In the second half of 2024, after a series of disappointing airdrops, the high-profile hype has weakened, and the competition for token distribution has also eased. Now, the returns from participating in airdrops might be good.

By Stacy Muur, Web3 Researcher

Translated by xiaozou, Golden Finance

In the second half of 2024, after a series of disappointing airdrops, the high-profile hype has weakened, and the competition for token distribution has also eased. Now, the returns from participating in airdrops might be good.

Here are 6 airdrop projects worth considering.

1. Morpho (Mainnet)

Morpho is a trustless and efficient lending platform that supports the creation of permissionless markets. It has quickly become the sixth-largest lending market by TVL on DefiLlama, with the current TVL at $1.4 billion.

(1) Airdrop Acquisition

Morpho's airdrop activity is not based on points, but users can specify the expected FDV to observe changes in asset supply and borrow APY. For example, the following example uses a $1 billion FDV.

• Visit the Morpho app (supports Ethereum and Base).
• Browse various pools and assets available for lending, and choose the best pool for you.
• Track your rewards in the Rewards tab.

Pro Tip: Rewards on Base are usually higher, and you can also earn OP rewards because Base is an OP Stack chain. That's why I personally participate in Morpho on Base.

(2) Expected FDV

As mentioned earlier, Morpho is currently the sixth-largest lending market across all chains. Its most fierce competitors are Compound ($4.44 billion FDMC), Venus ($2.1 billion FDMC), and Kamino Lend ($660 million FDMC).

On August 1, Morpho raised $50 million in a strategic financing round (FDV undisclosed). Assuming 10-15% of tokens were sold in this round, it means the FDV is between $330 million and $500 million. Considering that all VC rounds usually have discounts, the FDV at the time of Morpho's listing may be close to $1 billion.

2. Sunrise (Testnet)

Sunrise is a data availability (DA) layer designed specifically for Proof of Liquidity (PoL) and fee abstraction. It recently launched an incentive public testnet, a significant milestone towards the mainnet launch.

The testnet rewards active users, and early participants will receive the largest share of the upcoming RISE token airdrop. To access the testnet and faucet, users must link an EVM wallet (with at least 0.001 ETH and transaction history on the Ethereum mainnet) and a Cosmos wallet.

(1) Airdrop Acquisition

Participants can earn points on the testnet by completing daily tasks such as claiming, swapping, providing liquidity, and participating in governance. Referring friends will also increase the referrer's points.

7% of the token supply is initially distributed during the TGE first airdrop period, with an additional 5% reserved for future incentives.

Sunrise is considering combining these two distributions (totaling 12%) for distribution in the genesis airdrop.

Here are some statistics:

• Over 200,000 users have joined the testnet.
• The number of daily active users has grown to around 50,000 and continues to increase.
• New testnet activities are constantly being launched.

• Join the community, follow Sunrise on social media, and join their Discord.
• Use the testnet by trading or providing liquidity.
• Complete daily tasks.
• Refer friends using your referral link.

(2) Expected FDV

Sunrise Layer seamlessly integrates on-chain and off-chain data, combining the security and transparency of on-chain solutions with enhanced scalability and lower costs. This hybrid approach makes it well-suited for decentralized applications that require high throughput and strong data integrity.

Its most fierce competitors are Celestia ($4.7 billion FDV), Avail ($1.2 billion FDV), and KYVE ($24 million FDV). I expect the FDV at the time of listing to be between $300 million and $500 million.

3. Mantle COOK (Mainnet)

The Ethereum L2 platform Mantle is currently conducting the Metamorphosis event, after which it will distribute the new COOK token to the community. COOK will serve as the future governance token for Mantle LST (mETH, one of the largest TVL LSTs) and LRT (cmETH, a new liquidity re-staking primitive).

(1) Airdrop Acquisition

The process to participate in the upcoming COOK airdrop is simple and offers multiple options. The key is to acquire some mETH (preferably on Mantle, as it can earn more Powder daily) and then increase rewards by participating in various DeFi activities.

• Visit the website and link your wallet.
• Stake ETH to acquire mETH tokens.
• Add the mETH tokens to your wallet and bridge them to the Mantle network.
• Holding just 1 mETH daily can earn you 10 Powder. You can also earn more Powder by providing mETH liquidity on a protocol listed in this article.
• You can also lock MNT to earn additional rewards.

(2) Expected FDV

mETH is currently the fifth-largest LST, second only to Jito ($21 billion FDMC) and Marinade Finance ($100 million FDMC).

Since COOK is the governance token for mETH and the upcoming cmETH (a new re-staking token), the FDV at the time of listing may be between $150 million and $300 million. Hopefully, Mantle will not adopt the practice of low circulation and high FDV.

(To keep this article simple and easy to read, other airdrops mentioned above will not be described in detail.)

4. Story Protocol (Testnet)

Story is an IP blockchain that enables programmable IP to drive the development of next-generation AI, DeFi, and consumer applications.

• Visit the website and link your wallet.
• Exchange IP, WETH, USDC, WBTC, USDT, FATE.

5. Soneium (Testnet)

Soneium is an L2 blockchain developed by the Sony Blockchain Solutions Lab team, aiming to evoke market sentiment and foster creativity. Its goal is to bridge the gap between Web3 and everyday internet services, making blockchain technology more accessible globally.

• Obtain Sepolia ETH from the faucet.
• Visit the website and link your wallet.
• Bridge test ETH between Sepolia and Minato.

6. Hyperlane (Mainnet)

Hyperlane is an interoperability layer designed for modular blockchain ecosystems. It enables seamless communication across different blockchain environments, including L1, rollup, and application chains, through permissionless deployment.

(1) Hyperlane x Injective

• Visit the website and link your EVM/Solana and Cosmos wallet.
• Send your INJ tokens to the inEVM network. Enter the transfer amount, select your wallet, and click "Continue" to proceed, then confirm the transaction.

(2) hNFT Mint & Bridge

• Visit the website and link your wallet.
• On the left side of the screen, select the NFT minting network; on the right side, select the target network for sending the minted NFT. Then click "Mint."
• Click "Bridge" to transfer the NFT to another network. Confirm the transaction.
• Verify successful transactions on Hyperlane's browser.

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