Over 25k subscribers
Kyle Reidhead
GM DOers!
It’s still airdrop season!
On Wednesday, Jupiter, the premiere DEX on Solana, distributed almost $1 billion to early protocol users in what was probably the greatest airdrop on Solana.
The drop didn’t happen without FUD, as people suggested that Jupiter dumped 2.5% of the $JUP token supply shortly after the airdrop.
Today, I wanted to set the record straight and tell you what’s actually going on with Jupiter (stay tuned until the end).
But first, let’s talk about 3 coming airdrops that you MUST be aware of:
EtherFi – distributing millions of EigenLayer points
Mode Network – launching $MODE in April
Meteora – launching points for the coming $MET token
Before getting into it, I must say that in recent months, we've dived deep into countless airdrops and crafted numerous guides, to the point I almost got tired of them myself.
However, your feedback was always overwhelmingly positive – over 90% of you love our airdrop newsletters.
So, we're not stopping!
There is easy money to be made here, as long as you do the work. Though, please keep in mind that all airdrops are not made the same.
The ones that we share are generally “low(er)” risk as they are companies with backing from strong investors. Simply airdrop farming anything and everything can be very risky, so please do so with caution.
Even the opportunities we share don’t come without risk. That said, the opportunities are big for very little effort.
LFG. ⏬
EtherFi is a liquid staking platform that allows users to stake Ethereum ($ETH) and earn yield.
Users receive eETH in return, representing their staked $ETH and rewards, which maintains liquidity and can be used in the DeFi ecosystem.
On Wednesday, EtherFi announced Mega Week – an event running from January 31 to February 10, during which participants can earn bonus points.
Specifically, EtherFi is distributing an additional 3 million EigenLayer points.
For the first 20,000 $ETH staked during Mega Week, participants will receive 100 bonus EigenLayer points or a proportionate amount based on their stake.
This offer has limited spots, so it's best to join early to get more points and special rewards.
This is a perfect opportunity to farm the EigenLayer airdrop while staking your $ETH.
You can get started here. (I will earn referral points if you use my link).
Mode is another Layer 2 network built on the OP Stack – similar to Base.
Focused on building an ecosystem for DeFi applications, Mode received a grant from the Optimism Foundation worth 2 million $OP – approximately $5.3 million.
The modular DeFi Layer 2 network will receive the grant of up to 2 million OP tokens ($5.3 million) to support user growth incentives.
Recently, Mode Network introduced the "Mode Sunrise" campaign, which allocates 550,000,000 $MODE for users to claim in April 2024.
There’s 5 ways you can earn points to qualify for this airdrop:
Past Activities: Earn points for your history with specific DeFi, NFT, Layer2, and yield apps.
Bridge Assets: Get points by bridging ETH, USDT, and USDC to Mode; points depend on how long assets stay.
Invite Friends: Receive 16% of the points your referrals earn, plus a share of sequencer fees. Below, you can use my link.
Use Apps: Higher points for using Mode's ecosystem apps.
Complete Quests: Finish quests for extra points, available on a first-come basis – quests are yet to launch but coming soon.
You can get started here. Good luck.
A few months ago, we wrote a Solana airdrop guide where we talked about how you can accrue Meteora points.
Well, these have now launched, together with the $JUP airdrop 2 days ago.
Meteora is putting up 10% of its upcoming $MET token supply towards rewarding liquidity providers on Meteora.
By simply supplying liquidity, you’ll accrue points. If you’re going to this though, be aware of potential impermanent losses.
You can start using Meteora’s liquidity pools here.
On Wednesday, Solana witnessed one of its biggest airdrops of all time – $JUP.
1 million eligible wallets
660 million $JUP claimed – roughly $400 million
500k wallets claimed 66% of all tokens in 2 days
These allocations were quite hefty as well, with some receiving $10,000s. As expected, a big chunk of those who claimed (73%) have already sold their $JUP.
It was a formidable airdrop and the most incredible thing is that Solana handled this without any issues whatsoever.
Quickly handled 2.5 million transactions right after the airdrop started
Gas fees went up to just $1, much less than what you might see on Ethereum for similar events
Solana stayed up and running smoothly, keeping up with its tasks without any trouble
Jupiter also became one of the most used apps in crypto.
Pretty impressive. However, there were some hiccups, so let’s address that. ⏬
Listen to our Rollup episode to get caught up on the latest news in web3.
On your favorite podcast platform.
Shortly after the airdrop, the Jupiter team put 2.5% of the total token supply (250 million $JUP) into an open pool from which people could buy the tokens.
However, everyone interpreted this as if Jupiter dumped 250 million $JUP on the open market to raise $120 million. That did not happen.
if we should clarify the situation in tomorrow's newsletter!
Here’s a clarification:
7-Day Period for Transactions: Jupiter set up a pool for a 7-day period where people can buy or sell their tokens.
This setup is meant to allow for a smooth process, giving everyone involved time to decide how they want to participate without rushing.
Conditional Selling Based on Price: The team has a plan that depends on the token's price. They won't sell all their tokens at once.
Instead, they'll sell:
250 million $JUP if the price is above $0.7 after 7 days
125 million $JUP if the price is between $0.4 and $0.7 after 7 days
0 $JUP if the price is under $0.4 after 7 days.
Now, the selling won’t occur immediately after the 7 day period – tokens will be stored in the team’s treasury or used to provide liquidity and sold over time.
Additionally, this plan was shared with everyone on various occasions and it was also included in the whitepaper.
Also, Jupiter was intending to sell 20% of the token supply, but reduced that portion to 2.5% after consulting with the community.
So technically, Jupiter did everything in a very transparent manner.
Besides, it’s kinda fair that a team that’s been building this app for years, gets to finally be rewarded (if the price stays above $0.4).
So Crypto Twitter is exaggerating once again, but that’s typical.
P.S- The Dymension airdrop is confirmed, with mainnet launch on February 6th. Check your eligibility for $DYM here.
Thanks for reading. And remember, you're strong, you’re powerful, you’re alpha! ❤️
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Disclaimer: This article is for informational purposes only and not financial advice. Conduct your own research and consult a financial advisor before making investment decisions or taking any action based on the content.
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