Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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xStocks

We covered xStocks in depth in our earlier report, From TradFi to DeFi: The Rise of Tokenised Stocks. The short version is that xStocks lets users buy and hold tokenized versions of real U.S. equities and ETFs on-chain, backed 1:1 by actual shares held with a regulated custodian under the Swiss DLT Act. The platform was built by Backed Finance, acquired by Kraken in December 2025, and is already live across multiple chains including Solana, Ethereum, and TON.

(One quick note before getting into the strategy: if you followed our earlier Circle pick, it is worth checking that wallet first. There is a decent chance you already have qualifying xStocks activity and may be sitting on points without even realising it. Note that we already exited CRCL above $100 and secured profits)

What has changed since our last report is that xStocks launched the xPoints program on March 18, 2026. No token has been officially confirmed, but the messaging that "at the end of the season, participation matters" is the standard pre-TGE language we have seen play out across dozens of protocols. If you have been in this space long enough, you know what that means.

There is also a permanent 20% early adopter boost for users who connect their wallet on the xStocks site. This stacks on top of the multipliers above and applies to everything you do for the entire season. Activate this first before doing anything else. It costs nothing.

Beyond that, the setup is relatively passive. You can simply hold an xStocks asset in your wallet or deposit it into Kamino and leave it there. There is no need to constantly manage the position unless you are borrowing against it or doing something more advanced.

One more thing worth noting: xStocks has a daily Points Boost feature. Every day you can spin a wheel to reveal a bonus multiplier (ranging from 100% to 1000%) that applies to the points you earned the previous day. It takes five seconds. While optional, it is still worth doing. Over the course of a full season, those extra boosts can add up meaningfully.significantly.

How to Farm It

While LPing on Raydium or Orca gives the highest 7x multiplier, it comes with impermanent loss risk and requires pairing your xStocks with USDC. For most members, the better risk-adjusted play is lending on Kamino at 5x. When you lend your xStocks on Kamino, your tokens earn points while simultaneously being used as collateral. This means you can borrow USDC against your position and deploy that capital somewhere else. You are effectively double-dipping: farming xPoints on the lending side while using the borrowed USDC for additional yield or farming elsewhere.

Step by step:

1. Buy SPYx on Titan.

We recommend routing through Titan (Solana’s meta DEX aggregator) because Titan has no token yet and is widely expected to have its own airdrop. One purchase, two potential drops.

The SPYx contract address is: XsoCS1TfEyfFhfvj8EtZ528L3CaKBDBRqRapnBbDF2W.

We prefer SPYx because broad index exposure means lower volatility than individual stock tokens, which matters when using the position as collateral.

2. Lend on Kamino

Go to Kamino, click Lend, then side-scroll the options near the top until you see Earn on your xStocks.

Click Manage, then supply the amount of SPYx you purchased.

3. (Optional) Borrow USDC.

Once supplied, you can borrow USDC against your position. Click Portfolio to view your position and keep a close eye on your liquidation price.

If you are not comfortable managing a leveraged position, simply lend without borrowing and collect your 5x multiplier without liquidation risk.

4. (Advanced) Go delta neutral.

If you want to eliminate directional exposure entirely, you can short an equal dollar amount of SPY on a tokenless perpetual DEX. This hedges out your market risk while you continue earning xPoints on the lending side.

The trade-off is that you are paying funding on the short and need to manage margin on two separate platforms, so this approach is best suited for larger positions where the potential airdrop value justifies the complexity. The added benefit: if the perp DEX you use does not have a token yet, you are potentially farming a third airdrop on top of the xStocks and Titan drops.

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Glider

Glider is a decentralized, non-custodial portfolio automation platform. Think of it as an on-chain portfolio manager that lets you create, test, and run automated trading strategies across multiple chains without writing any code. You deposit assets, set your allocation rules, and Glider handles the rebalancing.

The backing here is serious. Glider raised $4 million in April 2025 led by a16z, with participation from Coinbase Ventures, GSR, and Uniswap Labs. When a16z leads your round and Coinbase Ventures backs you, the question is not whether a token is coming but when.

