Solana DeFi protocol Jito airdropped $225m to its 10,000 users this week.
Their point system allowed users to claim $10k in $JTO for Staking 1 SOL for 100 days (1 point a day for 1 SOL staked).
I believe this might be the start of a Solana DeFi airdrops trend.
There are already projects with similar point systems, that are available for farming today.
Let’s discuss how to become eligible for their potential airdrops.
Source: jito.network

Farming strategy

Projects we’re going to farm:

1. MarginFi — TOP-1 lending protocol on Solana with $220m TVL. Has a token system for future rewards. Raised $3m from Pantera Capital, Multicoin Capital, and Solana Ventures.
2. Kamino — TOP-3 lending protocol on Solana with $58m TVL. The point system is “coming soon”.
3. Zeta Markets — DEX on Solana that raised $8.5m from investors. Introduced its point system with rewards. The first season ends on December 20.

Farming algorithm

This is the most optimal way to farm multiple projects. I use it to get the most amount of points, and more chances to get airdrop.
We gonna start the cycle with USDT tokens because it’s cheaper to borrow USDC on MarginFi.

MarginFi

1. Go to https://app.marginfi.com/
2. Lend max USDT
3. Borrow max USDC

Kamino

1. Go to https://app.kamino.finance/
2. Lend max USDC
3. Borrow max USDT

Zeta Markets

1. Swap all your USDT into USDC using any DEX (e.g. Jupiter aggregator)
2. Go to https://dex.zeta.markets/
3. Deposit max USDC
4. Go to https://dex.zeta.markets/trade/SOL-PERP
5. Open short/long with max value and close it immediately (ideally with the same price)
6. Repeat as much as you want. Keep in mind that there’s a 0,1% trading fee.
7. Withdraw your USDC.

The results

If you start with 1000 USDT, you will see approximately:

1. 4200 points daily on MarginFi
2. $800 landed and $640 borrowed on Kamino (point system is TBD)
3. ~$25.600 in volume per trading cycle on Zeta (with 20x leverage)
4. -$25.6 in Zeta fees and -$5 in MarginFi and Kamino fees

Using multiple accounts

You might have noticed that in Jito you would get 5k tokens for 100 points and only 7k tokens for 1k points.
That means it would be more profitable to make 10 accounts with 100 points.
Keep that in mind farming those projects. While eligibility conditions are not clear, it might be a good idea to make multiple accounts.
You can also move borrowed funds from one wallet to another, and lend them there. Then borrow again and lend from another wallet.
Warning: it’s uncertain if there are any measures against that. There’s always a risk some projects will filter out multi-acc owners.

Other projects

If you want to farm more promising Solana projects, here are some:

1. Drift Protocol
2. Wormhole Ecosystem
3. Parcl
4. Cega
5. Tensor Trade

Keep in mind that they have not announced the token system and the airdrop is less likely than in MarginFi/Kamino/Zeta.