When WagyuSwap launched its IDO in 2021, it promised free WAG tokens to early users through an airdrop. But now, in early 2026, most people don’t know if that airdrop is still active, how to claim it, or even if it’s worth the effort. The truth? The original airdrop campaign is long over. But that doesn’t mean there’s nothing left to learn - especially if you’re still holding WAG tokens or thinking about getting involved with the Velas Network.
What Was the WagyuSwap IDO Airdrop?
The WagyuSwap IDO (Initial DEX Offering) airdrop was a one-time event meant to kickstart user adoption. Back in September 2021, when WagyuSwap became the first decentralized exchange on the Velas Network, the team distributed free WAG tokens to early participants. These weren’t just random giveaways - they were tied to specific actions: connecting your wallet, swapping tokens, adding liquidity, or joining their Telegram and Twitter communities. The goal was simple: get people using the platform fast. By giving away tokens upfront, WagyuSwap hoped to create instant liquidity and trading volume. It worked - for a while. At launch, WAG traded above $0.002. By October 2025, it had dropped to around $0.00015 - a 93% decline from its peak.Who Got WAG Tokens in the Airdrop?
If you were active in the Velas ecosystem during Q3 2021, you likely qualified. The airdrop targeted three main groups:- Users who connected their wallet to the WagyuSwap interface before the first liquidity pool went live
- Those who provided liquidity to the WAG/VEP20 pair within the first 72 hours
- Community members who joined the official Telegram group and verified their wallet address through a form
Can You Still Claim WAG Tokens from the Original Airdrop?
No. The official airdrop window closed in October 2021. The smart contracts that distributed those tokens are no longer active. If someone claims they can help you claim WAG tokens from the 2021 airdrop today, they’re either mistaken or trying to scam you. You might still see old links or posts online saying “Claim your free WAG now!” - avoid them. These are either outdated, copied from old blog posts, or phishing traps. The WagyuSwap website (wagyuwap.com) still exists, but it hasn’t updated its airdrop page since 2022.
What Happened to the WAG Token?
WagyuSwap’s WAG token has a total supply of 500 million. As of January 2026, only 54.16 million are in circulation. That means over 89% of the supply is still locked up - mostly in team wallets, liquidity pools, and staking contracts. The token’s price history tells a clear story:- All-time high: $0.00435 (December 2021)
- Current price (Jan 2026): $0.000151
- 24-hour trading volume: Often $0 - sometimes under $10,000
- Market cap: Between $9,770 and $16,000
Is WagyuSwap Still Worth Using Today?
If you’re looking for a fast, low-cost DEX on a Solana-inspired chain, WagyuSwap still technically works. It’s EVM-compatible, so you can use MetaMask or other Ethereum wallets to connect. Transactions cost less than $0.01 and confirm in under 2 seconds - faster than most Ethereum-based DEXes. The platform still supports:- Swapping VEP20 tokens
- Adding liquidity to pools
- Staking LP tokens to earn WAG rewards
- Yield farming with auto-compounding
Why Did WagyuSwap Lose Momentum?
Three big reasons:- Too niche. Velas Network never gained real traction. It promised Solana speed with Ethereum compatibility, but most developers stuck with Solana or Polygon.
- No marketing. After the initial launch, WagyuSwap stopped posting updates. No blog, no Twitter engagement, no partnerships.
- Tokenomics didn’t hold up. With 89% of tokens locked, and no clear utility beyond staking rewards, the token became a speculative asset with no real demand.
What Should You Do Now?
If you have WAG tokens in your wallet:- Don’t panic. The token isn’t worthless - it’s just inactive.
- You can still stake your LP tokens to earn more WAG - but the rewards are tiny. Expect pennies per week.
- If you’re not actively using the platform, consider moving your funds. There’s no reason to leave tokens sitting in a dead pool.
- Don’t. The price is falling. CoinCodex predicted a 25% drop by late 2025 - and it happened.
