Analysis

5 Solana Airdrops You Should Be Hunting

Miss Jupiter's $JUP drop? Don't miss the next one!
Jack Inabinet Jack Inabinet Feb 1, 20245 min read
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5 Solana Airdrops You Should Be Hunting

JUPuary has officially concluded, and we’re declaring it a success. A total of 1B JUP was airdropped to nearly one million individual addresses, and top recipients are eligible to claim $70k in free money!

While Jupiter’s November 2nd snapshot date excluded many new entrants to the Solana ecosystem from claiming JUP, they did not find themselves without rewards during JUPuary. Every wallet that interacted with Jupiter in the six months leading up to January 19 was eligible to claim $60 in WEN, a test token for Jupiter’s launch pad, last week!

Jupiter’s two high-value claim opportunities have built off the airdrop momentum that gripped Solana last year and further bolstered the value proposition behind hunting Solana airdrops, renewing the incentives motivating airdrop hunters to search out the chain’s next big airdrop.

Thankfully, the Solana ecosystem is uniquely positioned with a wealth of tokenless protocols to offer early users a bounty of quality airdrop opportunities! Today, we’re walking you through five of our favorite Solana hunts that you can start today to position yourself for a future airdrop 👇


⚪ marginfi

Website | Twitter
Sector: Lending, Liquid Staking

About:

Intentionally branded in all lowercase, marginfi aims to become a suite of smart contracts that create a DeFi prime brokerage, facilitating peer-to-peer lending and portfolio management across blockchains. Users can access marginfi via desktop browser or install it as a PWA on mobile devices!

The platform’s initial (and most popular) product, mrgnlend, is an overcollateralized money market protocol that allows anyone to lend or borrow assets on Solana. In September, marginfi extended its product line with the introduction of LST, a SOL liquid staking token with 0% commission offering depositors yields from network rewards and MEV extraction, and the Protocol will soon offer its own LST-collateralized stablecoin, YBX.

Why we’re watching:

marginfi has an ongoing points program, rewarding early users for lending, borrowing, and referring others to the platform! Protocols often implement a points system as a precursor to an airdrop to help identify accounts contributing towards their success.

Maximize your eligibility by:


🟣 Phantom

Website | Twitter
Sector: Wallet

About:

While the Phantom wallet has long been a cornerstone of the Solana ecosystem, it also can be used to manage crypto assets and access dApps on Polygon and Ethereum! The wallet is available as a browser extension or can be downloaded as an app from the iOS and Android stores.

Phantom provides functionality for in-wallet buys, allowing users to purchase popular crypto assets on supported chains from a variety of payment partners, including Coinbase, Robinhood, and Moonpay. Users can spin up multiple Phantom sub-accounts to segregate transaction activity, with a unique Ethereum and Solana address pair created for each account.

Why we’re watching:

While there is no strong precedent for wallets to airdrop tokens, and Phantom has provided no indication that they do so, using Phantom as your wallet solution on Solana is an easy way to simplify your experience with the chain while maximizing your potential to receive an airdrop!

Maximize your eligibility by:


🟤 Drift

Website | Twitter
Sector: Exchange

About:

Drift is an exchange on Solana with a built-in money market! Users first deposit funds to their Drift account and then unlock access to the Protocol's perpetual swap (with up to 10x leverage), variable rate money market, insurance staking fund, LP strategy, and spot token swap products.

The combination of Drift's native cross-margin capabilities and its money market provides numerous benefits for users. All collateral deposited to Drift natively earns yield, and any deposited asset can be borrowed against or used to fund trades, although longer tail assets have lower initial asset weightings that cap leverage to prevent unprofitable liquidations.

Why we’re watching:

Drift has an active points program that rewards users for making trades on the platform! Protocols often implement a points system as a precursor to an airdrop to help identify accounts contributing towards their success.

Maximize your eligibility by:


⚫ Tensor

Website | Twitter
Sector: Exchange

About:

Tensor is an NFT marketplace on Solana with support for Solana inscriptions. The marketplace is focused on NFT traders, like Blur, but the team is moving to increase the appeal of their platform for retail traders as well.

Price locks from Tensor are a novel primitive that empowers NFT traders to lock in a buy or sell price for seven days. Users who fund locks earn extremely high yields from the premiums paid on every trade but will accrue losses when a lock is purchased and expires in the money.

When a long lock expires in the money, the lock's funder will receive an amount of SOL equal to the price they sold the lock plus the initial fee paid by the purchaser, instead of their original NFT they provided as collateral. When a short lock expires in the money, the lock's funder will receive an NFT from the collection they sold the lock on plus the initial fee paid by the purchaser, instead of the SOL they provided as collateral. Funders of locks that are not exercised receive their initial collateral back plus the fee paid.

Tensorians are a collection of 10k NFTs that play a core role in the Tensor ecosystem, offering a 1.5x boost in their points program and a passive 20% point yield!

Why we’re watching:

Tensor has an active points program! Crypto projects use points programs to identify early users, often with the intention of rewarding those contributing to the success of the protocol with tokens, making it highly likely that Tensor will pursue an airdrop! Currently, Tensor's points program is rewarding users for funding locks.

Maximize your eligibility by:


🟢 Jupiter

Website | Twitter
Sector: Exchange

About:

Jupiter's primary product is its decentralized exchange aggregator on Solana that offers both spot and perpetual swap products! While Jupiter hosts its own front-end, their aggregator widget is used by many protocols, like marginfi, to facilitate in-app swaps.

Jupiter's frontend provides functionality for complex limit and DCA orders, and degens can satisfy their desire to trade with Jupiter's perps, which offer up to 100x leverage on BTC, ETH, and SOL. Jupiter has also developed a token launchpad solution for newly created tokens to distribute their airdrops.

Why we’re (still) watching:

While the snapshot for the first Jupiter airdrop has already closed, the Project is allocating 40% of its token supply to the community over four separate airdrop rounds. Only a quarter of these tokens have been distributed, and you still have three chances to qualify for JUP drops!

Maximize your eligibility by:

Jack Inabinet

Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business and remains based out of the Seattle area.

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