Making you more insightful about Airdrops, Web3 projects and more | Information Asymmetry Maxi | No Gm posts or noise, only alpha |
Making you more insightful about Airdrops, Web3 projects and more | Information Asymmetry Maxi | No Gm posts or noise, only alpha |
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1/ Magpie - tokenless cross chain bridge
3M in funding with Jump Crypto as the lead
Fairly underfarmed only ~25K Participants, to start ranking you need to do the following:
Claim your NFT - https://www.tideprotocol.xyz/users/spaces/490 , this is required so you can start earning XP which is tied to your wallet profile , make at least 1 swap on Polygon (can be Polygon to Polygon) to be able to mint the NFT
https://www.tideprotocol.xyz/users/campaign/7ddce12e-67cc-4d3f-9c91-714d1cc25d03
Afterwards, you just push txs on either the same chain or bridging to others
Txs on the same chain = 1x multiplier
Bridging to other chains = 1.5x multiplier
You can toggle off other options, so it only uses LayerZero for bridging purposes
https://twitter.com/magpieprotocol/status/1752711710513791086
Some key points about the airdrop in Magpie's Flight (roadmap) for 2024 are:
After a successful 2023, including the launch of Magpie's private alpha, private beta, and public beta dApp, Magpie aims to double its reach by integrating new blockchains in 2024.
Q2 sees the launch of stable versions of Magpie dApp, the FLY dashboard, and the Token Generation Event (TGE), along with the integration of new chains and the introduction of Perpetuals.
Q3 aims to enhance user experience with account abstraction, introduce CEX liquidity aggregation, launch The Magpie mobile app, and commence Magpie Mafia Season 3.
The final quarter, Q4, focuses on integrating more chains, launching Magpie 2.0 Alpha, and introducing the Liquidity Provision launch with token rewards for Liquidity Providers (LPs) and solvers.
2/ Backpack Exchange - 37M in funding backed Wintermute, and Jump Crypto. If you haven’t realized Jump crypto as a backer = high likelihood of a token (similar to Paradigm) as evident by all of their previous investments
TLDR - The backpack wallet is by the Madlads team (top NFT project on Solana) they also have an exchange trading platform.
The strategy here is to push a large amounts of volume on their platform while using their wallet in certain instances where required.
This will qualify you for Backpack’s airdrop and will also net you some allocation of Tensor ($TSNR) and $WEN (Jupiter memecoin used for their launch pad.
While S1 for backpack specifically is over (ended March 18th) S2 is currently ongoing. The reward period for earning Tensor ends April 6th and for $WEN its April 15th
There are 2 main barriers that prevent this from being easily farmable
1/ To have a Backpack Exchange account you need to pass KYC. There are less traditional methods of passing this such as buying it OTC on TG (I’m not endorsing this, but this is what people do) or you can use something like a Palau digital residency ID, although this entire process will take around 2-3 month in total, so something to note to work towards in the future.
2/ You’ll have to be willing to burn a few hundred dollars in fees in order to rank effectively
For example if you were to deposit $500 and trade up to $100,000 volume, you would expect to pay $100 in taker fees to Backpack. I would aim for a min of 100k - 200k in volume
The counter argument to this is you are expecting any airdrop from the Backpack team to compensate for fees paid. As according to Backpack 'Volume Matters'. You can see your current volume by clicking the Gem icon in the bottom right of the site (see image below).
You can make this less painful by saving money on trading fees by using my ref link here: https://backpack.exchange/refer/insightful
To qualify for $TNSR you need to make at least 1 trade on Tensor using the Backpack wallet
The qualify for $WEN you must trade volume in the WEN/USDC pair, 50% goes to the top 10 volume generators and the other 50% goes to the top 70%
In this same menu IT IS ESSENTIAL that you also link your Backpack wallets (the #6 “Wallet Link Option”) to your backpack exchange account or else you won’t be eligible for anything.
It's an on-chain asset management protocol that enables users to create, manage, and trade tokenized baskets of multiple crypto assets.
Basically, you can create or invest in various baskets containing different assets in Solana.
You can use my referral code to receive 1,000 points as a welcome gift
https://app.symmetry.fi/r/3425e82b9d
For more information about their points system, check their docs.
https://docs.symmetry.fi/introduction/symmetry-points#total-value-locked-tvl-points
With only $6.7M in TVL, it's pretty underfarmed. The snapshot will be on May 31st.
I like this farm because its passive, under the radar, and maintains SOL exposure without have to have idle SOL just sit in your wallet. My strategy is since I have a few Marginfi ←→ Kamino lending loops going on some wallets using stablecoins, whenever there is a red day of -10% or more on SOL ill unwind those positions and put those stables into the Solana LSD vault which is composed of various LST assets pegged to the price of SOL.
