Is the large-scale Solana airdrop season coming soon? This article takes stock of seven potential protocols and interaction strategies.

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11 months ago

Author: Miles Deutscher, Crypto KOL

Translator: Felix

Over the past month, the price of SOL has risen by 178%, making the Solana ecosystem the focus of the market's attention. For users waiting for airdrops, this may be a good sign, as the probability of airdrops has greatly increased.

The growth of Solana's TVL confirms the increasing market interest in its ecosystem. As the fastest-growing public chain in November, Solana's TVL has grown by 121% to reach $563 million.

Is a large-scale Solana airdrop season coming? An article detailing seven potential protocols and interaction strategies

Among the many projects in the Solana ecosystem, there are still more than 20 protocols that have not issued tokens, many of which were launched during the bear market. However, with the improvement in market conditions, many protocols are beginning to schedule token issuance, and the largest Solana airdrop season in history may be about to begin.

Currently, there are 7 noteworthy protocols on Solana that will launch tokens in 2024. This article will detail these potential projects and their interaction guides.

1. Drift

Drift is a permanent DEX built on Solana and has not yet issued tokens.

Is a large-scale Solana airdrop season coming? An article detailing seven potential protocols and interaction strategies

How to qualify for the airdrop:

  • Connect your wallet to Drift
  • Trade on the exchange
  • Provide liquidity to Drift Liquidity Providers (DLP)
  • Deposit assets into Drift's insurance fund built on Solana

2. JitoSOL

Jito is a SOL liquidity staking platform that offers approximately 6.8% APY staking rewards.

Is a large-scale Solana airdrop season coming? An article detailing seven potential protocols and interaction strategies

How to qualify for the airdrop:

  • Stake SOL as jitoSOL on Jito
  • Hold jitoSOL in your wallet (1 point per jitoSOL per day)
  • Stake jitoSOL in LPs of other DeFi protocols (2 points per jitoSOL per day)
  • 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 may contribute to the airdrop.

Is a large-scale Solana airdrop season coming? An article detailing seven potential protocols and interaction strategies

How to earn points:

  • Lend assets on MarginFi
  • Borrow assets on MarginFi
  • Refer other users to use MarginFi

Of course, you can also stake SOL as LST (Liquidity Staking Token).

4. Jupiter

Jupiter is a DEX aggregator that allows users to obtain the best swap rates on Solana, with features including limit orders, DCA (Dollar-Cost Averaging), bridging, and perpetual trading.

Is a large-scale Solana airdrop season coming? An article detailing seven potential protocols and interaction strategies

How to qualify for the airdrop:

  • Trade on Jupiter
  • Place limit orders on Jupiter
  • Use DCA on Jupiter
  • Use Jupiter for bridging
  • Trade perps on Jupiter

5. Zeta Markets

Zeta Markets is a DeFi futures and options trading platform that allows users to effectively hedge risks from crypto market volatility and extreme events.

Is a large-scale Solana airdrop season coming? An article detailing seven potential protocols and interaction strategies

Zeta Markets has an official points system, which may indicate future airdrops. Their points system is simple: for every $1 increase in Taker volume, 1 Z point is earned.

  • Deposit USDC and make some trades on the exchange.

6. Tensor

Tensor is a Solana ecosystem NFT marketplace platform with an official points system (similar to BLUR).

Is a large-scale Solana airdrop season coming? An article detailing seven potential protocols and interaction strategies

Users can accumulate points by:

  • Listing NFTs from the top 100 collections
  • Bidding on NFTs from the top 100 collections
  • Minting NFTs from the top 100 collections

7. Phantom

Phantom is the most popular wallet on Solana, with over 3 million users.

Is a large-scale Solana airdrop season coming? An article detailing seven potential protocols and interaction strategies

If a token is issued, creating some activities through Phantom may be a good idea.

  • Create a Phantom wallet
  • Trade tokens through the Phantom wallet
  • Unlock DRiP Phantom collections

Users can qualify for all of these as separate airdrops, but there are some creative ways to qualify for multiple airdrops at once through executing multi-protocol interaction strategies, saving time and effort.

In addition, on-chain analyst Patrick Scott and Crypto KOL Aylo also shared multiple interaction strategies on Solana:

Strategy 1

  1. Stake SOL on Jito_sol
  2. Lend jitoSOL on Marginfi
  3. Borrow SOL on Marginfi and loop

JitoSOL earns reward points in DeFi and the yield on borrowing on MarginFi is 4 times the lending points.

Strategy 2

(The JitoSOL pool on MarginFi is currently full)

  1. Stake SOL on Marginfi
  2. Lend mSOL on Marginfi
  3. Borrow SOL on Marginfi and loop

Marinade is running an MNDE incentive program until the end of this year.

Strategy 3

  1. Stake SOL on Marginfi or Jito_sol
  2. Lend jitoSOL or mSOL on Marginfi
  3. Borrow WBTC, SOL, or ETH and provide liquidity to Drift

Strategy 4

  • Stake some SOL on JitoSOL (earn JITO points)
  • Deposit JitoSol into Marginfi (earn MRGN points + earn more JITO points)
  • Borrow the cheapest LST on MarginFi (currently mSOL) (earn 4 times MRGN points)
  • Trade mSOL on Jupiter for JitoSol (qualify for future JUP airdrop)
  • Deposit half of the JitoSol into Kamino treasury (earn more points for JITO and qualify for future KAMINO airdrop)
  • Deposit the other half of JitoSol into Drift (earn more Jito or DRIFT points)
  • Trade some Perps on Drift (qualify for future DRIFT airdrop)
  • Deposit some USDC on Zeta Markets and trade some Perps (earn ZETA points)
  • If some trades have been profitable, visit the Tensor protocol and use your earnings to buy Tensorian
  • Stake Tensorian (earn TENSOR points)

Related reading: Is the surge of SOL indicative of ecosystem prosperity? Analysis of Solana's market and ecosystem development

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