A Solana airdrop worth farming

By EdgyFebruary 8, 2024

Lunar New Year is coming up soon, and it’s the Year of the Dragon. Dragon years are considered extremely favorable to success.

So I’m hoping this will lead to billions more of Crypto inflow from the east.

新年快乐
Chúc Mừng Năm Mới
새해 복 많이 받으세요

Happy Lunar New Year to everyone celebrating it. If you’re lucky enough to get some red envelopes of money, go buy Crypto 🙂

Here’s what we got today:

  • Solana outage. And it’s future outlook.
  • Airdrop guide. How to farm the Tensor airdrop?
  • Around the Web. Wormhole announced their tokenomics, Dymension went online, MetaMask integrated with Robinhood, and more.

Today’s email is brought to you by Root Protocol — the portal to web3.

Here’s your Edge 🗡️!


News

Solana went down, again.

Broken chain.


Solana had a major hiccup the other day.

​​What happened? Solana suddenly stopped confirming transactions on February 6th. If you want to read about the technical reasons for the halt, here’s the current theory.


Blockchain outages are devastating. dApps and users depend on blockchains to be always live and reliable.

​Downtime can lead to money markets and perpetual protocols accumulating bad debt. Imagine if Solana was the payment layer used by the whole world – no one would be able to make payments anymore.

Solana was able to restart the chain after five hours. If you want a simple explanation of how Solana did it, read the thread below. The TLDR: The team released a new Solana client. Once 80% of validators started running this new client, the network went back online.

​​This isn’t the first time Solana has had an outage. It has had 11 major outages until now. (And even more depending on how you count.) You can track them all here.

But Solana hasn’t experienced any outages for a while. They were about to complete a full year without any outages. The last one was on the 25th of February 2023. But here we go again…

Meme
Source: Milkroad

Edgy’s take: While some may think this is the death knell for Solana, I don’t really see this affecting Solana’s momentum. Even prices barely moved. $SOL was around $96 before it went down. Now, the price is back to that same level.

​I see this as a testament to Solana’s resilience. The fact that Solana prices didn’t nosedive despite the outage indicates that token holders believe in the chain.

They’ll be fine as long as Solana doesn’t have another outage soon.


Sponsored by Root Protocol

Root Protocol: Crypto for Normies

One of crypto’s biggest problems is its horrible UX.

​Only chronic degens know how to really navigate the crypto world. But what if you want to onboard your normie gf? Well, anon, then you are out of luck.

​​Root.xyz is trying to solve this problem. They are building a unified ecosystem of products that’ll make it easy for normies. Kind of like Apple. They have an entire ecosystem of products and services that make each other better. And overall, it provides a very smooth experience.

​Here’s some of what Root Protocol is building:

  • An L2 rollup called Root chain.
  • Mobile-first Root wallet with Web2 features, such as social account logins.
  • A Root account to unify all your accounts and identities across different ecosystems.
  • An easy-to-use unified interface for Web3 protocols called Root Omni Protocols.
  • Root SDK that allows devs to integrate with the Root interface.


Root uses tech such as “intents” to deliver this smooth ecosystem. Users can express their intents, and Root will take care of the rest.

$ISME will be the token of this ecosystem. And they’re running a Liquidity Bootstrapping Pool until the 10th of February. If you resonate with their vision, then

Join the $ISME LBP


Airdrop guide

A Guide to Farming Tensor’s Airdrop

Air balloons landing.

Let’s talk about airdrops real quick. Solana airdrops are getting a lot of attention. Between Jito and Jupiter, people have made money.

Does this mean you should farm airdrops on Solana?

​​Cons

  • Very crowded ecosystem aka more diluted airdrops.
  • Many Solana airdrops are points-based.
  • Airdrop allocations are often not proportionate to capital input.

Pros

  • Gas fees are extremely low. You can try out a lot of dApps.
  • Although it’s crowded, spotting “hot protocols” is also easier.


Solana airdrops have been the most effective from a time and capital expenditure perspective.

So, it’s worth it. I’m going to share an opportunity with you today.

Tensor NFT Marketplace

Tensor

Solana’s leading community has always been centered around its NFT scene. And just recently their DeFi space also really started ramping up.

​Tensor accounts for 62% of the market share of the Solana NFT ecosystem.

This means you want to get your hands on the Tensor token.

