Is a large-scale Solana airdrop season approaching? A comprehensive overview of seven promising protocols and interaction strategies
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Is a large-scale Solana airdrop season approaching? A comprehensive overview of seven promising protocols and interaction strategies
As market conditions improve, many protocols are beginning to schedule token launches, potentially ushering in the largest Solana airdrop season in history.
Navigating Web3 tides with focused insightsAuthor: Miles Deutscher, Crypto KOL
Translation: Felix
Over the past month, SOL's price has surged by 178%, bringing Solana's ecosystem into the market spotlight. For users farming potential airdrops, this may be a positive signal, as the likelihood of receiving an airdrop has significantly increased.
The growth in Solana’s total value locked (TVL) reflects rising market interest in its ecosystem. As the fastest-growing blockchain in November, Solana’s TVL increased by 121% to reach $563 million.
Among numerous projects in the Solana ecosystem, over 20 protocols have yet to launch their tokens. Many were launched during the bear market, but with improving market conditions, several are now preparing for token launches—potentially marking the beginning of the largest Solana airdrop season in history.
Currently, there are seven notable protocols on Solana expected to launch tokens in 2024. This article outlines these promising projects and provides interaction guides.
1. Drift
Drift is a perpetual DEX built on Solana that has not yet launched a token.
How to qualify for an airdrop:
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Connect your wallet to Drift
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Trade on the exchange
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Provide liquidity as a Drift Liquidity Provider (DLP)
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Deposit assets into Drift’s insurance vault
2. JitoSOL
Jito is a liquid staking platform for SOL offering approximately 6.8% APY in staking rewards.
How to qualify for an airdrop:
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Stake SOL as jitoSOL on Jito
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Hold JitoSOL in your wallet (earn 1 point per JitoSOL per day)
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Deposit JitoSOL into LPs of other DeFi protocols (earn 2 points per JitoSOL per day)
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Use their referral system to invite others
3. Marginfi
MarginFi is a lending protocol on Solana that allows borrowing and lending of various assets. The platform has officially launched a “loyalty points” program, which could contribute to future airdrops.
How to earn points:
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Lend assets on MarginFi
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Borrow assets from MarginFi
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Refer other users to use MarginFi
Of course, you can also use SOL as an LST (liquid staking token).
4. Jupiter
Jupiter is a DEX aggregator that enables users to get the best swap rates on Solana, featuring limit orders, DCA (Dollar-Cost Averaging: a strategy where investors divide total investment amounts to periodically purchase specific assets), bridging, and perpetual trading functions.
How to qualify for an airdrop:
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Trade on Jupiter
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Set limit orders on Jupiter
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Use Jupiter to set up DCA
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Use Jupiter Bridge
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Trade perps on Jupiter
5. Zeta Markets
Zeta Markets is a DeFi futures and options trading platform that allows users to effectively hedge against risks from crypto market volatility and extreme events.
Zeta Markets has an official points system, which may indicate a future airdrop. Their points system is simple: for every dollar increase in taker volume, Z points increase by 1.
• Deposit USDC and conduct some trades on the exchange.
6. Tensor
Tensor is an NFT marketplace platform in the Solana ecosystem and a protocol with an official points system (similar to BLUR).
Users can accumulate points through the following actions:
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List NFTs from top 100 collections
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Bid on NFTs from top 100 collections
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Mint NFTs from top 100 collections
7. Phantom
Phantom is the most popular wallet on Solana, with over 3 million users.
If a token is issued, it might be wise to retroactively generate some activity.
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Create a Phantom wallet
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Trade tokens via Phantom wallet
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Unlock DRiP Phantom collectibles
Users can treat each of these as separate airdrops—but there are creative ways to qualify for multiple airdrops simultaneously through multi-protocol interaction strategies, saving time and effort.
Additionally, on-chain analyst Patrick Scott and crypto KOL Aylo have shared their own interaction strategies on Solana:
Strategy 1
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Stake SOL on Jito_sol
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Lend JitoSOL on Marginfi
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Borrow SOL on Marginfi and loop
JitoSOL earns reward points for being used in DeFi, and borrowing yield on MarginFi counts as 4x more points than lending.
Strategy 2
(Currently the JitoSOL pool on MarginFi is full)
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Stake SOL on Marginfi
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Lend mSOL on Marginfi
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Borrow SOL on Marginfi and loop
Marinade is running an MNDE incentive program until the end of this year.
Strategy 3
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Stake SOL on Marginfi or Jito_sol
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Lend JitoSOL or mSOL on Marginfi
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Borrow WBTC, SOL, or ETH and provide liquidity to Drift
Strategy 4
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Stake some SOL on JitoSOL (earn JITO points)
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Deposit JitoSol into Marginfi (earn MRGN points + earn more JITO points)
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Lend the cheapest LST on MarginFi (currently mSOL) (earn 4x MRGN points)
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Swap mSOL for JitoSol on Jupiter (qualify for potential future JUP airdrop)
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Deposit half of the JitoSol into Kamino vault (earn more JITO points and qualify for potential future KAMINO airdrop)
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Deposit the other half of JitoSol into Drift (earn more Jito or DRIFT points)
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Trade some Perps on Drift (qualify for potential future DRIFT airdrop)
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Deposit some USDC on Zeta Markets and trade some Perps (earn ZETA points)
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If several trades are profitable, visit the Tensor protocol and use profits to buy Tensorian
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Stake Tensorian (earn TENSOR points)
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Miles Deutscher
