Solana airdrops have become a popular way for blockchain projects to distribute tokens to users, incentivizing engagement and fostering community growth. In this article, we define these airdrops, their usage, and their features. From assessing these features, we select the top 5 Solana airdrops to watch out for in July of 2024.
What is a Solana Airdrop?
A Solana airdrop is a distribution of free cryptocurrency tokens to a selected group of wallet addresses on the Solana blockchain. These distributions are typically used as marketing strategies to increase awareness and adoption of a new token or platform.
Solana Airdrop Usage
Solana airdrops serve multiple purposes:
- Community Building: By distributing tokens for free, projects can quickly build a large user base and encourage active participation.
- Incentivizing Activity: Users are often required to perform certain actions, such as staking tokens or using a platform's features, to qualify for an airdrop. This increases engagement and usage of the platform.
- Decentralization: Airdrops can help decentralize the ownership of tokens, ensuring that a diverse group of users holds the tokens, which supports network security and governance.
Solana Airdrop Features
- Eligibility Criteria: Most airdrops have specific criteria for participation, such as holding a certain amount of tokens or engaging with the platform in certain ways.
- Snapshot Dates: Airdrops often use snapshot dates to determine eligibility. A snapshot captures the state of the blockchain at a specific time, including which wallets hold the required tokens.
- Distribution Mechanisms: Tokens can be distributed directly to eligible wallets or claimed through a platform's interface.
- Phased Rollouts: Some airdrops occur in multiple phases, giving users several opportunities to participate.
What are the Top 5 Solana Airdrops for July 2024?
1- Jito Network (JTO)
- Description: Jito Network is a liquid staking protocol. Their confirmed airdrop will distribute 10% of the $JITO supply to users who stake SOL and hold JitoSOL tokens.
- Eligibility: Stake SOL and hold JitoSOL.
- Distribution: Direct distribution based on snapshots taken.
- Website: Jito Network
- Twitter Account: @Jito_Sol
2- Jupiter Exchange (JUP)
- Description: Jupiter is a DEX aggregator on Solana, planning multiple airdrop rounds with 40% of the token supply allocated for community growth.
- Eligibility: Participate in token swaps and use platform features.
- Distribution: Multiple rounds based on user activity and snapshots.
- Website: Jupiter Exchange
- Twitter Account: @JupiterExchange
3- Pyth Network (PYTH)
- Description: Pyth Network provides real-time data to decentralized applications. They are distributing 600 million PYTH tokens through various phases.
- Eligibility: Use Pyth Network dApps or hold PYTH tokens.
- Distribution: Phased rollouts starting from November 2023.
- Website: Pyth Network
- Twitter Account: @PythNetwork
4- MarginFi (MRGN)
- Description: MarginFi is a decentralized lending protocol that has implemented a points system for early adopters, potentially leading to an airdrop when they launch their $MRGN token.
- Eligibility: Earn points by lending, borrowing, and staking assets.
- Distribution: Points-based allocation.
- Website: MarginFi
- Twitter Account: @MarginFi
5- Tensor Trade (TNSR)
- Description: Tensor Trade, an NFT marketplace on Solana, is running a points system that could qualify early users for an airdrop.
- Eligibility: Engage with the platform’s features to earn points.
- Distribution: Points-based allocation.
- Website: Tensor Trade
- Twitter Account: @Tensor_hq
