What airdrop opportunities are available on the Solana ecosystem?
As of early 2024, a series of projects on Solana have announced point and token airdrop programs and are listed on many major exchanges.
At the end of 2023 and early 2024, the Solana ecosystem has a strong comeback with a series of projects announcing token airdrops and listing on Binance. SOL price also increased sharply from 18 USD to 200 USD.
Projects on Solana continuously airdrop and list Binance
Most of the projects listed on Binance recently belong to the Solana ecosystem such as Jupiter, Pyth Network, Wormhole, Jito... This helps investors easily access and participate in the Solana ecosystem.
The huge airdrop projects for Solana users before being listed on the exchange also contribute to attracting investors' attention to this ecosystem.
Besides DeFi projects, memecoin also thrives on Solana. BONK is the inaugural memecoin when it airdropped Solana Saga owners 30 million BONK tokens, worth about 700 USD at that time. After BONK, a series of other memecoins were quickly listed on Binance.
Memecoins on Solana have huge growth, such as BONK increasing more than 10,000% in 2023, WIF increasing more than 2,000% in 2024, BOME reaching a capitalization of 1 billion USD after a few days of launch...
The fact that DeFi projects and memecoins in the Solana ecosystem continuously airdrop to users has attracted the attention of the entire crypto market. In particular, the fact that the project's tokens are listed on major crypto exchanges like Binance makes accessing the Solana ecosystem easier for investors.
In the near future, there will be many airdrop programs from projects on Solana's platform. Below, let's take a look at popular airdrop programs on this ecosystem with Coin98 Insights.
Solana system airdrop programs
Projects on Solana often airdrop to users in 3 main ways as follows:
· Airdrop according to the Point Program
· Airdrop according to trading volume
· Airdrop follows NFT holder
Run the Point Program
Most projects on Solana airdrop to users depending on the amount of points they have. These points can be collected through activities on the project such as buying and selling, swapping, providing liquidity... The more points, the larger the amount of tokens users can receive when the project airdrops.
Outstanding projects running the scoring program on Solana are: Tensor, Magic Eden, Kamino, MarginFi, Drift, Zeta... spanning many different fields such as NFT Marketplace, Lending, DEX...
NFT Marketplace
Tensors
Tensor successfully called for 3 million USD in Seed round. The project develops a points system, distributed to users when they place orders to buy, list or trade NFTs. Additionally, Tensor also launched a PFP NFT collection called Tensorians.
In early April 2024, Tensor announced an airdrop of 12.5% of the total TNSR token supply to users. Many users disagree with Tensor when the project airdrops 420 TNSR to those with only 1 transaction, and airdrops 1,100 TNSR to Tensorians NFT holders.
Currently, Tensor is running the Season 3 airdrop program for users. Similar to Season 2 as shown below, to have a chance to receive an airdrop, users can experience Tensor by placing a bid, listing NFTs in the top 100 NFT collections with the highest trading volume. In addition, users can also become market makers to have a chance to receive Tensor's airdrop.
Magic Eden
In February 2022, Magic Eden announced the NFT Magic Ticket airdrop to users. By February 2024, the project will continue to airdrop Diamond to users on Magic Eden in 2021-2022. If you do more quests, users can receive double the amount of Diamond. Many people believe that this Diamond will be converted to Magic Eden's token when the project launches the token.
Starting April 15, 2024, users can collect Magic Eden Diamonds for a chance to receive airdrops through participating in the Quest tab on Phantom wallet and listing NFTs in the top 100 NFT collections on Solana, once a week. Owning Diamond gives users the opportunity to receive Magic Eden airdrops in the future.
Lending Borrowing
Kamino
Kamino announced the token launch and airdrop to users in March 2024, before the project took a snapshot. Specifically, Kamino airdrop through 2 phases.
In phase 1, the project airdrops to users depending on the amount of points the user owns. For example, if a user has 1% of the total points, they will be airdropped 1% of the total airdrop tokens to the user. Airdrop phase 2 will begin in April 2024, through various points and reward programs that may be similar to phase 1.
MarginFi
While not confirming the airdrop, MarginFi is running a points program for users that reflects user engagement with the project. To earn points on MarginFi, users can borrow, lend, stake, swap and use bridges on MarginFi.
DEX platform
Drift Protocol
Drift is a DEX that applies the Dynamic AMM mechanism. In January 2024, the project launched the Drift Point reward program for users and announced plans to launch tokens immediately after the point program ends.
In early 2024, Drift launched a campaign to distribute 2 million points per week to users, the amount of points received depends on whether the user is a taker (total 750,000 points) or maker (total 1.25 million points). In addition, trading volume and point boosting programs also greatly affect the number of points users receive.
For example, if a user trades JUP, he will receive x2 points, if he trades BTC and ETH, he will receive x8 points... On April 16, 2024, Drift announced the token release and airdrop for users. To have a chance to receive airdrops from Drift in the future, users need to continue to follow Drift announcements.
Meteora
Meteora is an ecosystem with many different products such as Vaults, Pools, DLMM, and Farm. The project launches a scoring program for users when participating in additional DLMM beta liquidity (AMM has centralized liquidity based on Trader Joe's Liqiidity Book). Notably, the Meteora development team is also the Jupiter development team.
BackPack
BackPack is considered one of the great forces of Saga - a phone on the Solana ecosystem. The project once called for 20 million USD from Jump, Multicoin, FTX...
In February 2024, BackPack launched its exchange and announced a rewards program based on user trading volume. Just 5 days after launch, BackPack exchange achieved a trading volume of over 1 billion USD.
Parcl
Parcl is a project to develop a permanent contract trading floor for the global real estate market. On April 16, 2024, Parcl announced an airdrop to its PRCL token users. The amount of tokens users receive depends on the number of points they collect while using the product.
Airdrop according to trading volume
Jupiter
Jupiter is a DEX on Solana. In early January 2024, the project conducted an airdrop for users who each transacted at least 1,000 USD, each with at least 200 JUP, equivalent to 700 USD per wallet. In particular, the more trading volume a user has, the larger the amount of JUP airdropped. This is considered the biggest airdrop project on Solana.
This is just the first airdrop for the project, there are still 3 other airdrops, each with 1 billion JUP tokens in the future. To have a chance to receive an airdrop from Jupiter, users can experience the project.
Airdrop to NFT holders
Mad Labs is one of the most prominent NFT sets on Solana. Mad Labs holders continuously received huge airdrops, causing the floor price of the NFT set to skyrocket from 6.9 SOL to 140 SOL.
Specifically, Mad Labs holders received an airdrop of 1,000 Pyth Network tokens, 500,000 Pike Finance tokens, or received airdrops from Wormhole and Parcl.
summary
The active airdrop hunting activity on Solana has contributed to promoting the growth of the entire ecosystem. Organizing a scoring program based on transaction volume and user activity also helps these projects promote at low costs. Overall, this is considered a good strategy to help Solana and projects built on it attract more users.
