyuSwap’s VELAS-WAG pool in October 2021, you likely got 5,000-15,000 WAG. Those who added $500+ in liquidity got 2,000-5,000. Smaller contributors got 500-1,000.

There was no public list of winners. No claim portal. No email notification. If you didn’t check your wallet balance after staking, you missed it. And that’s why most people never got any.

One user on Reddit from October 2021 reported earning 8,200 WAG after staking $300 in liquidity. At the time, WAG was trading at $0.0012 - worth about $9.84. Today, that same 8,200 WAG is worth less than $1.25.

WAG Token Basics: Supply, Price, and Performance

WagyuSwap has a fixed supply of 500 million WAG tokens. As of November 2025, only 54.16 million are in circulation. That’s less than 11% of the total supply.

The token hit its all-time high of $0.00435 in early 2022. Since then, it’s lost over 93% of its value. Today, WAG trades between $0.000151 and $0.0001525 across small exchanges like PancakeSwap (on Velas) and MEXC.

Market cap? Around $10,000. 24-hour trading volume? Often $0. Some days, it hits $80,000 - but that’s rare. CoinCodex’s forecast says WAG could drop another 25% by the end of 2025.

The project’s Total Value Locked (TVL) is just $182,150. That means the entire ecosystem has less than $200k locked in liquidity pools. Compare that to Uniswap’s $3 billion - and you see why WAG struggles to attract attention.

Why the Airdrop Doesn’t Exist Anymore

The IDO airdrop was a one-time launch incentive. It wasn’t meant to be ongoing. Projects like WagyuSwap use airdrops to bootstrap liquidity - not to reward users forever.

By mid-2022, the team stopped pushing new airdrop campaigns. No new staking rewards were added. No new pools were created. The website still exists, but the “Claim WAG” button now just redirects to the main swap page.

There’s no official announcement saying “the airdrop is over.” That’s common with small DeFi projects. They fade quietly when interest drops. The Velas Network itself hasn’t grown as fast as hoped, so WagyuSwap never got the boost it needed.

Can You Still Get Free WAG Tokens?

No. Not officially.

There are no active airdrops, no new claim portals, and no upcoming events listed on WagyuSwap’s official site or their Twitter/X account (which hasn’t posted since May 2024).

Any site or Discord group claiming to offer “free WAG tokens now” is a scam. They’ll ask you to connect your wallet, then drain it. Or they’ll send you a fake token contract that looks like WAG but isn’t.

If you’re looking to earn WAG today, your only option is to:

1. Buy WAG on a Velas-compatible DEX like WagyuSwap or VelasSwap
2. Add it to a liquidity pool (e.g., WAG/VEP20)
3. Stake your LP tokens

But here’s the catch: you’ll earn tiny amounts of WAG as rewards - maybe 0.5-2 tokens per day - and the price is so low that even if you earn 1,000 tokens a month, it’s worth less than 15 cents.

Is WagyuSwap Still Worth Using?

Technically, yes. The platform still works. You can swap tokens. You can stake. You can farm. The smart contracts haven’t been hacked. The Velas Network still runs fast and cheap - transactions cost less than $0.001.

But practically? No. There’s no liquidity. No new users. No updates. No roadmap. The team hasn’t released anything since 2022.

If you’re a developer, you could deploy a DApp on Velas using WagyuSwap’s infrastructure. If you’re a researcher, you could study how a low-volume DEX survives. But if you’re a regular user trying to make money? There are better options.

What Happened to the WAG Community?

The community never grew. WagyuSwap’s Telegram group had about 1,200 members at its peak. Now it’s under 300. Most messages are from bots or spam links.

Unlike projects like PancakeSwap or SushiSwap, WagyuSwap never built a strong brand. It didn’t partner with influencers. It didn’t host AMAs. It didn’t even make a whitepaper update after 2021.

The project was built on a promising idea - a Solana-style chain with EVM compatibility - but execution lagged. Velas never became the “next Solana.” And without that, WagyuSwap couldn’t gain traction.

Lessons from the WagyuSwap Airdrop

This isn’t just a story about a failed token. It’s a lesson in how DeFi airdrops really work:

• Airdrops aren’t free money - they’re incentives. You earn them by doing work, not by signing up.
• Timing matters. If you missed the first 30 days, you missed the best rewards.
• Small projects fade fast. Without constant updates, user growth, or marketing, even a working DEX dies quietly.
• Price isn’t everything. WAG’s value crashed, but the underlying tech still works. That’s rare.

If you’re chasing airdrops today, focus on projects with:

• Active development teams
• Clear tokenomics
• Real trading volume
• Public roadmaps

WagyuSwap had none of those by 2023. And that’s why the airdrop is over.

What to Do If You Have WAG Tokens

If you got WAG during the IDO and still hold them:

• Don’t panic. The value is low, but the tokens still exist.
• Check your wallet balance on Velascan.io using your wallet address.
• If you still have LP tokens, you can still stake them - but rewards are minimal.
• If you want to cash out, swap WAG for VEP20, then trade VEP20 for USDT on VelasSwap.

But don’t expect to make money. This is a hold-and-wait situation. Maybe Velas will revive. Maybe not.

Final Thoughts

The WagyuSwap IDO airdrop was real - but it was short-lived. It served its purpose: to get the first users on the platform. It didn’t create long-term value.

Today, WAG is a ghost token. No hype. No updates. No future. The airdrop is dead. And that’s okay. Not every project survives.

If you’re looking for your next airdrop, don’t chase dead projects. Look for ones with momentum. Ones that are still building. Ones that talk to their users.

WagyuSwap taught us that. Not by succeeding - but by disappearing.