Yet, there are other benefits to being a part of the thriving Solana ecosystem beyond the price gains from simply holding SOL.

Today, we're excited to unveil four great airdrop opportunities in the Solana DeFi space.

These opportunities allow you to dive deeper into Solana's positive developments while managing your risks effectively.

TLDR

• Jito allows SOL staking for rewards and airdrop points, with enhanced benefits for liquidity provision and referrals.
• MarginFi offers airdrop points for lending and borrowing on Solana, targeting more experienced DeFi users.
• Zeta Markets rewards traders with points for trading volume on its decentralized perpetual exchange, with bonuses for top performers.
• Drift Protocol, while not currently offering an airdrop, may reward active traders on its platform if they launch a tokenomics program.

Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your full responsibility.

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Airdrop opportunity 1 - Jito

What is Jito?

Jito is the first liquid staking service on Solana, allowing SOL holders to earn staking rewards and maximum extractable value (MEV) without locking up their SOL. It functions similarly to Lido on Ethereum. Jito has rapidly become the 2nd largest DeFi protocol on Solana, with $184 million in total value locked.

Here's how to use Jito Network

How to participate

1. Convert SOL to JitoSOL by staking on the Jito Network platform. Each 1 SOL will mint 1 JitoSOL. This allows earning points for the airdrop.
2. Boost points by 2x by providing liquidity for the JitoSOL/SOL pair on Raydium or Orca DEXs. 
3. Add equal $ values of JitoSOL and SOL to the pool.
4. Deposit JitoSOL into MarginFi to earn 1.5x JitoSOL points and additional MarginFi points.
5. Refer friends and contacts to earn more points based on their participation.
6. The more SOL staked and the more active you are on the platform, the more points you earn.

You can find more details about the reward program here.

Cryptonary's Take

Staking existing SOL holdings on Jito is the simplest way to participate without new capital. We recommend new users start here. More advanced users can explore providing liquidity or using MarginFi. However, make sure to evaluate risks first. 

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Airdrop opportunity 2: MarginFi

What is MarginFi? 

MarginFi enables crypto-collateralized lending and borrowing on Solana. Users can earn yield by lending assets or borrowing by providing collateral. It has attracted significant growth, with total value locked surging from $1.96M at launch to $54.73m currently.

Here's how to use MarginFi

How to participate

1. Supply assets like SOL, mSOL, and USDC to earn interest and points for lending.
2. Borrow assets against collateral like SOL to earn points for borrowing.
3. Earn 10% referral points on points earned by users you refer.
4. Focus on lending stablecoins like USDC first. Only borrow with collateral you are comfortable liquidating if needed.

You can find more details about the reward program here.

Cryptonary’s take

As lending and borrowing requires advanced DeFi skills, this airdrop is better suited for experienced users. Those willing to lend or borrow with SOL can utilise MarginFi to earn points. Proceed with caution, as forced liquidations are possible.

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Airdrop opportunity 3: Zeta Markets

What is Zeta Markets?

Zeta Markets operates a decentralised perpetual exchange on Solana with leverage of up to 20x. 

Zeta aims to build a high-performance DEX optimised for traders. While Zeta is not yet the top DEX on Solana, Zeta has seen $22 million in trading volume in October 2022, making it the 2nd largest DEX after Drift Protocol.

Here's how to use Zeta Markets

How to participate

1. Conduct trades on perpetual contracts like SOL/USDC to earn 1 point per $1 in volume.
2. The top 100 traders by PnL get a volume multiplier of up to 2x for more points.
3. Take care to avoid liquidations on leveraged positions.

You can find more details on the reward program here.

Cryptonary’s take

We think this one is for seasoned DEX traders already active on Solana. Trading on Zeta Markets can boost airdrop eligibility. But avoid unnecessary trades or fees if you are not already trading there. Manage risks prudently when using leverage.

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Airdrop opportunity 4: Drift Protocol

What is Drift Protocol?

Drift Protocol is the largest perpetuals DEX on Solana, with $21.61 million in TVL and a trading volume of $75 million in October. The protocol can be likened to the GMX of Solana, as it's where most traders on Solana go to access leverage trading.

Here's how to use Drift Protocol

How to participate

Drift Protocol does not currently have its own confirmed airdrop or points program. However, they have announced their plans to release a tokenomics paper soon. Trading perpetuals on the platform may make you eligible for an airdrop once they launch their token. Another potential method to receive an airdrop is through their referral program.

Cryptonary’s take

For seasoned DEX traders already active on Solana, trading on Drift Protocol can boost airdrop eligibility. However, it's advisable to avoid unnecessary trades or fees if you are not already trading there.

Since there is no confirmation of an airdrop on Drift Protocol, the chances of receiving one here are lower than on the other three protocols mentioned. However, considering that Drift Protocol is the largest DEX, the juice might be worth the squeeze if they eventually launch an airdrop program.