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4/ BASE/Farcaster Season
This is a different take from my usual analysis but I think it's worth taking a look at what is going on at BASE.
BASE has seen an exponential amount of growth in TVL and fees generated since February.
In the week of 12th to 19th March BASE achieved over 1 billion dollars in volume for the first time. As more users migrate from the SOL casino to BASE degeneracy, I doubt we see a slow down anytime soon.
Coinbase is looking to onboard their army of retail users to the BASE chain via Smart wallets that only require a passkey. No metamask, seed phrases or nail biting CEX transfer process for new users.
If this onboarding proves to be even modestly successful we could see a tidal wave of retail money entering BASE over the next 6-12 months.
Will $BASE drop a token? There are legitimate reasons to have doubts but my gut tells me they will. The ROI and user acquisition opportunity for Coinbase is just too great.
If $BASE does drop in late 2024 or in 2025 it would almost certainly be the largest airdrop of all time. Given the low transaction fees and myriad of opportunities, if you haven’t started building out your BASE footprint yet, why not?
I wouldn't really spend time “farming” Base super hard at this stage as a potential TGE is still probably fairly far out. I would look to just naturally build out your onchain footprint by using platform and DApps on top of Base like friendtch, onchain meme/shit coins ect.
Since base transactions are so cheap I’m also hedging by using automation tools like Zenith Farms to start building out wallets in case Base ever airdropped to users just based on on-chain history
(you can use my code “insightful” to get 5% off zenith modules, zenith is currently my primary tool for the “automation hedge” side of my farming operations but well save the full zenith shill for a different time)
Farcaster
Farcaster is currently winning the decentralized social media race with around 30k daily active users, almost all of which are web3 natives. Farcaster allows anyone to build a front end to interface with it, the most popular being Warpcast. A Warpcast account costs $5 which helps to keep out bots.
In January the platform introduced “frames,” programmable tweets that allow users to undertake a number of onchain actions without leaving the app.
Founder Dan Romero has downplayed the potential for a Farcaster token.
In the absence of a farcaster or BASE token, the social/meme token $DEGEN is filling that gap. Degen was a free airdrop to early users of the /degen channel. $DEGEN climbed from a 2 mmc market cap to a 200 mmc in 3 months. The initial airdrop is now worth over $150,000.
To be clear, I am not suggesting anyone buy $DEGEN or to try and “farm” farcaster/Warpcast for a potential native token airdrop.
I do think that using Warpcast presents a number of interesting opportunities both now and deeper into the bull run:
Many Ethereum OGs and builders have migrated to Farcaster for reasons from preferring a decentralized social media to disliking X.
Almost all of the top builders on BASE are active on Farcaster. If you want to find new dapps early or the latest shitcoin, Farcaster is the home of BASE alpha. Start with channels like /base /degen /dev /farcaster /replyguys & expand from there.
Warpcast is an easy way to increase your BASE & Zora onchain footprint with one click NFT mints. Many of these mints have gas prepaid by the artist. These make for easy, organic transactions.
A flywheel has kicked off where new users are joining farcaster in search of free tokens, dapp creators incorporate the token to capitalize on the built in audience, demand for tokens increase.
Even if you are not a content creator there are plenty of opportunities to earn tips.
Last month, users who added a hat emoji to their profile name were allowed to tip 1,000,000 $DEGEN tokens to anyone they wanted over 24hrs. At the time this was worth around $1000. Now those tips are worth a staggering $15,000. $DEGEN whales frequently tip 2000 or more tokens for simple actions like retweets on X.
There are frequent free mints and airdrops for Farcaster users that have the potential to develop a rabid community. Onchain Gaias ran to 0.8eth. Multiple coins pumped and dumped. There will no doubt be more tokens and mints competing for mindshare in the future.
Since writing this the Degen Layer3 has launched. It currently takes 7 days to bridge back to BASE. Only bridge funds you can afford to lose at this early stage.
There is a lot going on right now in the Base and Farcaster ecosystems. get exploring and start your footprint in these ecosystem. Farcaster can be a great place to be early to project launch on there and on Base
Bonus Bits
This section is to provide you additional bit sized reading resources that cover other worthy airdrop opportunities that would be too cumbersome to include all the details together within this post.