What makes Glider especially interesting right now is the Base angle. The official Base account on X mentioned Glider directly when announcing Base Boosted Portfolios. More importantly, Base’s profile now states that they are “beginning to explore a network token.” Glider operates on Base among other chains, which means depositing Base assets through Glider could position you for both a Glider airdrop and a potential Base token distribution. Another potential two-for-one.

Glider has a live points system. Points are earned based on the dollar value of assets you have deposited, accruing daily. There are also active bonus campaigns running right now that can multiply your earning rate significantly.

Active campaigns at the time of writing:

• Base Boost Round 2 (April 7 to May 9): Earn up to 25% APR on Base assets. Minimum $150 deposit required.
• Arbitrum 2x Points (April 8 to May 20): Every Arbitrum asset you hold earns 2x points compared to any other chain.
• Stocks 2x Points (ending April 24): On-chain stocks powered by Ondo Finance earn 2x points

How to Farm It

The simplest farming approach on Glider is a straight deposit. You do not need to build a complex strategy or mess with the portfolio builder to earn points.

1. Create your account.

Go to Glider and click Create your account. You can choose from preset portfolios (50/50 BTC and ETH, DeFi Token Mix, The Big Five) or create your own custom portfolio. The presets are fine if you just want to get capital deployed quickly.

2. Deposit assets.

From the dashboard, click Deposit. You have three options: Crypto Transfer (instant, from any wallet), Transfer from Coinbase (1-2 minutes), or Credit Card (processed within 30 minutes). Select the asset you want to deposit. We recommend USDC on Arbitrum or Base to take advantage of the active bonus campaigns. The deposit screen will show you exactly how many points you will earn per day before you confirm.

3. Let it sit.

That is the entire farming strategy. Points accrue daily based on your deposited balance. You can monitor your points total and daily earn rate from the dashboard. No additional actions required.

If you want to go further, Glider also has a custom portfolio builder where you can set up automated strategies using building blocks like asset selection, weighted allocation, conditional logic (if/else), filters, DexScreener data feeds, Kaito AI token picks, and yield integrations. The portfolio simulation tool lets you backtest strategies before deploying capital. The UI is not the most intuitive thing in the world, but the automation capabilities are impressive for power users who want to experiment.

The bottom line on Glider is that the barrier to entry is extremely low. Deposit stablecoins, earn points daily, and position yourself for both a Glider token and a potential Base network token. The a16z-led cap table and the direct Base endorsement make this one of the more asymmetric low-effort farms available right now.

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Rysk

We covered Derive in our earlier report on options protocols. Rysk is a different beast. Where Derive targets experienced options traders, Rysk has simplified the process to the point where you do not need to understand Greeks or volatility surfaces to use it.

It is an on-chain volatility income protocol built natively on HyperEVM, and since launch it has processed over $240 million in notional volume across options strategies. The founder is Dan Ugolini and the protocol has attracted institutional interest, including a NASDAQ-listed company (Hyperion DeFi) deploying a volatility income vault through it.

There are two reasons to care about Rysk beyond the airdrop angle. First, it sits on HyperEVM, which means activity here could matter if Hyperliquid ever chooses to reward ecosystem usage again. Polymarket is currently pricing a 34% chance of a second HYPE drop before December 31, 2026. Second, the protocol is genuinely useful as a tool for accumulating BTC, ETH, SOL, or HYPE over time at prices you would already be comfortable buying.

Rysk also has a live points program. Points accrue through activity on the protocol and are likely to convert into a token eventually. At the time of writing, the leaderboard is still relatively small, which means early users are in a much stronger position than those arriving later.

What Are Cash Secured Puts (and Why You Should Care)

Options can seem intimidating, but Rysk makes this one relatively easy to understand. A cash-secured put is simply you saying, “I would be happy to buy this asset at this price on this date.” You lock up stablecoins as collateral and receive a premium upfront for making that commitment.

From there, one of two things happens at expiry. If the asset stays above your chosen price, you get your collateral back and keep the premium. If it falls below your chosen price, you receive the asset at that level and still keep the income you were paid at the start. Either way, the cash you received upfront is yours. The only trade-off is that your funds remain locked in the smart contract until expiry.