- There’s no catalyst coming. No exchange listings. No new features. No community buzz.
- It’s not a gamble - it’s a graveyard.
Alternatives to WagyuSwap on Velas
If you like the idea of a fast, low-fee DEX on a Solana-style chain, here are better options:- VelasSwap - The official DEX on Velas, with better liquidity and regular updates.
- Raydium - On Solana, with 100x the volume and active development.
- QuickSwap - On Polygon, with low fees and strong community support.
Final Thoughts: Was the Airdrop Worth It?
For the few who joined in 2021 and held onto their WAG tokens? Probably not. Even if you got 10,000 WAG tokens at launch (worth about $20 back then), those same tokens are now worth less than $1.50. The airdrop didn’t make anyone rich. It didn’t even make anyone a small profit. It just gave early adopters a lesson in how quickly hype can fade in crypto. WagyuSwap’s story isn’t about a failed airdrop. It’s about a project that launched with promise but never built anything lasting. The tokens are still there. The blockchain still runs. But the people? They moved on. If you’re looking for real value in DeFi, skip the ghosts. Find the living networks. The ones with volume, updates, and teams that still show up.Was the WagyuSwap airdrop real?
Yes, the WagyuSwap airdrop was real and ran from September to October 2021. It distributed free WAG tokens to users who connected their wallets, added liquidity, or joined the official community channels. The airdrop is no longer active.
Can I still claim free WAG tokens from the 2021 airdrop?
No. The smart contracts for the original airdrop were deactivated in late 2021. Any website or social media post claiming you can still claim WAG tokens is either outdated or a scam. Do not enter your wallet details on any site promising free WAG today.
Is WagyuSwap still operational?
Technically yes. The WagyuSwap website and smart contracts are still live. You can still swap tokens, add liquidity, and stake LP tokens to earn WAG rewards. But trading volume is near zero, and there’s been no development or updates since 2022. It’s effectively inactive.
What’s the current price of WAG token?
As of January 2026, WAG trades between $0.000151 and $0.0001525 USD. This is down over 93% from its all-time high of $0.00435 in December 2021. The token has very low liquidity and minimal trading activity.
Should I buy WAG tokens now?
No. There is no reason to buy WAG tokens in 2026. The project has no active development, no marketing, and no clear path to recovery. The token’s price is falling, and there are far better alternatives on faster, more active blockchains like Solana or Polygon.
What happened to the Velas Network?
The Velas Network still exists and runs its blockchain, but adoption has been extremely limited. It was designed as a high-speed, EVM-compatible chain inspired by Solana, but it failed to attract developers or users away from Ethereum, Solana, or Polygon. WagyuSwap was its flagship DEX, and its decline mirrors Velas’s overall stagnation.
There are 13 Comments
Ashok Sharma
It's important to remember that early crypto projects often have high hopes but face real challenges. WagyuSwap gave people a chance to participate, and while the token didn't pan out, the lesson is valuable. Always do your research before jumping in. Even if you miss an airdrop, the knowledge you gain helps you make smarter moves next time.
Margaret Roberts
Let me tell you something. This whole thing was a front. The team locked up 89% of the tokens because they knew it would crash. They pumped it just long enough to get rich, then vanished. You think they cared about users? No. They used the airdrop to launder money through fake wallets. The Velas Network? A shell. The whole thing was orchestrated by a single guy in a basement with five burner phones.
Tselane Sebatane
Okay, hear me out-this isn’t just about WAG tokens. This is about the soul of DeFi. People think crypto is about getting rich quick, but it’s really about building something real. WagyuSwap had the tech, the speed, the vision-but no heart. No follow-through. No community that actually showed up. And now? It’s a ghost town. But here’s the beautiful part: this failure? It’s a gift. It shows us what NOT to do. If you’re holding WAG, don’t see it as a loss. See it as a badge. You were there when the dream was still alive. Now go find the next project that actually gives a damn.
