🔎How to farm airdrops like a PRO
I believe that 2024 will be one of the biggest years in airdrop history.
If BTC rallies post-halving as it historically always did, many projects that have been building through the bear market will likely take advantage of the improving market conditions to launch their tokens.
And the best way for a team to create hype around a tokenless project is to announce an airdrop.
With that in mind, today I want to share my strategy for spotting great airdrop opportunities and deciding which ones are worth farming.
Let’s dive in👇
Easiest way to find airdrop opportunities
DeFillama has a free dashboard for airdrops that I find extremely useful.
Here’s how you can start using it in 3 quick steps:
• go to DeFillama
• click on “DeFi” → Airdrops
• filter the tokenless protocols that are displayed by TVL
After that, what I generally do is research the protocols displayed in order to understand which ones are likely to do the biggest airdrops in the future.
90% of tokenless projects will eventually launch a token.
But ideally, you want to farm only the airdrops of those who meet certain criteria that make it likely that their airdrops won’t be worthless.
So here’s what I’m generally looking for in a tokenless protocol:
has a strong community - the more active a project’s community is on X, the higher the valuation of its token will likely be. We’re in an attention economy at the end of the day
has raised money from VCs - the more money its team has raised in funding, the higher the valuation of the protocol’s token will likely be at launch
it’s less than 3 years old - if a protocol didn’t release a token in the first 3 years after its launch, perhaps they don’t plan to launch one at all
You can assess if a project has an active community or not by looking at the number of likes and views of the posts on its official X account.
Additionally, if a tokenless protocol has a points program, I’d say that this is a good sign as it shows that its team plans to reward the protocol’s early adopters.
Another thing that I believe that’s important to consider is the project's TVL / total money raised ratio. (in case the project raised money from VCs)
The lower this ratio is, the more it’s worth farming that airdrop in many cases.
The token launches of projects with both a substantial TVL and a large amount of money raised in funding are typically very successful.
Follow the right people on X
I also started posting more content about airdrops on X.
But there are many other individuals who are farming airdrops as a full-time job and are sharing their knowledge for free.
Those are the people that I recommend you follow to level up your game.
A few of my favorite X accounts that cover airdrops:
I created a list that includes all of them on X.
You can follow the list using this link and check it from time to time to stay on top of the latest airdrop opportunities.
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LBP on Fjord Foundry
LBP Dates: January 23rd to January 26th 2024
Accepted Currency: USDC
Total Tokens: 50,000,000 (5% of total supply)
Starting Token Price: $0.11
A few additional tips & tricks
Airdrop farming might seem to be risk-free, but smart contract exploits happen often in DeFi.
That’s one of the reasons why I try to maximize the efficiency of the capital I use for airdrop farming in order to make sure that the risk/reward ratio is attractive enough.
One way to do this is to focus primarily on the 2 birds 1 stone strategies that make it possible to farm 2 airdrops at once with the same capital.
Trading using Syncswap DEX on zkSync is a good example.
Neither Syncswap nor zkSync have a token, so by generating trading volume on Syncswap, you can potentially qualify for the airdrops of both projects.
I covered a few of my favorite 2 birds 1 stone airdrop strategies in detail here:
Moving on, one website I use to check if I qualified for an airdrop that I don’t know about is Earndrop.
All you have to do is paste your EVM wallet address on the website and it will show you if you’re eligible for an airdrop that you didn’t claim yet.
It’s free to use and I personally try to paste my wallet addresses on the website every few weeks.
The final advice that I’d like to share is that if your crypto portfolio is worth over $10K, consider spreading your funds across multiple wallets.
The distribution of many airdrops was done across tiers in the past, so sometimes you might be eligible for a bigger airdrop by farming airdrops using 3-4 wallets instead of one.
And that’s all for today.
My plan for 2024 is to make 6 figures by farming airdrops, and I really think that this is an achievable goal by dedicating enough time to this activity.
I’ll share a full list of airdrops that I’m farming on my X account later this week.
I hope that you found this article helpful!
Until next time,
The DeFi Investor