Bagels Finance (BAGEL) Airdrop: What Happened and Why It’s Not Trading

Dec 14, 2025 Timothy Daigle

Back in early 2025, if you were active in DeFi circles, you probably saw posts promising free BAGEL tokens from Bagels Finance. The hype was real: ‘Earn up to $700 just by signing up,’ ‘Get your slice of the first cross-chain leveraged farming protocol,’ ‘Don’t miss the last chance.’ But today, as of December 2025, the BAGEL token doesn’t trade anywhere. Not on Binance. Not on Coinbase. Not even on small decentralized exchanges. And the airdrop? It ended months ago. Here’s what actually happened.

The Bagels Finance Airdrop Was Real - But It’s Over

The Bagels Finance airdrop wasn’t a scam. It was real. Airdrop.io listed it with clear rules: 103,594 BAGEL tokens were set aside for distribution. Every participant who met the basic requirements - connecting a wallet, following their social channels, and sharing the airdrop - got a share. No lottery. No winners and losers. If you did the steps, you got tokens.

The deadline? April 11, 2025. That’s over eight months ago. If you missed it, you missed it. There’s no extension. No second chance. The smart contract has already distributed the tokens. The airdrop isn’t live anymore, and no one’s bringing it back.

So Where Are the BAGEL Tokens Now?

Here’s the big problem: no one can trade them.

CoinMarketCap shows a circulating supply of 0 BAGEL. Crypto.com says the price is $0.002047, but with zero 24-hour volume. Binance, which used to list the token, hasn’t updated its data since June 2022 - before the airdrop even launched. That’s not a glitch. That’s a red flag.

This isn’t a case of ‘low liquidity.’ This is a case of ‘no liquidity.’ The tokens exist on-chain, but they’re stuck. They’re not listed on any major DEX like Uniswap or PancakeSwap. No market makers are stepping in. No traders are buying. And without buyers, the price doesn’t matter - it’s just a number on a screen.

What Was Bagels Finance Supposed to Do?

Bagels Finance pitched itself as the first multi-chain leveraged yield farming protocol. That sounds fancy, but here’s what it meant in plain terms: you could deposit ETH, USDT, DAI, or BNB, and the platform would use leverage - up to 10x - to amplify your farming rewards. So if you normally earned 10% APY on a liquidity pool, Bagels claimed you could earn 100%.

The catch? Higher returns meant higher risk. If the price of your deposited asset dropped even a little, your leveraged position could get liquidated. That’s not unique - other platforms like Beefy Finance and Yearn Finance offer similar strategies. But Bagels Finance added one twist: they promised 85% of platform revenue would go back to BAGEL token holders as dividends.

That sounds great. Until you realize: if no one’s using the platform, there’s no revenue. And if there’s no revenue, there’s nothing to distribute.

Why Did the Project Stall?

There are a few likely reasons.

First, the timing was terrible. The DeFi boom of 2021-2022 was already over by the time Bagels Finance launched. Liquidity was thin. Investors were cautious. New protocols struggled to attract users.

Second, they never got listed on major exchanges. Binance, the biggest exchange in the world, never listed BAGEL. Without that, most retail users never even heard of it. And without retail users, there’s no trading volume.

Third, the marketing felt amateurish. YouTube videos promised $700 payouts with no proof. Some posts were in broken English. There was no clear roadmap, no team transparency, no audit reports from reputable firms like CertiK or Hacken. In DeFi, trust is everything - and Bagels Finance didn’t build it.

What Do the Price Predictions Say?

Some sites still publish price forecasts for BAGEL. CoinDataFlow says it might hit $0.000155 in five years. BeInCrypto says the data is too unreliable to trust.

Here’s the truth: you can’t predict the price of a token that doesn’t trade. There’s no order book. No bids. No asks. No volume. Price predictions for BAGEL are just guesswork dressed up as analysis. They’re not data-driven - they’re fantasy.

Is BAGEL Still Worth Holding?

If you got tokens in the airdrop, you still hold them. But unless you’re planning to hold them for decades - and believe the project will somehow revive - you’re holding digital paper.

You can’t sell them. You can’t stake them (because there’s no active staking contract). You can’t use them in any DeFi app. The governance system? It’s dead. The revenue-sharing model? It never launched.

The only value left is sentimental. You participated. You got free tokens. But unless Bagels Finance suddenly gets a major investor, a full audit, and a listing on a top exchange, those tokens are worth nothing.

Investors staring at fake price predictions as a DeFi castle crumbles behind them.

What Should You Do If You Have BAGEL Tokens?

