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Airdrops are the treasure hunts of the crypto world. Everyone wants free crypto tokens and airdrops are the fastest way to get there.
In 2024, the airdrop scene is the hottest, with Solana ecosystem airdrops leading this rally. This article will discuss the top Solana (SOL) airdrops, how they work, and how you can get your hands on the upcoming Solana airdrops in 2024.
What is an airdrop?
Airdrops are a marketing strategy of giving out free crypto tokens, by blockchain projects to announce their presence to cryptocurrency investors. The idea behind giving out free tokens is simple: to build a fan base, create hype, and decentralize the ownership of the tokens.
Every cryptocurrency project has a unique set of requirements to qualify for the airdrop. Some projects give out tasks such as following them on social media, and reposting their posts to increase their online presence, while others require you to actually use their platform by connecting your cryptocurrency wallet. All of this progress is calculated and crypto tokens are airdropped to the user’s wallet on the pre-specified date of the airdrop.
Why are Solana airdrops popular?
Solana airdrops have gained more traction as compared to other projects mainly because of the past performance of its airdrops.
A great example is the Jito airdrop which happened back in December 2023. Jito which is a DeFi platform in the Solana ecosystem, airdropped $225 million worth of free JTO tokens to Solana users worldwide. Another great example is the Solana-based meme coin Bonk airdrop which was worth $1.3 billion in total, at its all-time high price in December 2023.
On top of this lucrative airdrop history, Solana’s low transaction fees serve as icing on the cake. Platforms like Ethereum, where gas fees touch the sky during high network demand, can turn a losing venture for many airdrop participants as they spend more gas fees than the actual airdrop.
On the other hand, Solana’s fast transaction speeds and low gas fees have attracted many users as projects like Raydium, Star Atlas, and many others have executed successful airdrops on its platform.
Now that we’ve established that Solana airdrops are not only popular but also an efficient way to get free tokens, let’s discuss how airdrops work on the Solana platform.
How do Solana airdrops work?
Solana airdrops have a similar operating procedure as other airdrops. However, projects do enjoy Solana’s low fees and high-speed transactions which attract more users to Solana-based projects. Here is how a typical Solana airdrop usually works:
1. Eligibility criteria
Cryptocurrency projects will announce the eligibility criteria on their official website and/or social media pages. It can be related to holding a certain amount of Solana tokens or doing a bunch of tasks that directly promote the project on social media platforms. Whatever the case, you have to make sure to complete the tasks as mentioned to fully benefit from the airdrop when it is announced.
2. Snapshot time
Along with the eligibility criteria, a cryptocurrency project also announces the snapshot time. This is the time when eligible wallet addresses that fulfill the airdrop eligibility requirements are recorded.
For example, if a project says that you have to hold 2 SOL in your wallet to be eligible for the airdrop, then you have to hold the 2 SOL until the snapshot deadline has passed. Withdrawing your 2 SOLs before the specified date will make you ineligible for the airdrop.
3. Token distribution
4. Airdrop claim
After the snapshot is taken, the project announces that airdrop is live to claim for eligible users. While many Solana-based projects do automatic airdrops to eligible wallets, sometimes a project can ask you to visit their website or connect your wallet to a specific dApp to claim your airdrop tokens.
5. Trading the tokens
After users have claimed their tokens, they can either hold them in their wallet or trade the token on a crypto exchange when it becomes available for trading.
Top Solana airdrops to watch in 2024
There are many Solana airdrops to expect in 2024, but here are the top three to look out for:
1. Kamino
Kamino is the largest lending platform on Solana, with a Total Value Locked (TVL) of $1.598 billion, at the time of writing. It gives users the opportunity to borrow USDT by depositing their SOL tokens and also rewards points for these transaction tasks.
After every 3 months, KMNO tokens are rewarded to active users based on the amount of liquidity they provide to the Kamino platform. Providing liquidity with KMNO tokens allows users to earn rewards and market-making fees.
In August 2024, Kamino concluded its season 2 airdrop, in which it allocated 3.5% of its supply for rewards.
Kamino Season 2 has concluded, and a total 350,000,000 KMNO will be distributed to Kamino users mid-August
This amounts to a ~$13.5M distribution, with a substantial benefit to users who staked KMNO throughout the season
Airdrop checker, S2 analysis, & S3 info below👇 pic.twitter.com/znv95fVXp8
As of now, season 3 is in action, and while specific airdrop details are not announced, the Kamino project is targeting a $10 billion valuation this season, hinting at similar airdrop opportunities this season as well.
2. Meteora
Meteora is a decentralized finance (DeFi) project on the Solana blockchain that offers dynamic liquidity protocols.
While an official airdrop announcement has not been made, Meteora is currently running a points campaign that may help users attain upcoming MET tokens before launch. At the time of writing, Meteora points are listed on whales.markets that give users the option to buy or sell their points to gain exposure for the anticipated MET airdrop.
A popular airdrop hunter by the name of CC2 is also anticipating the Meteora airdrop by EOY.
Mostly looking forward to the @MeteoraAG airdrop by EOY, for various reasons:
▫️ Unlike EVM airdrops, this one required you to have a decent amount of brain cells – farmoors are allergic to providing liquidity
▫️ In no point in time, TVL indicated froth
▫️ Jito had $391M TVL… pic.twitter.com/WaAuY9pYND
3. dMarqt
dMarq is an AI-powered decentralized marketplace built on the Solana blockchain. It is currently running a Community Tasks Campaign to reward early users before its token launch which is expected to be after its token generation event (TGE) in 2025.
According to the project’s whitepaper, users who engage actively on the platform will be airdropped tokens. To get a chance to attain the airdrop, visit dMarqt’s Community Tasks Campaign page, connect their crypto wallet, and follow the steps to earn rewards leading up to the official token release.
How can you stay informed about future Solana airdrops?
Timing is everything when it comes to airdrops. Being late means you can miss out big, especially on projects that require you to do tasks, and have a leaderboard that determines who gets more tokens.
It is recommended that you follow all social media platforms of your desired Solana airdrop project including X, Telegram, Discord, and others. Another strategy is to engage with the community of Solana airdrop projects so you don’t miss out on any important details regarding the airdrop.
There are many Solana airdrop checkers, such as DappRadar which offers a great platform where you can track Solana project airdrops. Solana Guides is another website that lists many airdrop opportunities for cryptocurrency projects. Also, Airdrops.io gives a list of potential Solana-based projects that can announce airdrops in the future.
What to expect from future Solana airdrops?
The future of Solana airdrops seems to be in good hands as the platform’s lower fees and fast transactions are attracting new cryptocurrency projects at a fast pace.
It is expected that future Solana projects will continue to reward its users who engage early through testnets, liquidity provisions, or completing specific tasks.
As seen with recent airdrops like Kamino and Meteora, participating in these activities and staying connected with project updates can increase the chances of receiving future tokens. With more projects launching in 2024, expect to see new and exciting opportunities for Solana airdrops.
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