Bagels Finance (BAGEL) Airdrop: What Happened and Where Things Stand in 2025

The Bagels Finance (BAGEL) airdrop ended in April 2025 - and if you’re reading this now, you missed it. But that doesn’t mean the story is over. Many people signed up hoping for free tokens, maybe even a quick payday. Some even claimed they’d earn $700 just by sharing the link. But here’s the reality: the BAGEL token isn’t trading anywhere meaningful. Not on Binance. Not on Coinbase. Not even on smaller exchanges with real volume. And according to CoinMarketCap, the circulating supply is zero.

What Was the Bagels Finance Airdrop?

Bagels Finance was a DeFi protocol built to let users earn higher yields by borrowing and leveraging their crypto deposits across multiple blockchains. Think of it like using a loan to amplify your farming rewards - 2x, 5x, even 10x returns on ETH, USDT, WBTC, or BNB. The project promised to pay out 85% of its platform fees directly to BAGEL token holders who staked their tokens. That’s a solid idea on paper. The airdrop was meant to seed the community with early adopters before the token went live.

The airdrop pool totaled 103,594 BAGEL tokens. Unlike many airdrops that pick a few lucky winners, Bagels Finance promised to reward everyone who qualified. You didn’t need to be a whale. You just needed to join their Telegram, follow them on Twitter, and maybe connect your wallet. It was designed to be easy - too easy, maybe. That’s why hundreds, possibly thousands, signed up. But here’s the catch: no one has seen those tokens move.

Why Isn’t BAGEL Trading?

If the airdrop ended in April 2025, why haven’t you seen BAGEL on your wallet? Why doesn’t CoinGecko show any price? Why does Binance still list it with a last update from June 2022?

The answer is simple: the token never launched properly. There’s no active liquidity. No DEX listings. No trading pairs. Even Crypto.com, which shows a price of $0.002047, has no volume data - meaning no one’s buying or selling. That’s not a glitch. That’s a red flag. A token with a $0 circulating supply can’t be traded. It doesn’t exist in the market. It’s like printing money and never putting it into circulation.

Some sites are still running price predictions - saying BAGEL could hit $0.000155 in five years. But those numbers are based on zero real data. You can’t forecast a price when no one’s trading. It’s like predicting the weather on a planet with no atmosphere. CoinDataFlow’s model shows BAGEL dropping to $0.0000226 in September 2025 - but again, that’s a guess. No one’s buying at that price. No one’s selling. The market is silent.

What Happened to the Airdrop Tokens?

Let’s say you qualified. You did everything right. You got your 100 BAGEL tokens in your wallet. What now?

You can’t sell them. You can’t stake them. You can’t use them in any DeFi app - because no protocol recognizes them. The smart contracts might exist. The tokens might be minted. But without liquidity, they’re just digital receipts. No one will take them. No exchange will list them. Even if you tried to swap them on Uniswap or PancakeSwap, you’d find no pool. The token isn’t paired with ETH, USDT, or anything else.

Some users reported seeing their tokens in MetaMask after the airdrop ended. But when they checked Etherscan or BscScan, the token wasn’t listed as a verified contract. That’s a bad sign. Verified contracts mean the code is public, audited, and trustworthy. Unverified? That’s a black box. Could be a rug pull. Could be abandoned. Could be a testnet token accidentally dropped on mainnet.

A lone BAGEL token sits abandoned on a dark server rack with 'Circulating Supply: 0' on flickering screens.

Is Bagels Finance Still Active?

There’s no official update since early 2025. No blog posts. No Twitter threads. No GitHub commits. The project’s website is still up - but it’s frozen in time. The last news update says, “Airdrop live until April 11, 2025.” That’s it. No announcement about token distribution. No roadmap update. No team introduction. No audit report from a known firm like CertiK or PeckShield.

That’s not how successful DeFi projects behave. When a protocol launches a token, they go all in: liquidity mining, exchange listings, marketing blitzes, community AMAs. Bagels Finance did none of that. The airdrop was the only thing that happened. And now it’s over.

How Does This Compare to Other DeFi Airdrops?

Compare this to Aave, Compound, or Uniswap. They gave away tokens to early users - and those tokens became valuable because the protocols kept growing. They added liquidity. Listed on exchanges. Built real usage. Bagels Finance gave away tokens and vanished.