If you have BAGEL tokens in your wallet:

Don’t panic. Don’t sell them for pennies on a shady DEX - there’s no buyer anyway.
Don’t send them to anyone claiming they’ll ‘unlock’ them. That’s a scam.
Keep them in a secure wallet - but don’t expect anything from them.
Check the official Bagels Finance website (if it’s still up) for any updates. But don’t hold your breath.

If you don’t have them - don’t chase them. The airdrop is dead. The project is dormant. And the market has moved on.

What This Teaches Us About Airdrops

The Bagels Finance story isn’t unusual. It’s a textbook example of how most DeFi airdrops fail.

Airdrops aren’t free money. They’re marketing tools. Projects use them to build a community. But if they don’t deliver a working product, the community vanishes. The tokens become worthless. And everyone who waited for the ‘big payout’ ends up with nothing.

Real airdrops come from projects with:

Active development teams
Public audits
Exchange listings
Real usage - not just hype

Bagels Finance had none of that.

Final Thoughts: Don’t Chase Ghost Tokens

The BAGEL airdrop was real. The tokens were distributed. But the project died before it ever got started.

There’s no mystery here. No hidden opportunity. No last-minute rescue. The market decided: this token doesn’t have value.

If you’re looking for airdrops in 2025, focus on projects with live products, real users, and clear roadmaps. Don’t chase tokens that vanished from exchanges two years ago. Don’t trust YouTube videos promising $700 payouts. And never assume a free token is free money - unless you know the project is alive.

The only thing you’ll get from chasing BAGEL now is a lesson learned - and a wallet full of dust.

30 Comments

Heath OBrien
December 16, 2025 AT 06:35

Free tokens? More like free disappointment. The whole thing was a circus with no clowns left on stage. 🤡
Claire Zapanta
December 17, 2025 AT 20:14

This is why I don't trust American crypto projects. The SEC probably buried it before it even launched. Someone’s hiding something.
Kathleen Sudborough
December 19, 2025 AT 08:58

I got my BAGEL tokens and honestly? I just keep them as a reminder. Not because I think they’ll ever be worth anything, but because I learned something real about hype vs. substance. Sometimes the lesson is worth more than the token.
Vidhi Kotak
December 20, 2025 AT 15:24

I remember seeing those YouTube videos. The guy in the hoodie kept saying ‘$700 in 3 days’ while his cat walked across the keyboard. I didn’t click. Smart move.
Sue Gallaher
December 20, 2025 AT 18:54

If you think this is bad wait till you see the next airdrop from a Telegram group run by a guy named ‘CryptoKing420’ who says he’s from ‘the moon’
Alex Warren
December 21, 2025 AT 04:33

The lack of audit reports alone should’ve been the red flag. No reputable firm would touch this. And if they didn’t get listed on Uniswap, that’s not a bug - it’s a funeral notice.
Steven Ellis
December 21, 2025 AT 14:46

There’s a quiet tragedy in these cases. People put in real time, real effort - connecting wallets, sharing posts, following accounts - and for what? A digital ghost. The system doesn’t care if you played by the rules. Only if you got lucky.
Kim Throne
December 22, 2025 AT 19:31

The technical documentation for Bagels Finance was incomplete, the whitepaper contained grammatical errors, and their GitHub repository had one commit from 2024. This was not a project. It was a placeholder for someone’s next idea.
amar zeid
December 24, 2025 AT 11:31

In India, we call this ‘jugaad’ crypto - a quick fix that looks like a solution but collapses under pressure. The airdrop was the bait. The silence? The trap.
Taylor Farano
December 25, 2025 AT 08:11

Oh wow. Another ‘decentralized’ project that turned out to be centralized in its incompetence. Congrats, Bagels Finance - you’re the poster child for why DeFi needs regulation.
Lois Glavin
December 26, 2025 AT 20:01

I still have my BAGELs in my wallet. I don’t check the price anymore. I just smile. I didn’t lose money - I gained awareness. That’s the real airdrop.
Jeremy Eugene
December 27, 2025 AT 06:40

I appreciate the thorough breakdown. This is exactly the kind of post that should be pinned in every DeFi subreddit. Education > speculation.
Toni Marucco
December 28, 2025 AT 04:29

The real tragedy isn’t the lost tokens - it’s the erosion of trust. Every time a project like this explodes into the scene, it makes it harder for legitimate builders to get attention. We’re all paying the price for the fraudsters.
Joey Cacace
December 30, 2025 AT 03:53

I used to think airdrops were like free samples at the grocery store. Now I know they’re more like those ‘free trial’ subscriptions that charge you $99 after 3 days. Only this time, you don’t even get a product.
Ike McMahon
December 30, 2025 AT 06:52

Don’t chase dead tokens. Focus on active protocols with real usage. That’s the only strategy that survives in crypto.
Taylor Fallon
December 31, 2025 AT 03:05