Those looking for hopium on why they should continue to stake their TIA and DYM
How to use the paymaster feature by zkSync - this is one of the easiest ways to set yourself apart from sybils and is a feature highly endorsed/ promoted by the zkSync team, Having 5+ paymaster transactions puts your above the majority of current users
What is the best LRT / Eigenlayer airdrop strategy - Thor breaks it down. TLDR using ezETH to deposit into the YT-ezETH “vault” on Pendle seems to be the current highest roi leverage play. ETH mainnet has higher roi best you can use the same strategy on arb so you don’t have to eat $100+ in gas costs
1/ Magpie - tokenless cross chain bridge
3M in funding with Jump Crypto as the lead
Fairly underfarmed only ~25K Participants, to start ranking you need to do the following:
Claim your NFT - https://www.tideprotocol.xyz/users/spaces/490 , this is required so you can start earning XP which is tied to your wallet profile , make at least 1 swap on Polygon (can be Polygon to Polygon) to be able to mint the NFT
https://www.tideprotocol.xyz/users/campaign/7ddce12e-67cc-4d3f-9c91-714d1cc25d03
Afterwards, you just push txs on either the same chain or bridging to others
Txs on the same chain = 1x multiplier
Bridging to other chains = 1.5x multiplier
You can toggle off other options, so it only uses LayerZero for bridging purposes
https://twitter.com/magpieprotocol/status/1752711710513791086
Some key points about the airdrop in Magpie's Flight (roadmap) for 2024 are:
After a successful 2023, including the launch of Magpie's private alpha, private beta, and public beta dApp, Magpie aims to double its reach by integrating new blockchains in 2024.
Q2 sees the launch of stable versions of Magpie dApp, the FLY dashboard, and the Token Generation Event (TGE), along with the integration of new chains and the introduction of Perpetuals.
Q3 aims to enhance user experience with account abstraction, introduce CEX liquidity aggregation, launch The Magpie mobile app, and commence Magpie Mafia Season 3.
The final quarter, Q4, focuses on integrating more chains, launching Magpie 2.0 Alpha, and introducing the Liquidity Provision launch with token rewards for Liquidity Providers (LPs) and solvers.
2/ Backpack Exchange - 37M in funding backed Wintermute, and Jump Crypto. If you haven’t realized Jump crypto as a backer = high likelihood of a token (similar to Paradigm) as evident by all of their previous investments
TLDR - The backpack wallet is by the Madlads team (top NFT project on Solana) they also have an exchange trading platform.
The strategy here is to push a large amounts of volume on their platform while using their wallet in certain instances where required.
This will qualify you for Backpack’s airdrop and will also net you some allocation of Tensor ($TSNR) and $WEN (Jupiter memecoin used for their launch pad.
While S1 for backpack specifically is over (ended March 18th) S2 is currently ongoing. The reward period for earning Tensor ends April 6th and for $WEN its April 15th
There are 2 main barriers that prevent this from being easily farmable
1/ To have a Backpack Exchange account you need to pass KYC. There are less traditional methods of passing this such as buying it OTC on TG (I’m not endorsing this, but this is what people do) or you can use something like a Palau digital residency ID, although this entire process will take around 2-3 month in total, so something to note to work towards in the future.
2/ You’ll have to be willing to burn a few hundred dollars in fees in order to rank effectively
For example if you were to deposit $500 and trade up to $100,000 volume, you would expect to pay $100 in taker fees to Backpack. I would aim for a min of 100k - 200k in volume
The counter argument to this is you are expecting any airdrop from the Backpack team to compensate for fees paid. As according to Backpack 'Volume Matters'. You can see your current volume by clicking the Gem icon in the bottom right of the site (see image below).
You can make this less painful by saving money on trading fees by using my ref link here: https://backpack.exchange/refer/insightful
To qualify for $TNSR you need to make at least 1 trade on Tensor using the Backpack wallet
The qualify for $WEN you must trade volume in the WEN/USDC pair, 50% goes to the top 10 volume generators and the other 50% goes to the top 70%
In this same menu IT IS ESSENTIAL that you also link your Backpack wallets (the #6 “Wallet Link Option”) to your backpack exchange account or else you won’t be eligible for anything.
It's an on-chain asset management protocol that enables users to create, manage, and trade tokenized baskets of multiple crypto assets.
Basically, you can create or invest in various baskets containing different assets in Solana.
You can use my referral code to receive 1,000 points as a welcome gift
https://app.symmetry.fi/r/3425e82b9d
For more information about their points system, check their docs.
https://docs.symmetry.fi/introduction/symmetry-points#total-value-locked-tvl-points
With only $6.7M in TVL, it's pretty underfarmed. The snapshot will be on May 31st.
I like this farm because its passive, under the radar, and maintains SOL exposure without have to have idle SOL just sit in your wallet. My strategy is since I have a few Marginfi ←→ Kamino lending loops going on some wallets using stablecoins, whenever there is a red day of -10% or more on SOL ill unwind those positions and put those stables into the Solana LSD vault which is composed of various LST assets pegged to the price of SOL.
Subscribe now
4/ BASE/Farcaster Season
This is a different take from my usual analysis but I think it's worth taking a look at what is going on at BASE.
