Unveiling the Top Solana Airdrops: Are They Still Worth Farming in 2024?

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For some time now, airdrops have become the rave in the crypto community, and Solana airdrops top that list.

In December last year, the Solana community witnessed a remarkable event with the airdrop of Jito, a leading liquid staking project on Solana. Early participants who deposited as little as 1 SOL on Jito received an airdrop valued at over $15,000 after a few months—a surprise that left many pleasantly shocked.

Since then, the Solana ecosystem has undergone significant changes. The Total Value Locked (TVL) on Solana has quadrupled, attracting a surge of users and, inevitably, bots to the network.

Given these developments, the question arises: Is it still worthwhile to invest time and capital in farming Solana airdrops? To provide insights into this query, let’s explore six distinct Solana airdrops, as proposed by The DeFi Investor.

Top 6 Solana Airdrops to Keep an Eye on in 2024

Here are the top six Solana airdrops that still remain viable opportunities in 2024, according to The DeFi Investor.

1. Parcl: One of the Top Solana Airdrops for 2024

Parcl, a revolutionary Real World Asset (RWA) trading project on Solana, has garnered attention. With the ability to trade real estate markets with up to 10x leverage fully on-chain, Parcl has experienced significant growth.

Since the launch of its first points program in December 2023, Parcl’s TVL has skyrocketed from a few million to an impressive $89.5 million as of the time of writing, per DefiLlama data.

Additionally, Parcl’s team secured $11.6 million in funding from venture capitalists (VCs), making it the second-largest funding round for a tokenless DeFi project on Solana. This substantial backing indicates a potentially high valuation for the Parcl token at launch, leading to a significant future airdrop for early adopters.

However, the exact percentage of the token supply reserved for the airdrop remains a crucial factor.

Currently, there are two primary ways to farm the Parcl airdrop: trading on the platform or providing USDC to the Parcl LP pool.

Providing liquidity is the preferred method for many, as it offers a 5% lifetime boost on points with a referral code.

2. Kamino Finance: A Hub for Liquidity, Leverage, and Lending

Kamino Finance, a liquidity, leverage, and lending hub, has gained prominence since its inception in 2022. With a current TVL of $426 million and achieving a new all-time high (ATH) in TVL recently, Kamino has become the fourth-largest dApp by TVL on Solana.

Kamino’s points program, which launched at the beginning of January, rewards OG users retroactively with 2x points per day for their deposits. While it remains undisclosed whether Kamino’s team raised funds from VCs, users can earn points on the platform by providing liquidity.

3. Social Finance (SocialFi): Reinventing Social Interaction on the Blockchain

The emergence of Social Finance (SocialFi) projects sparked significant interest in the crypto space. However, many of these projects struggled to retain users due to their limited features compared to established Web 2.0 apps.

Beoble, an innovative web3 chat solution, aims to bridge this gap by offering a Web2-like user experience. With features including group chats, replying, sending stickers, and sharing images, Beoble aims to be the WhatsApp of Web3.

One unique aspect of Beoble is its real-time transaction tracking, allowing users to follow wallet updates and discuss them with other users. Additionally, users can join chatrooms dedicated to various crypto topics to discover new communities.

Early adopters of Beoble are in for a treat, as an airdrop has been confirmed for them. Furthermore, Beoble’s IDO is set to take place on Ape Terminal, one of the leading crypto launchpads.

4. Drift Protocol: Pioneering Perpetual DEX on Solana

Drift Protocol stands out as the most popular perpetual DEX on Solana, backed by notable investors such as Polychain Capital, Jump Capital, and Anatoly Yakavenko, Solana’s co-founder. With a substantial funding round of $23.5 million, Drift Protocol has attracted significant attention.

The protocol recently introduced a points program, indicating an upcoming token launch within 2–3 months. Points can be earned by providing liquidity to Drift’s DLP or trading with leverage on the platform. However, the majority of points are allocated to the platform’s traders, making it ideal for active traders looking to capitalize on the airdrop.

Drift Protocol currently has a TVL of $169 million according to press time data from DeFiLlama.

5. Tensor: Leading NFT Marketplace on Solana

Tensor has emerged as the leading NFT marketplace on Solana, catering to the blockchain’s thriving NFT ecosystem. With Solana ranking third in blockchain NFT sales volume, Tensor’s token is expected to have a fully diluted valuation exceeding $1 billion upon launch, according to The DeFi Investor.

Tensor’s Season 3 points program is currently live, offering several ways to earn points, including bidding on NFTs, listing NFTs, market-making NFTs, and participating in Fund Locks. Market-making NFTs are particularly lucrative, offering significant points for those willing to actively manage their positions.

6. MarginFi: Solana’s Largest Money Market

MarginFi, Solana’s largest money market, has seen impressive growth with a TVL of $479 million, making it the third-largest dApp on Solana by TVL, behind Marinade and Jito. Despite raising only $3 million in funding, MarginFi’s popularity has soared.

The points program on MarginFi, which has been active for over seven months, rewards users for lending and borrowing assets on the platform. While the sheer number of wallet addresses farming points on MarginFi may dilute the airdrop, a tier-based airdrop system similar to Jito could still lead to a successful airdrop.

Final Word: Opportunities Abound in Solana Airdrops

Solana airdrops continue to present lucrative opportunities for investors. While the days of receiving substantial airdrops with minimal investment, as seen with Jito, may be waning, farming Solana airdrops remains a viable strategy for generating income.

The diverse range of projects offering airdrops, each with its own unique features and potential valuations, provides ample opportunities for investors to participate.

Whether it’s leveraging liquidity, engaging in NFT market-making, or participating in decentralized finance (DeFi) protocols, Solana offers a vibrant ecosystem for airdrop farming.

 

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