Before we get into strategy, you should remember to do a few things when connecting your wallet to Tensor:

  1. Connect your wallet.
  2. Deposit some SOL.
  3. Move your SOL from your Wallet Balance to your Escrow Balance.
  4. On the bottom left activate the “PRO” Mode.
  5. Open the App Settings.
  6. On the right-hand side under the “Trading” tab, enable the “Use shared escrow for bids.”


Enabling this option will allow you to place multiple bids without limitation if you have SOL in your balance.

​This process is necessary to achieve the highest possible capital efficiency across the platform.

Tensor Airdrop Strategy

The way Tensor now rewards points right is tied to the user’s loyalty and their activity.

​​#1 Earn points by Bidding NFTs

You can earn points by bidding on collections. In this case, make sure to:

a. Bid only on the top 100 collections in the last 24hrs.

​Remember that more points are awarded if you are bidding on the top 100.

Having an active bid is enough to collect points. You don’t need to buy any NFTs.

​We suggest bidding on collections that are always present in the top-traded collections in the 24hrs range.

b. Your bid must be at least 15% of the floor price.

Adjust your bids properly. You must be within the 15% and above range to earn points.

​​Please also ensure that you don’t spend your coins on any NFTs you don’t want. Remember, you want your bids to stay active, and that’s enough.

​Bonus tip: The closer you are to the floor price, the more points you will earn.

c. Don’t bid on more than ten collections at the same time.

​As you can imagine, this whole process requires a lot of active management.
For that, you don’t want too many active bids.

The Order & Bids tab will help you to visualize all your active bids.

#2 Earn points by Listing NFTs

Similar rules apply to the listing method:

  • List only within the top 100 collections.
  • The closer your listing is to the floor price, the more points you will earn.

​There are other strategies, such as acting as a Market-Maker, but we won’t advise adopting them. 

The Loyalty System

One more aspect to note regarding the Tensor airdrop is their Loyalty status.

As per their website:

“Loyalty tracks % of your listings on Tensor vs other marketplaces.”

​Use one wallet only to farm Tensor to accumulate 100% Loyalty.

You should keep track of your Loyalty percentage, as it will significantly impact your overall airdrop strategy and gains.

There’s also a referral program. However, you need to own a “Tensorian” – an NFT with a floor price of 75 Solana.

​That’s it – good luck farming.


🪂 Airdrop Alpha

Wormhole announced their tokenomics. Of the 1.7B tokens allocated to the community, 1.1B is assigned to the airdrop & related activities.

Dymension released their mainnet. Staking $DYM is speculated to be a great airdrop play.

Euclid Finance has launched with Euclid LRT tournaments. Euclid allows users to stake from their preferred chain.

AltLayer has released the two-step $ALT airdrop registration and claim process for $TIA stakers. You should’ve staked a minimum of 35 $TIA to qualify.

Drift Protocol announced that its points program will end in two months. They’ve also given more details on activities that lead to more points.


🚀 DeFi Catalysts

Frax Finance launched their L2, Fraxtal. As of now, only select launch partners can access it. Normal users can access it after a few days.

Axelar launched the Interchain Token Service. It moves tokens cross-chain with native-like fungibility.

Clearpool launched on Mantle. They’ve also received a $250k MNT grant, which will be used to incentivize activity on Clearpool.

Pandora team released the unofficial ERC-404 standard. It tries to integrate the ERC-20 standard and ERC-721 standard.

Lyra Finance has launched a farming program on its options chain. They’ve allocated 150 million $LYRA for the program.


📰 Industry News

US SEC voted to adopt rules that require liquidity providers with >$50 million in assets to follow federal securities laws.

Ethereum Name Service has partnered with GoDaddy. Users will now be able to use their DNS addresses in the ENS ecosystem.

MetaMask integrated with Robinhood. US users will be able to buy and transfer crypto on MetaMask using Robinhood Connect.

dYdX chain launched a mobile version for iOS users. It’ll be available under the name “dYdX v3”.

Thailand removed the 7% value-added tax on crypto trading. This is said to be the part of developing the country into a digital asset center.


🧠 Twitter Alpha

  1. Investing wisdom.
  2. More banking issues.
  3. Chinese fleeing into US market ETFs.
  4. 160,000 $BTC are now held in the ETFs.
  5. The explosive growth of LRTs.

😂 Meme