Even failed projects like SushiSwap or Curve had active communities pushing for upgrades. Bagels Finance has no community. No Discord activity. No Telegram updates. Just a few YouTube videos from 2023, still running ads promising $700 payouts. Those videos haven’t been updated in two years. The comment sections are full of people asking, “Where are my tokens?” No replies.

A ghostly BAGEL token floats above users reaching for it, while active DeFi projects glow brightly in the background.

Should You Have Joined the Airdrop?

If you joined before April 2025, you didn’t lose money - you lost time. You didn’t spend anything. But you also didn’t gain anything. The tokens are worthless right now. And they’re unlikely to become valuable unless someone revives the project - which seems impossible given the silence.

For future airdrops, here’s the rule: if a project doesn’t list on at least one major exchange within six months of the airdrop, assume it’s dead. If the token has zero trading volume on CoinMarketCap or CoinGecko, treat it like a testnet token. Don’t get excited. Don’t chase hype. Don’t believe YouTube influencers who say you’ll get rich.

What’s Next for Bagels Finance?

The most likely outcome? The project is dead. The team moved on. The code is abandoned. The tokens are locked in wallets nobody can access or use. Maybe the team got funding elsewhere. Maybe they got scared of the regulatory risk. Maybe they realized leveraged yield farming on multiple chains was too complex to sustain.

There’s no evidence of a revival. No new hires. No partnerships. No audits. No updates. The last concrete event was the airdrop - and now it’s over. In DeFi, silence equals death.

If you’re still holding BAGEL tokens, you’re holding digital dust. It’s not a scam - it’s a ghost. And ghosts don’t pay dividends. They don’t appreciate. They don’t even exist in the market.

What You Can Learn From This

This isn’t just about Bagels Finance. It’s about how DeFi airdrops work - and how they often don’t.

Airdrops are marketing tools, not investments.
Free tokens don’t mean free money - they mean free risk.
Always check if the token is listed on CoinMarketCap with real volume.
If the project has no GitHub activity after 6 months, walk away.
Never trust YouTube influencers who promise $700 payouts for signing up.
Zero circulating supply? That’s not a bug - it’s a tombstone.

Bagels Finance tried to be the first cross-chain leveraged farming protocol. But being first doesn’t matter if no one uses it. And in DeFi, if no one uses it, it doesn’t exist.

Was the Bagels Finance airdrop real?

Yes, the airdrop was real in the sense that tokens were distributed to eligible participants. But the project never followed through. The tokens were never listed on exchanges, have zero trading volume, and are not usable in any DeFi protocol. So while you may have received tokens, they have no value or utility.

Can I still claim Bagels Finance (BAGEL) tokens?

No. The airdrop officially ended on April 11, 2025. No new claims are being accepted. Even if you missed the deadline, there’s no way to claim tokens now - the smart contract is inactive, and no team is maintaining it.

Why is BAGEL listed as $0 on CoinMarketCap?

CoinMarketCap shows $0 because the circulating supply is zero. No tokens are actively trading on any exchange. Even if some wallets hold BAGEL, there’s no market to buy or sell them. Without liquidity, the price is meaningless.

Is Bagels Finance a scam?

It’s not a classic scam - no one stole funds or ran away with money. But it’s a failed project. The team launched a token, ran an airdrop, and then disappeared. No updates, no liquidity, no exchange listings. That’s not fraud - it’s abandonment. And in crypto, abandonment is just as deadly.

Should I hold onto my BAGEL tokens?

Only if you want to keep them as a curiosity. There’s no realistic path for BAGEL to regain value. No team, no updates, no liquidity. Holding it won’t earn you dividends or rewards. It’s digital clutter. Delete it or keep it - either way, don’t expect anything from it.

Are there any alternatives to Bagels Finance?

Yes. If you’re looking for leveraged yield farming, try protocols like Euler Finance, Rari Capital, or Pendle Finance. These have active communities, audited contracts, and real trading volume. Always check if a project has been live for over a year, has a verified contract, and lists on at least one major DEX before participating.

