🔎Are Solana Airdrops Still Worth Farming?
an in-depth analysis of 5 Solana airdrop opportunities
In Dec. 2023, the airdrop of Jito, a top liquid staking Solana project, positively surprised a lot of people.
Early users of the protocol got an airdrop worth over $15K for depositing as little as 1 SOL on Jito for a few months.
Since then, a lot of things have changed.
Solana TVL did a 4X and a lot of users (and inevitably also bots) started using the network and exploring the ecosystem.
Considering this, is it still worth spending time & capital farming Solana airdrops?
Here’s my take on 5 different Solana airdrop opportunities👇
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I also covered Parcl on my X account a while ago.
Parcl is an RWA project on Solana.
With it, you can trade real estate markets with up to 10x leverage fully on-chain.
A few things you should know about it:
Parcl’s first points program went live in Dec. 2023. Since then its TVL skyrocketed and has gone from a few million to $59M
Parcl Points Season 2 is currently live
its team raised $11.6M from VCs
$11.6M is the 2nd largest amount of money raised by a tokenless DeFi project on Solana, so I expect the Parcl token to have a high valuation at launch.
This should also lead to a significant future airdrop for early adopters. But it also depends on the % of the token supply that will be reserved for the airdrop.
There are currently 2 ways to farm Parcl airdrop:
trade on the platform - for every open trading position, you’ll get 2 points/dollar per day
provide USDC to Parcl LP pool - earn 4 points/dollar provided per day
Personally, I prefer to provide liquidity.
If you wanna farm this airdrop, you can use my referral code “defi12” on the Parcl referrals page to get a 5% lifetime boost on your points.
Not only Parcl has raised a large amount of money in funding, but it also has a relatively small TVL compared to other top Solana dApps.
That’s why I believe this is one of the best airdrop opportunities on Solana.
Kamino is a liquidity, leverage, and lending hub.
The protocol went live in 2022, and its TVL currently sits at $395M, with a new ATH in TVL being hit recently.
A few quick facts about it:
Kamino is currently the 4th largest dApp by TVL on Solana
Its points program went live at the start of January, with OG users being retroactively rewarded 2x Points per day for their deposits
It’s not publicly known if its team raised money from VCs
You can earn points on the platform by providing liquidity.
One interesting thing about Kamino is that its points program is fully dynamic.
You can get significant points boosts on your capital by doing certain actions or depositing certain tokens on the protocol.
For example, lending any asset and/or borrowing any asset on Kamino currently earns 1 point per dollar lent/borrowed per day.
But if you deposit SOL and borrow stablecoins such as USDT & USDC, you’ll earn 5x more points per day for your actions due to the current points boosts.
The first Kamino airdrop is confirmed to go live between Q1 & Q2 2024, so there’s not much time left.
Kamino Points Season 1 (the current one) will continue for the next 2 months.
I’m farming Kamino airdrop, but I recommend farming it only if you want to lend/borrow assets like SOL and/or stablecoins on the platform, as those are currently the ones with the highest points boosts.
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Here’s what makes it interesting:
Beoble aims to be the WhatsApp of Web3 - the Web2 features that we all love like group chats, replying, sending stickers, & sharing images are available on the app
When you follow a wallet on the app, you can track and discuss the transaction updates in real-time with other degens
Beoble users can join chatrooms dedicated to hot crypto topics in order to discover new communities
What’s more, an airdrop is confirmed for early adopters.
It’s also confirmed that Beoble IDO will happen on Ape Terminal, one of the most popular crypto launchpads.
Simply chat with other people, complete daily tasks, and have fun on the app to start earning airdrop points.
Drift is the most popular perpetual DEX on Solana.
It has some well-known backers such as Polychain Capital, Jump Capital, and Anatoly Yakavenko, the co-founder of Solana.
Its team raised a whopping amount of $23.5M in funding.