I still believe in crypto. Just not in the hype. The real winners are the ones who stayed quiet, did their homework, and didn’t fall for the ‘$700 in 24 hours’ nonsense. We’re the quiet ones. And we’re still here.
Caroline Fletcher
January 1, 2026 AT 01:24

Of course it’s not trading. The team probably took the funds and moved to Portugal. They didn’t even bother to delete their Twitter. Pathetic.
Sarah Luttrell
January 1, 2026 AT 04:14

You think this is bad? Wait until you see the next ‘cross-chain leveraged yield optimizer’ that’s just a rebrand of a 2021 rug pull with a new logo and a Discord bot named ‘BAGEL_BOT_2.0’.
Patricia Whitaker
January 1, 2026 AT 23:55

I can’t believe people still fall for this. You connect your wallet? You follow on Twitter? That’s not participation. That’s giving free data to a scam.
Anselmo Buffet
January 2, 2026 AT 18:56

I got the tokens. I didn’t expect anything. I just wanted to see how far the hype could go. It went all the way to zero. And honestly? I’m not mad. I’m just… impressed by how predictable it all was.
Hari Sarasan
January 4, 2026 AT 06:51

The project never had a real roadmap. No technical milestones. No dev updates. Just a landing page with a spinning bagel GIF and a ‘Join the Revolution’ button. That’s not innovation. That’s performance art.
Kurt Chambers
January 5, 2026 AT 22:42

They didn’t even have a real team photo. Just a blurry pic of a guy holding a bagel with a crypto logo pasted on it. That’s the whole brand. That’s it. That’s the whole company.
Ian Norton
January 5, 2026 AT 22:53

The fact that CoinMarketCap still shows a circulating supply of zero means even the data aggregators gave up on them. That’s the quietest death possible.
Kelly Burn
January 6, 2026 AT 13:24

BAGEL = Boring After Guaranteed Earnings Lost 🥯📉. The emoji says it all. I’m not even mad. Just… tired.
JoAnne Geigner
January 6, 2026 AT 22:55

I think we need to reframe how we think about airdrops. They’re not gifts - they’re marketing experiments. And like any experiment, most fail. The ones that succeed? They don’t need to promise $700. They just need to work.
Abhishek Bansal
January 8, 2026 AT 04:56

I’m just waiting for the next one. Someone’s gonna drop a ‘Bagels 2.0’ next week. Same name. Same promises. Different wallet address. I’ll be here. Not to claim tokens. To laugh.
Eunice Chook
January 10, 2026 AT 01:49

This isn’t a lesson about crypto. It’s a lesson about human nature. We want something for nothing. And when we get nothing? We blame the system. But the system didn’t lie. We lied to ourselves.
PRECIOUS EGWABOR
January 11, 2026 AT 10:14

You call this a failure? No. This is the natural selection of crypto. The weak projects die. The strong ones survive. BAGEL was never meant to live. It was meant to be a cautionary tale.
John Sebastian
January 11, 2026 AT 20:38

I don’t care if it’s a scam or not. If you can’t trade it, it’s not money. And if it’s not money, it’s not worth your time.
Kathy Wood
January 12, 2026 AT 09:51

I’m the author of this post. Thank you for all the thoughtful replies. This is why I wrote it - not to bury BAGEL, but to help others avoid the same trap. You’re not alone in this.

Bagels Finance (BAGEL) Airdrop: What Happened and Why It’s Not Trading

DeFi Project Health Checker

Evaluate Your DeFi Project

Project Health Criteria

Results

The Bagels Finance Airdrop Was Real - But It’s Over

So Where Are the BAGEL Tokens Now?

What Was Bagels Finance Supposed to Do?

Why Did the Project Stall?

What Do the Price Predictions Say?

Is BAGEL Still Worth Holding?

What Should You Do If You Have BAGEL Tokens?

What This Teaches Us About Airdrops

Final Thoughts: Don’t Chase Ghost Tokens

30 Comments

Heath OBrien

Claire Zapanta

Kathleen Sudborough

Vidhi Kotak

Sue Gallaher

Alex Warren

Steven Ellis

Kim Throne

amar zeid

Taylor Farano

Lois Glavin

Jeremy Eugene

Toni Marucco

Joey Cacace

Ike McMahon

Taylor Fallon

Caroline Fletcher

Sarah Luttrell

Patricia Whitaker

Anselmo Buffet

Hari Sarasan

Kurt Chambers

Ian Norton

Kelly Burn

JoAnne Geigner

Abhishek Bansal

Eunice Chook

PRECIOUS EGWABOR

John Sebastian

Kathy Wood

Write a comment

Categories

Tags