Solana Airdrop Guide: How to Qualify for Sweet Ecosystem Rewards

Exploring New Solana Projects with Potential Airdrop Opportunities

The Solana blockchain has risen from the ashes and is currently brimming with excellent potential airdrop opportunities that could be very lucrative for early adopters and active users. A new wave of projects on Solana is gaining traction, lacking only in tokenization — a situation reminiscent of Ethereum’s early days.

After the FTX disaster, many projects on Solana, either directly founded or heavily funded by Alameda Research, found themselves in a precarious position and mostly died. This left a significant void in the Solana ecosystem, with their tokens plummeting in value, often by more than 99%.

However, from the ashes of this turmoil, a new generation has emerged. These new projects, untethered from the fate of FTX and Alameda, begin showcasing innovation, driving activity and attracting users. This is evident in the recent spike in DEX activity on Solana, with volumes exceeding $2 billion.

https://defillama.com/chain/Solana?volume=true

In this article, I’ll show you the most promising Solana projects that do not yet have their own token and therefore have great potential for a lucrative airdrop.

I’ll guide you through what you can do to get your wallets into the game.

Exploring Potential Airdrops

JITO

JITO is a liquid staking protocol offering MEV-powered staking rewards. Users can stake SOL, receive JitoSOL, and earn points for using it within the ecosystem. The platform also has a referral system, rewarding users with extra points.

Jito Labs successfully raised $10 million in a single funding round, receiving direct investment from Solana Venture along with contributions from Multicoin Capital, Framework Ventures, and additional investors.

1. Stake by converting SOL to JitoSOL.
2. Hold JitoSOLin your wallet, accruing one point daily for each JitoSOL.
3. Allocate JitoSOL to Liquidity Pools (LPs) in various DeFi protocols (e.g. in MarginFi), earning two points per day for each JitoSOL deposited.
4. Enhance the Jito community by introducing and referring new participants to the platform.

MarginFi

MarginFi, a fast-growing borrowing and lending platform, awards points for lending and borrowing assets. The platform offers a unique opportunity for earning higher points through borrowing, albeit with associated risks.

Marginfi secured $3 million in seed funding, with investments from Solana Venture, Pantera Capital, and other contributors.

1. Lend your JitoSol or any other token on MarginFi
2. Borrow any token on MarginFi
3. Stake SOL as LST
4. Expand the MarginFi network by referring new users to the platform. A referring user will get 10% of the points the users they refer earn.

Tensor

Tensor, a big NFT marketplace on Solana, uses a point system based on listing and bidding on top collections. Market making is another avenue to earn points on Tensor, which automates the process of buying low, selling high.

1. Buy and sell NFTs from the top 100 collections.
2. Participate in bidding for NFTs.
3. Act as a market maker for NFTs.
4. Buy and hold a Tensorian NFT (only if you can really afford it).

Drift

Drift is an on-chain trading platform offering leveraged trades and liquidity provision opportunities. Users can engage in trading a variety of assets and participate in liquidity pools with varying returns.

1. Connect your wallet to Drift Protocol.
2. Trade (Long & Short) on Drift Protocol.
3. Engage with the Drift Liquidity Provider (DLP) and provide liquidity.
4. Stake assets in the Drift Insurance Fund Vaults.
5. Lend and borrow assets on Drift.

Phantom Wallet

Phantom Wallet, although not guaranteed to have a token, offers in-wallet token swaps and collectibles, which might be a gateway to a future airdrop.

1. Create a Phantom wallet.
2. Swap tokens directly in your Phantom wallet.
3. Get the DRiP Phantom Solana collectible.

Jupiter

Jupiter, a DEX aggregator, already completed an airdrop. However, its potential for secondary airdrops makes it a viable option for users seeking better swap rates on Solana.

1. Swap on Jupiter, try to get some volume
2. Set a limit order on Jupiter
3. DCA using Jupiter
4. Use the Jupiter bridge aggregator
5. Trade perps (beta) on Jupiter

Backpack

Backpack, a multifaceted app incorporating a wallet, an app store, and an upcoming exchange, offers various ways to engage and potentially qualify for an airdrop.

1. Buy a Mad Lads NFT
2. Set up the Backpack wallet
3. Install xNFTs in your Backpack wallet
4. Swap directly in the Backpack wallet
5. Sign up for the Backpack Exchange waitlist

Drip House

Drip House stands out with its unique approach, allowing users to collect free digital artwork and tip creators for rare drops.

1. Connect your wallet to drip.haus
2. Subscribe to multiple creators and claim drops.
3. Thank creators and collect legendary drops.

Concluding Thoughts

In conclusion, while the landscape of Solana’s ecosystem presents enticing opportunities, particularly with potential airdrops, it’s imperative to approach with caution and due diligence. The realm of new protocols, despite undergoing audits, is not immune to vulnerabilities.

These emerging technologies can harbor flaws that may lead to security breaches or hacking incidents. It’s essential to remember that engaging with these platforms carries inherent risks, and there’s a possibility of losing all invested funds. Therefore, always prioritize your financial safety, invest only what you can afford to lose, and stay informed about the risks associated with participating in early-stage blockchain projects.

The key to navigating this dynamic space is a balanced approach, combining enthusiasm for new ventures with a keen awareness of their potential risks.

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None of the above is financial advice.