Exploring Solana Airdrops: Tools, Strategies, and Participating Projects

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2 Jan 2024

We’re about to enter a major airdrop season for the Solana Network, and I found a list of projects that would be conducting an airdrop in the near future. We’re going to look at all of these projects step by step and find out what you need to do to be eligible for these major airdrops.
With potential airdrops valued at up to $110,000, investors and enthusiasts within the Solana ecosystem need to understand the dynamics of these airdrops and how to capitalize on them to fully take advantage of this open opportunity.
But first of all, what makes these airdrops on Solana so special?
If we compare the airdrops on Solana with the airdrops on Ethereum and Arbitrum, you have to pay very high gas fees to be eligible for these major airdrops. This means, that if you’re going to do any swaps or trades on decentralized exchanges, you would have extremely high transaction fees to qualify for these major airdrops. However, Solana’s airdrops stand out from other networks due to the significantly lower transaction fees. This cost-effectiveness makes participating in Solana’s airdrops more feasible for a wider range of users.

Understanding Solana’s Ecosystem

Decentralized Exchange (DEX) Activity

To start, we’re going to look at the numbers for Solana and why we would see many opportunities for potential airdrops on Solana. First of all, we’re going to look at the DEX activity. In the last week, we saw around 2.14 billion in volume on decentralized exchanges, and this is a good sign and a bullish signal that a lot of people are using these networks. We can also see that some of the projects are performing really well.

Essential Tools for Navigating the Solana Network

Navigating the Solana network and optimizing for airdrops requires familiarity with certain tools and platforms. Let’s look at some helpful tools that would help navigate through the Solana Network.

Solana Scan:

This tool is crucial for tracking transactions, blocks, and tokens, providing transparency and insights into the network’s operations, very similar to any blockchain explorer.

Bird Eye:

Bird Eye functions much like Coin Market Cap, offering an overview of trends on the Solana network. You can see all the tokens that are trending at the moment on the Solana Network. What is really helpful is that you can also look at profitable traders and large trades on the Solana Network, so you can find out what the major whales are doing.

Key Airdrops in the Solana Ecosystem and Participation Strategies

Let’s start with the first airdrop:

Phantom Wallet

Phantom is a web and mobile wallet for Solana. Establishing a Phantom wallet is a fundamental step in engaging with Solana’s airdrops. As a wallet tailored for Solana, Phantom facilitates asset management and interactions within the ecosystem. Link: https://phantom.app/
Steps:
1. Create a Phantom wallet
2. Swap tokens directly through Phantom
3. Unlock the DRiP Phantom Solana collectible
Phantom wallet | Extension

Jito: MEV-Powered Liquid Staking of SOL

Jito’s innovative approach to SOL staking offers users the chance to accumulate points through various activities, including staking and participating in DeFi protocols. Link: jito.network/staking/
JiTo Staking
1.Stake SOL as jitoSOL on Jito
2. Hold JitoSOL in your wallet (1 point per JitoSOL per day)
3. Deposit JitoSOL into LPs in other DeFi protocols (2 points per JitoSOL per day)
4. Refer other users to Jito

MarginFi: Enhancing SOL Staking Yields

MarginFi offers diverse functionalities such as borrowing, lending, and yield boosting. Participation in these activities can make users eligible for its airdrop. Link: https://app.marginfi.com/

Lend on MarginFi
Borrow on MarginFi
Stake SOL as LST
Refer other users to MarginFi

Stake SOL as LST
Lend & Borrow on MarginFi

Drift Protocol: Leverage and Liquidity on the Blockchain

Drift Protocol enables leveraged trading and lending. Engaging in trading and liquidity provision on Drift can qualify users for its airdrop. And this is actually quite useful because this is a decentralized exchange. So you can change without any barriers or any regulation. You can trade Bitcoin or even Solana on Drift Protocol. Let’s look at the criteria you need to follow:
1. Connect your wallet to Drift Protocol
2. Trade on Drift Protocol
3. Provide liquidity to the Drift Liquidity Provider (DLP)
4. Stake assets in the Drift Insurance Fund Vaults
5. Lend and borrow assets on Drift
6. Refer other users to Drift
You only need to invest a small amount of money, even just two or three US dollars to qualify for any potential airdrop. Link: https://app.drift.trade/

Jupiter: Comprehensive DEX Aggregator

Jupiter serves as an all-encompassing trading platform, offering swaps, limit orders, and DCA options. Active participation in Jupiter’s features can lead to eligibility for its airdrop program. Link: https://jup.ag/
Use all these services on Jupiter one by one
1. Swap on Jupiter (use for all swaps)
2. Set a limit order on Jupiter
3. DCA using Jupiter
4. Use the Jupiter Bridge aggregator
5. Trade perps on Jupiter

Tensor: NFT Marketplace and Points System

As an NFT marketplace akin to Blur, Tensor offers an ongoing points system for engaging in NFT-related activities, such as listing and bidding. Link: https://www.tensor.trade/
Steps to follow:
1. List NFTs from the top 100 collections
2. Bid on NFTs from the top 100 collections
3. Market make NFTs from the top 100 collections
4. Buy and hold a Tensorian NFT
Tensor marketplace

Exploring Additional Projects

The Solana ecosystem is rich with projects like DRiP, Kamino, Zeta, Mayan Finance, and Phoenix Trade, each offering unique airdrop opportunities. Participation criteria vary, encompassing activities from trading and staking to engaging in cross-chain swaps.
These are all potential airdrops that you can additionally try. The steps are not very concrete but additional steps may be required which we’ll come to know when they release them.

DRiP

https://drip.haus/vault
1. Subscribe to creators and earn collectible NFT drops.
2. Connect your wallet to drip.haus
3. Subscribe to multiple creators and claim drops.
4. Give ‘Thanks’ to creators and collect Legendary drops.

Kamino

https://app.kamino.finance/
Borrowing, lending, yield vaults, and leveraged yield farming.
1. Deposit into vaults
2. Create a vault

Zeta

https://dex.zeta.markets/trade/SOL-PERP
DeFi perps trading exchange, with an order book
1. Deposit funds to Zeta
2. Trade on Zeta to increase your “Z-Score”

Mayan Finance

https://swap.mayan.finance/
1. Cross-chain swap auction protocol using Wormhole.
2. Bridge from EVM chains to Solana with Mayan
3. Bridge from Solana to EVM chains with Mayan

Phoenix Trade

https://app.phoenix.trade/
1. On-chain limit order book exchange
2. Place trades on Phoenix
3. Place limit orders on Phoenix

How to Maximize Your Airdrop Gains

Keep your Participation Diverse
Engaging with multiple projects across the Solana network can significantly increase your chances of benefiting from various airdrops. Each project has distinct criteria, often involving trading, staking, or utilizing specific network features.
Thoroughly understand each project’s participation criteria. Whether it’s staking SOL, engaging in DeFi protocols, or trading on DEX platforms, knowing what actions qualify for airdrops can optimize your strategy.
Also, Solana’s low transaction fees are a significant advantage. Participating in multiple projects and transactions becomes more viable, allowing users to maximize their engagement without incurring high costs.
I’m going to find even more projects so that you can qualify for these major giveaways and this free money. So, guys, if you like this quick update about these potential airdrops on the Solana Network, smash up the clap button and follow for more.🙂
And most importantly, be cautious in the crypto space. Make sure to use the links in the description below because, during a major airdrop season, there will be a lot of scam links on the internet. So, make sure to stay safe, and remember, it’s all about crypto.