What’s more, Drift released a points program a few weeks ago and what I like about it is that the points program will only run for 3 months max.
This means that the Drift token launch is now only 2-3 months away.
You can earn points in 2 main ways:
provide liquidity to Drift’s DLP - By doing this, you’re counter-trading Drift traders. However, I wouldn’t recommend this as the return of most DLP markets is negative, so you’ll likely lose money by doing so
trade with leverage on the platform
Most Drift points are allocated to the platform’s traders.
So if you’re an active trader, it might be worth giving Drift a try.
Points are updated every week. One thing that’s worth mentioning is that the no. of points distributed weekly is relatively low compared to Drift’s current trading volume.
Given this, I’d recommend farming points on Drift only if you can do a weekly trading volume of at least $15K-$20K.
Otherwise, you might end up getting almost no points.
If you’re trading with size, I’d say that the Drift airdrop is worth farming, especially given that’s confirmed that the points program will last for 3 months max.
This is probably the hardest airdrop to farm from this list, but it’s also the one I’m the most excited about.
Tensor is the leading NFT marketplace on Solana.
Solana is the third-largest blockchain by NFT Sales Volume in the past 24th, and it’s well known for its NFT ecosystem.
Given this, I expect the token of Tensor to have a fully diluted valuation of over $1 billion when it goes live.
Tensor’s Season 3 points program is currently live, and this will likely be the last one before the airdrop.
There are several ways to earn points:
Bid on NFTs
List NFTs (if you have any Solana NFTs)
Fund Locks (which involves counter-trading those who short/long NFTs on Tensor)
If you’re a big NFT fan, you’ll likely not have a hard time farming the airdrop.
Otherwise, you might find it quite complicated, as the best way for you to farm Tensor airdrop if you’re not interested in holding NFTs is market-making NFTs.
Market making requires active management, but especially if you have low capital and some free time, I’d say that this is worth it.
Gr3g, a top airdrop farmer on Tensor, posted a good in-depth guide on how to farm the Tensor airdrop:
MarginFi is the largest money market on Solana.
It raised only $3M in funding, but it’s certainly the most popular DeFi app on Solana, as it has $480M in TVL, and it’s the largest dApp on the chain by TVL.
Its points program has been live for over 7 months. Unfortunately, it’s not publicly known when exactly it is going to end.
Farming points on MarginFi is simple:
Every dollar lent earns 1 point per day
Every $1 borrowed earns 4 points per day
One thing I don’t really like about this airdrop opportunity is that well over 100k wallet addresses have already farmed points on MarginFi.
This means that the MarginFi airdrop is seriously diluted.
However, if its team decides to do an airdrop based on a tiers system in the same way as Jito, it could still be a very successful airdrop.
MarginFi token could have a multi-billion valuation at launch given its high TVL.
I’m farming this airdrop as well, but I’ve recently started to move some of my assets from MarginFi to Kamino as Kamino airdrop seems to be more underfarmed.
I believe that Solana airdrops are still worth farming.
Don’t expect to get $15k per wallet from a single airdrop like it happened with Jito.
But I’d say that you can still make a decent amount of money by farming Solana airdrops.
This is worth doing especially (but not only) if you have a low capital, as most Solana projects that launched a token distributed their airdrops across several tiers, which is highly advantageous for those with smaller portfolios.
If I were to rank the airdrops in order of which one I believe has the highest potential, this would be my list:
Tensor is the first one on the list as I believe that this one is more difficult to farm than the other ones, and as a result, a smaller no. of users will likely qualify for it.
less eligible users → bigger airdrop for those eligible
And that’s all for today.
One last tip:
If you want to bridge some of your funds to Solana, consider using DeBridge Finance.
DeBridge Finance is one of the few popular tokenless bridges that supports Solana.
The launch of its own points program in the future is confirmed, so by using it you might qualify for an additional airdrop.
I hope that you found this issue helpful!
Until next time,
The DeFi Investor