Solana Airdrop Extravaganza: Unveiling 7 High-Potential Protocols and Strategic Interactions
Introduction to Solana’s Impending Airdrop Season
With SOL’s price soaring by 178% in the past month, the Solana ecosystem has become the center of market attention. This upsurge in interest hints at the likelihood of significant airdrops on the horizon. The substantial growth in Solana’s Total Value Locked (TVL), which has increased by 103% to $581 million, further confirms this trend.
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Among the many projects within the Solana ecosystem, over 20 protocols have yet to issue their tokens. As the market sentiment improves, these protocols are gearing up for token launches, potentially kicking off the largest airdrop season in Solana’s history.
Seven Solana Protocols Poised for 2024 Token Launches
Here, we spotlight seven notable protocols on Solana, set to release tokens in 2024, along with a guide on how to interact with them for potential airdrop eligibility.
Drift: The Perpetual DEX
Drift, a perpetual DEX built on Solana, hasn’t launched its token yet.
Airdrop Eligibility:
- Connect your wallet to Drift
- Trade on the exchange
- Provide liquidity to Drift Liquidity Providers (DLP)
- Deposit assets in the Drift Vault
JitoSOL: SOL Liquidity Staking Platform
Jito, offering about 6.8% APY for staking SOL, hasn’t released its token.
Airdrop Eligibility:
- Stake SOL as jitoSOL on Jito
- Keep jitoSOL in your wallet
- Deposit jitoSOL in LP pools of other DeFi protocols
- Use their referral system
Marginfi: Lending Protocol on Solana
MarginFi allows borrowing and lending various assets and has introduced a “loyalty points” program.
Earning Points:
- Lend assets on MarginFi
- Borrow assets using MarginFi
- Refer others to use MarginFi
Jupiter: DEX Aggregator
Jupiter offers the best swap rates on Solana with features like limit orders, DCA, bridging, and perpetual trades.
Airdrop Eligibility:
- Trade on Jupiter
- Set limit orders on Jupiter
- Set up DCA using Jupiter
- Use Jupiter’s bridge
- Trade perpetuals on Jupiter
Zeta Markets: DeFi Futures and Options Trading Platform
Zeta Markets allows users to hedge against crypto market volatility and extreme events.
Earning Points:
- Deposit USDC and trade on the exchange
Tensor: NFT Marketplace Platform in Solana Ecosystem
Tensor has an official points system for their NFT marketplace.
Accumulating Points:
- List NFTs from the top 100 collections
- Bid on NFTs from top collections
- Mint NFTs from top collections
Phantom: Popular Wallet on Solana
Phantom, with over 3 million users, is the most popular wallet on Solana.
Possible Activities:
- Create a Phantom wallet
- Trade tokens using Phantom
- Unlock DRiP Phantom collectibles
Multifaceted Interaction Strategies for Multiple Airdrops
Chain analysts Patrick Scott and crypto KOL Aylo shared their multi-protocol interaction strategies on Solana:
Strategy 1:
- Stake SOL on Jito_sol
- Borrow JitoSOL on Marginfi
- Borrow SOL on Marginfi and recycle
JitoSOL earns rewards for use in DeFi and generates four times more points when borrowed on MarginFi.
Strategy 2:
- Stake SOL on Marginfi
- Borrow mSOL on Marginfi
- Borrow SOL on Marginfi and recycle
Marinade’s MNDE incentive program is running until the end of the year.
Strategy 3:
- Stake SOL on Marginfi or Jito_sol
- Borrow JitoSOL or mSOL on Marginfi
- Borrow WBTC, SOL, or ETH and provide liquidity to Drift
Strategy 4:
- Stake some SOL as JitoSOL (earn JITO points)
- Deposit JitoSol in Marginfi (earn MRGN points + more JITO points)
- Borrow the cheapest LST on Marginfi (currently mSOL) (earn 4x MRGN points)
- Trade mSOL for JitoSol on Jupiter (qualify for future JUP airdrop)
- Deposit half of your JitoSol in Kamino’s vault (earn more JITO points and qualify for future KAMINO airdrop)
- Deposit the other half of JitoSol in Drift (earn more Jito or DRIFT points)
- Trade some Perps on Drift (qualify for future DRIFT airdrop)
- Deposit some USDC and trade some Perps on Zeta Markets (earn ZETA points)
- If a few trades are profitable, visit Tensor protocol and buy Tensorian with your earnings
- Stake Tensorian (earn TENSOR points)
Keywords: Solana, Airdrop Season, DeFi Protocols, Cryptocurrency, Blockchain, Drift, JitoSOL, Marginfi, Jupiter, Zeta Markets, Tensor, Phantom, Solana Ecosystem, Token Launch