Jonny Lindva
Yeah, I remember when WagyuSwap first dropped. I got maybe 500 WAG from the airdrop and just forgot about it. Didn’t realize how dead it was until last year. Honestly? I’m glad someone finally laid it all out like this. No drama, no hype-just facts. If you’ve got WAG sitting around, you might as well stake it for the tiny rewards. But don’t throw good money after bad. There’s way better stuff out there now.
Jen Allanson
It is imperative to underscore the ethical implications of participating in decentralized finance initiatives that lack transparent governance structures. The WagyuSwap airdrop, while ostensibly benign, functioned as a mechanism for asymmetric information distribution, wherein early adopters were incentivized to propagate the project without full disclosure of its long-term viability. The subsequent collapse is not merely a market phenomenon-it is a systemic failure of fiduciary responsibility within the crypto-ecosystem.
Harshal Parmar
Man, I still remember the hype back in 2021. Everyone was talking about how Velas was gonna be the next Solana. I jumped in, connected my wallet, added some liquidity, got my WAG. Thought I was smart. Fast forward to now? I’ve got like 12,000 WAG sitting there worth less than a coffee. But you know what? I’m not mad. I learned. I saw how fast things can die in crypto. Now I only look at projects with real devs posting updates every week, not just a website that hasn’t changed since 2022. And I check the TVL before I touch anything. WagyuSwap? It’s a cautionary tale. But hey, at least I didn’t buy more after it crashed. That’s the win.
Darrell Cole
Everyone says the airdrop is dead but nobody talks about how the team still holds 89% of the supply. That’s not locked that’s controlled. And the fact that the site still exists with no updates? That’s not negligence that’s manipulation. They’re keeping the illusion alive so they can dump the rest later. The price is so low because they’re slowly selling into every tiny bounce. You think the volume is low because no one cares? No. It’s low because they’re the only ones trading. And you’re all just waiting for the pump that’s never coming
Dave Ellender
Thanks for laying this out clearly. I had no idea the airdrop was over. I almost clicked on a ‘claim your WAG now’ link last week. Glad I didn’t. This post saved me from a potential scam. I appreciate the honesty and the alternatives listed. Much better than the usual crypto hype.
steven sun
bro i had 10k wag and i just let it sit i thought it would come back lmao guess not. still got it tho. maybe one day velas wakes up. until then i just use raydium. chill vibes
Chidimma Catherine
As someone from Nigeria where crypto is a lifeline for many, I want to say this is a powerful reminder. We chase airdrops because we believe in opportunity, but we must also protect ourselves. WagyuSwap was not a scam, but it was a lesson. If you’re holding WAG, don’t be ashamed. You were part of something that tried. Now, channel that energy into learning about projects with active teams and clear roadmaps. Your future self will thank you.
Mike Stay
What’s fascinating to me is how this mirrors broader global patterns. In emerging markets, early crypto adoption is often driven by necessity and trust in community rather than institutional backing. WagyuSwap’s failure wasn’t just technical-it was cultural. It didn’t build trust. It didn’t engage. It didn’t show up for its users after the initial splash. Contrast that with QuickSwap on Polygon, which hosts weekly AMAs, local language guides, and even crypto literacy workshops in places like Lagos and Jakarta. The difference isn’t just liquidity-it’s humanity.
Shamari Harrison
Just to clarify something: the WAG token still has utility if you’re actively using the platform. Staking LP tokens still earns rewards, and the gas fees are dirt cheap. The problem isn’t the tech-it’s the lack of users. If you’re on Velas and you need a fast swap, WagyuSwap still works. Just don’t expect it to grow. And if you’re not using it? Move your funds. Don’t leave money on the table just because it’s ‘sentimental’.
Bonnie Sands
Okay but what if the airdrop wasn’t even real? What if the whole thing was a honeypot? I checked the contract address and it was deployed by a wallet that also deployed 12 other tokens with the same code. And guess what? All of them died. CoinGecko still lists WAG because someone paid them to. This isn’t a failed project. It’s a graveyard for dumb money
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