Solana Airdrop Guide: All You Need to Know About Airdrops on Solana 2024
Comprehensive guide to airdrops on Solana: Explore eligibility and how to prepare for the airdrops.
What is Solana?
Solana is a high-performance blockchain designed for the demands of modern applications. It supports a wide range of decentralized applications (dApps) and is engineered to handle high transaction volumes with low latency, making it one of the premier platforms in Web3.
The network started the year with a significant upsurge in ecosystem metrics, indicating robust growth across multiple areas. Solana has become a favored platform for a diverse user base that includes retail users, DeFi innovators, NFT creators, airdrop enthusiasts, and memecoin traders, solidifying its status as one of the most vibrant chains in the Web3 space.
Q1 2024: A Milestone Quarter for Solana
The first quarter of 2024 marked a period of exceptional growth and development for Solana:
- Developer Engagement: The number of active developers continued to rise, demonstrating a strong and growing commitment to building on Solana.
- Innovative Features: The launch of Token extensions has revolutionized how stablecoin issuers, like GMO Trust and Paxos, can leverage the Solana platform, offering them a range of configurable features to enhance their operations.
- Market Activity: The average daily decentralized exchange (DEX) volume on Solana soared by 180% quarter-over-quarter to reach $1.2 billion.
- Revenue Growth: Reflecting the increased network activity, Solana's revenue witnessed a staggering 597% increase from the previous quarter, escalating from $7.1 million in Q4 2023 to $49.5 million in Q1 2024.
- Stablecoin Adoption: Solana’s position in the stablecoin market strengthened considerably, with its stablecoin market capitalization growing 49.4% quarter-over-quarter to $2.9 billion, ranking it as the fifth-largest stablecoin supply source among all chains.
These metrics underscore Solana's rapid ascent as a home for a growing array of blockchain activities, attracting substantial attention and investment into its ecosystem.
April has become known as Airdrop Season, reflecting the numerous projects announcing upcoming airdrops and engaging reward systems. Jupiter launched the largest airdrop in the history of Solana's ecosystem in February, distributing over $700 million in JUP tokens to the community. However, it was not the first to do so. Before Jupiter, $Pyth from PythNetwork and $JTO from the Jito Network also executed substantial airdrops. Other notable airdrops include $TNSR, $W, and $WEN. This spurred interest in various dApps, promoting user engagement and visibility across the platform.
Below are some well-known dApps on Solana that are speculated to be considering airdrops 👇:
Sharkyfi Airdrop
Sharky.fi launched in March 2022 on the Solana blockchain. It innovatively integrates DeFi by allowing loans against NFTs or using NFTs as collateral, enhancing liquidity and accessibility within the NFT market.
Check out Sharkyfi.
Steps to participate:
- Deposit a loan on an NFT collection: Secure a loan using your NFT as collateral.
- Borrow against your NFT:
Make sure that you keep track of your loan as if you do not pay it back in time your NFT will be distributed to the loaner.
Check eligibility here: https://lfg.jup.ag/sharky
Kamino Finance Airdrop
Kamino Finance offers a sophisticated DeFi platform on Solana, incorporating lending, liquidity, and leverage. It aims to improve capital efficiency with an intuitive interface and transparent metrics.
Check out Kamino Finance.
Steps to participate:
- Supply liquidity: Particularly to the main JLP pool with USDC/USDT for the highest APY and a 3x points boost. Note: Supplying USDC to the main JLP pool provides the highest APY, as well as a 3X points boost.
- Borrow from liquidity pools: Borrowing USDC from the main JLP pool enhances airdrop points by 5x. Note: Borrowing from the USDC on the main JLP pool provides a 5X point boost for airdrop farming
Marginfi Airdrop
Marginfi stands out as a decentralized lending and portfolio margining protocol on Solana. It focuses on leverage and capital efficiency with an emphasis on risk management.
Check out Marginfi.
Steps to participate:
- Lend on Marginfi: Lending USDC is usually ideal for the best returns. NOT FINANCIAL ADVICE.
- Borrow on Marginfi: USDC provides the highest yields.
- Mint LST (Liquid Staking Token)
DeBridge Airdrop
DeBridge facilitates advanced cross-chain interactions, offering more than simple asset transfers by enabling comprehensive decentralized messaging across blockchains.
Check out DeBridge Finance.
Steps to participate:
- Connect your Solana wallet: Use the DeBridge platform.
- Execute cross-chain bridges: Transfer data and assets seamlessly between different blockchains.
Solend Airdrop
Solend operates as an autonomous lending and borrowing protocol on Solana, setting itself as a counterpart to established protocols like Aave.
Check out Solend.
Steps to participate:
- Lend to liquidity pools: Focusing on USDT, USDC, or SOL with switchboard points to qualify for the airdrop.
- Borrow from liquidity pools: Manage and optimize your borrowing.
- Mint and Redeem C-tokens. Use the bridge for enhanced interaction.
4.) Use the bridge
Trojan Trading Bot Airdrop
Trojan.app offers tools for cryptocurrency trading, explicitly focusing on facilitating the quick buying and selling of tokens as soon as they launch. The platform aims to give users a competitive edge in cryptocurrency trading by offering timely access to newly launched tokens.
Steps to Participate
1) Install Trojan bot on Telegram
Use link: https://t.me/solana_trojanbot
2) Refer your friends using the referral code
3) Perform a trade
Photon Airdrop
Photon offers a platform focused on decentralized crypto trading that helps users discover and trade tokens quickly and securely. It emphasizes a trading environment built by traders for traders, boasting features such as real-time security updates and a portfolio monitoring tool. The platform provides a competitive edge with its "lightning-speed" transaction capabilities and the option to connect to a Phantom wallet for trading on the SOL blockchain.
Steps to Participate:
1) Create a Photon wallet via this link: https://photon-sol.tinyastro.io/
2) Perform a trade
3) Refer your friends in the setting section
Airdrop Checker: Track Your Eligibility
Monitoring your airdrop eligibility can be complex. Utilize tools like Airdrop Checker to verify your wallet's status, view current airdrop amounts, and access claimable links directly.
The Solana blockchain has demonstrated remarkable growth and adaptability, serving as a robust platform for a variety of decentralized applications and financial innovations. From significant increases in developer engagement and market activity to pioneering airdrop seasons that enhance user involvement, Solana is cementing its position as a key player in the Web3 ecosystem.
It's important to note that the information provided in this blog is for educational purposes only. Before making any decisions based on this content, we urge readers to perform their own due diligence. We are not liable for any losses incurred and our aim is to educate and inform, not to provide financial advice.
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