December 2 2025
Terri DeLange
16 Comments
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Written by: Terri DeLange

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16 Comments

Althea Gwen
December 2, 2025 AT 18:55

lol i got my 100 BAGELs and now theyre just digital confetti 🥲
Steve Savage
December 4, 2025 AT 04:39

this is why i stopped chasing airdrops. free tokens are just free distractions. the real value is in the protocol, not the paper you get. if the team vanishes after the drop, it was never about building - just grabbing attention.
Joe B.
December 5, 2025 AT 19:52

let me break this down like youre 5: the airdrop was a honeypot. they got 50k signups, collected wallet data, maybe even sold it to data brokers, then ghosted. zero liquidity? zero volume? zero audits? zero accountability? thats not a failed project - its a data harvest with a fancy landing page. the only thing that grew was their mailing list. everyone else got a digital receipt for nothing. if you think this was incompetence, youre being too kind. this was predatory design.
Greer Dauphin
December 7, 2025 AT 12:17

soo... i joined cause someone said $700 lol i didnt even know what leverage meant but hey free money right? now i got a token that shows up in metamask but nowhere else... kinda like that one friend who says theyll pay you back but never does 🤷‍♂️
Bhoomika Agarwal
December 8, 2025 AT 11:59

indians are getting scammed again? this is why we need crypto education in schools. not just 'how to earn' but 'how not to get played'. bagels finance? more like bagel crumbs - you think you got something, but its just dust in your wallet. 🇮🇳🔥
Katherine Alva
December 9, 2025 AT 02:04

i dont blame people for hoping. i did too. but now i see it differently - airdrops are like free samples at the grocery store. if you dont buy the product after tasting it, maybe it was never meant to be bought. the token was the sample. the project? never made it to the shelf.
Nelia Mcquiston
December 11, 2025 AT 00:13

this whole thing feels like a ghost town. everyone showed up for the party, the music started, the lights flashed... and then the band just walked off stage. no goodbye, no encore, no explanation. we’re left holding glow sticks wondering if we were the only ones who thought this was real.
Mark Stoehr
December 12, 2025 AT 05:54

you people are so naive you think airdrops are gifts not marketing traps. if it sounds too easy its a trap. if no one talks about it after the drop its dead. if coinmarketcap says zero supply its a tombstone. stop crying about your digital confetti and learn to read between the lines
Shari Heglin
December 12, 2025 AT 20:35

the article accurately describes the situation. however, it is inaccurate to label this as 'abandonment' rather than 'non-launch'. the project never entered the operational phase, therefore no abandonment occurred. the absence of activity is not a consequence of withdrawal - it is a consequence of non-activation.
Tatiana Rodriguez
December 14, 2025 AT 12:24

i still have my BAGEL tokens in my wallet like a shrine to my own naivety. every time i open metamask i stare at them like they’re gonna magically turn into money. they dont. they just sit there. quiet. mocking me. i used to think crypto was about innovation - now i think its about who can make the shiniest fake promise and vanish before anyone notices the glitter is just plastic.
justin allen
December 14, 2025 AT 19:46

so bagels finance was a scam? nah. its just american capitalism in a nutshell: get people excited, take their data, make them feel special, then disappear. no crime. just cold efficiency. the only thing more american than this? charging $700 for a 'crypto course' on youtube after the airdrop dies.
ashi chopra
December 16, 2025 AT 14:23

i feel so bad for people who spent hours on this. i didnt join but i know someone who did. they were so hopeful. now they just scroll through crypto threads like a ghost haunting their own excitement. it hurts to see hope turned into silence.
samuel goodge
December 18, 2025 AT 11:16

the real tragedy here isn't the lost tokens - it's the erosion of trust. every time a project like this vanishes, it makes the next legit project harder to believe in. people stop checking GitHub. they stop reading whitepapers. they stop asking 'why isn't this listed?' - because they’ve been burned too many times. we’re not just losing tokens - we’re losing the culture of due diligence.
alex bolduin
December 19, 2025 AT 08:12

i got my bagels and i still check every day like maybe the team woke up and remembered they owed us something. they didnt. but hey at least i got a cool nft profile pic out of it
Vidyut Arcot
December 20, 2025 AT 06:13

dont give up on crypto because of this. look at euler finance or pendle - real teams, real audits, real volume. the problem isnt crypto. its the noise. filter out the hype. follow the code. check the liquidity. if its not live on dexes after 6 months? walk away. this isn't failure - its a lesson. and lessons cost less than money.
Ankit Varshney
December 21, 2025 AT 16:40

i saw this coming. no audit. no team info. no exchange listing. just a telegram group full of people asking where their tokens are. i didn't join. i just watched. and now i feel like i won by not playing.