BASE has seen an exponential amount of growth in TVL and fees generated since February.
In the week of 12th to 19th March BASE achieved over 1 billion dollars in volume for the first time. As more users migrate from the SOL casino to BASE degeneracy, I doubt we see a slow down anytime soon.
Coinbase is looking to onboard their army of retail users to the BASE chain via Smart wallets that only require a passkey. No metamask, seed phrases or nail biting CEX transfer process for new users.
If this onboarding proves to be even modestly successful we could see a tidal wave of retail money entering BASE over the next 6-12 months.
Will $BASE drop a token? There are legitimate reasons to have doubts but my gut tells me they will. The ROI and user acquisition opportunity for Coinbase is just too great.
If $BASE does drop in late 2024 or in 2025 it would almost certainly be the largest airdrop of all time. Given the low transaction fees and myriad of opportunities, if you haven’t started building out your BASE footprint yet, why not?
I wouldn't really spend time “farming” Base super hard at this stage as a potential TGE is still probably fairly far out. I would look to just naturally build out your onchain footprint by using platform and DApps on top of Base like friendtch, onchain meme/shit coins ect.
Since base transactions are so cheap I’m also hedging by using automation tools like Zenith Farms to start building out wallets in case Base ever airdropped to users just based on on-chain history
(you can use my code “insightful” to get 5% off zenith modules, zenith is currently my primary tool for the “automation hedge” side of my farming operations but well save the full zenith shill for a different time)
Farcaster
Farcaster is currently winning the decentralized social media race with around 30k daily active users, almost all of which are web3 natives. Farcaster allows anyone to build a front end to interface with it, the most popular being Warpcast. A Warpcast account costs $5 which helps to keep out bots.
In January the platform introduced “frames,” programmable tweets that allow users to undertake a number of onchain actions without leaving the app.
Founder Dan Romero has downplayed the potential for a Farcaster token.
In the absence of a farcaster or BASE token, the social/meme token $DEGEN is filling that gap. Degen was a free airdrop to early users of the /degen channel. $DEGEN climbed from a 2 mmc market cap to a 200 mmc in 3 months. The initial airdrop is now worth over $150,000.
To be clear, I am not suggesting anyone buy $DEGEN or to try and “farm” farcaster/Warpcast for a potential native token airdrop.
I do think that using Warpcast presents a number of interesting opportunities both now and deeper into the bull run:
Many Ethereum OGs and builders have migrated to Farcaster for reasons from preferring a decentralized social media to disliking X.
Almost all of the top builders on BASE are active on Farcaster. If you want to find new dapps early or the latest shitcoin, Farcaster is the home of BASE alpha. Start with channels like /base /degen /dev /farcaster /replyguys & expand from there.
Warpcast is an easy way to increase your BASE & Zora onchain footprint with one click NFT mints. Many of these mints have gas prepaid by the artist. These make for easy, organic transactions.
A flywheel has kicked off where new users are joining farcaster in search of free tokens, dapp creators incorporate the token to capitalize on the built in audience, demand for tokens increase.
Even if you are not a content creator there are plenty of opportunities to earn tips.
Last month, users who added a hat emoji to their profile name were allowed to tip 1,000,000 $DEGEN tokens to anyone they wanted over 24hrs. At the time this was worth around $1000. Now those tips are worth a staggering $15,000. $DEGEN whales frequently tip 2000 or more tokens for simple actions like retweets on X.
There are frequent free mints and airdrops for Farcaster users that have the potential to develop a rabid community. Onchain Gaias ran to 0.8eth. Multiple coins pumped and dumped. There will no doubt be more tokens and mints competing for mindshare in the future.
Since writing this the Degen Layer3 has launched. It currently takes 7 days to bridge back to BASE. Only bridge funds you can afford to lose at this early stage.
There is a lot going on right now in the Base and Farcaster ecosystems. get exploring and start your footprint in these ecosystem. Farcaster can be a great place to be early to project launch on there and on Base
Bonus Bits
This section is to provide you additional bit sized reading resources that cover other worthy airdrop opportunities that would be too cumbersome to include all the details together within this post.
Those looking for hopium on why they should continue to stake their TIA and DYM
How to use the paymaster feature by zkSync - this is one of the easiest ways to set yourself apart from sybils and is a feature highly endorsed/ promoted by the zkSync team, Having 5+ paymaster transactions puts your above the majority of current users
What is the best LRT / Eigenlayer airdrop strategy - Thor breaks it down. TLDR using ezETH to deposit into the YT-ezETH “vault” on Pendle seems to be the current highest roi leverage play. ETH mainnet has higher roi best you can use the same strategy on arb so you don’t have to eat $100+ in gas costs
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