The key idea is simple: if you were already willing to buy BTC, ETH, SOL, or HYPE at a lower level, you may as well get paid while you wait. That is all a cash-secured put really is.

How to Farm It

1. Bridge USDC to HyperEVM.

The easiest way to get USDC onto HyperEVM is through Jumper. You can bridge from Arbitrum or most other chains. Rysk supports USDC, USDH, and USDT0 as collateral. If you want to be more Hype-aligned, consider using USDH (from Native Markets) since it is native to the Hyperliquid ecosystem and could carry additional weight for any future HYPE airdrop considerations.

2. Go to Rysk and select cash secured puts.

From the “Earn yield upfront” page, select the asset you want to write puts on. Currently available assets include WHYPE, UBTC, UETH, and USOL.

The APR ranges vary by asset and strike:

• WHYPE puts show 4.92% - 113.67% APR
• UBTC shows 7.34% - 71.70%
• UETH shows 11.67% - 110.13%
• and USOL shows 2.53% - 58.97%.

Higher APR means you are picking a strike price closer to the current market price, which means a higher chance of being assigned the asset.

3. Choose your expiry and strike price.

From the dropdown you can select expiry dates (currently April 17 and April 24 are available). Then choose the price at which you would genuinely be happy purchasing the asset. The UI spells out everything clearly: you can see the APR, the upfront premium, and exactly what happens in both scenarios. Play around with the different strike prices to match your personal convictions.

4. Deposit collateral and earn your premium.

Once you confirm, the premium is paid to you immediately. Your collateral is locked in the smart contract until the expiry date. At expiry, you either get your stablecoins back (if the asset stayed above your strike) or you receive the asset at your chosen price (if it dipped below). Either way, you keep the premium.

Real Example

Here is a real trade to illustrate how this works. Say you deposit $49,500 USDC and write a cash secured put on UBTC with a $66,000 strike price expiring April 24. BTC is currently around $71,600. Rysk shows this trade at a 24.77% APR and pays you $517.71 in premium upfront, immediately.

Your funds are locked until April 24. Then one of two outcomes: if BTC is above $66,000 on that date, you get your $49,500 back and keep the $517.71. Free money. If BTC is below $66,000, you receive 0.75 UBTC (which is BTC at $66,000 for your $49,500) and you still keep the $517.71 premium. In the second scenario, you just bought BTC at a price you were already happy to buy it at, and you got paid to do it.

The only real risk here is opportunity cost: your $49,500 is locked for the duration, and if BTC falls significantly below $66,000 you are buying at a price above market. But if $66,000 was already a level you wanted to buy at, this is strictly better than just placing a limit order, because you earn the premium regardless.

On top of all this, you are earning Rysk points throughout. The protocol has a leaderboard and the field is still early. Points are expected to convert to a token, and your HyperEVM activity is building a footprint that could count toward any future Hyperliquid distribution as well.

Cryptonary's Take

All three of these protocols share a common thread: they let you farm points without taking on unnecessary directional risk. xStocks lets you hold tokenized index exposure while earning 5x multiplied points through Kamino lending. Glider lets you park stablecoins and earn daily points with zero active management. Rysk lets you get paid upfront for agreeing to buy assets at prices you already wanted to buy them at. None of these require you to ape into a speculative token or take leveraged bets on volatile assets.

What we like about this batch is the stacking. Each protocol offers at least one secondary airdrop angle on top of the primary farm. xStocks pairs with Titan. Glider pairs with Base. Rysk pairs with Hyperliquid, Unit, and potentially Jumper. This is where the real alpha is in airdrop farming right now: finding situations where a single action creates an on-chain footprint across multiple protocols that do not have tokens yet.

In terms of sizing, treat these as secondary allocations rather than core positions. None of these protocols have confirmed a token, and points programs can change or extend without notice. Deploy capital you are comfortable having locked up for weeks or months, and do not overextend on any single farm at the expense of your broader portfolio strategy. If you are already positioned well on majors and have idle stablecoins sitting in a wallet doing nothing, these are three productive places to put them to work.

Cryptonary, OUT!