Airdrops to Farm: List for Q4 2024
In the second half of 2024, following a series of disappointing airdrops, the hype has diminished and competition for allocations has eased. Here is my compilation of 6 airdrop programs worth joining.
Morpho [Mainnet]
Morpho is a trustless, efficient lending platform that facilitates the creation of permissionless markets. It rapidly achieved the position of the 6th largest lending market on DefiLlama by TVL, with a current TVL of $1.4 billion.
Getting the airdrop
Morpho’s Airdrop campaign isn't point-based. Instead, users can specify the expected FDV to observe changes in the asset supply and borrow APY. For instance, the example below uses a $1B FDV.
Visit the Morpho app (Ethereum and Base are supported)
Browse through a wide range of pools and assets available for lending and borrowing to choose your best pool.
Track your rewards in the Rewards tab.
Pro tip: Rewards on Base are generally higher, and you can also earn OP incentives, since Base is an OP Stack chain. That's why I'm personally farming Morpho rewards on Base.
FDV expectations
As mentioned, Morpho is currently the 6th largest lending market across all chains. Its closest competitors are Compound ($444M FDMC), Venus ($210M FDMC), and Kamino Lend ($660M FDMC).
On August 1, Morpho raised $50M in a strategic funding round (FDV not disclosed). Assuming 10–15% of tokens were sold during this round, this implies an FDV of $330M–$500M. Given that all VC rounds are typically discounted, Morpho's FDV at launch might be close to $1B.
Sunrise [Testnet]
Sunrise is a specialized data availability (DA) layer designed for proof-of-liquidity (PoL) and fee abstraction. It has recently launched an incentivized public testnet, marking a significant milestone toward its mainnet debut.
The testnet rewards active users, with early participants receiving the largest share of the upcoming $RISE token airdrop. To access the testnet and faucet, users must connect both an EVM wallet (with at least 0.001 ETH and a transaction history on the Ethereum mainnet) and a Cosmos wallet.
Getting the airdrop
Participants can earn points on the testnet by completing daily tasks like claiming, swapping, providing liquidity, and participating in governance. Referring friends also adds to their points.
Initially, 7% of the token supply was allocated for distribution during the initial airdrop at TGE, with an additional 5% reserved for future initiatives.
Sunrise is now considering merging these two allocations, totaling up to 12%, to be distributed together in the genesis airdrop.
Some stats:
Over 200,000 users have joined the testnet.
Daily active users have grown to around 50,000 and are still increasing.
New testnet campaigns are continually being launched.
Check list:
Join the Community by following Sunrise on social media and joining their Discord.
Use the Testnet by making transactions or providing liquidity.
Complete Daily Tasks
Refer Friends using your referral link.
FDV expectations
The Sunrise Layer seamlessly integrates on-chain and off-chain data, combining the security and transparency of on-chain solutions with enhanced scalability and reduced costs. This hybrid approach makes it ideal for decentralized applications that require high throughput and strong data integrity.
Its closest competitors are Celestia ($4.7B FDV), Avail ($1.2B FDV), and KYVE ($24M FDV). I anticipate the launch FDV to be between $300M and $500M.
Mantle’s COOK [Mainnet]
Mantle, an Ethereum L2, is currently running the Metamorphosis campaign, after which the new $COOK tokens will be distributed to the community. $COOK will serve as the future governance token for Mantle’s LST (mETH, one of the largest LSTs by TVL) and LRT (cmETH, a new liquid restaking primitive).
Getting the airdrop
The process for farming the upcoming COOK is straightforward with various options available. The key is to acquire some mETH (preferably on Mantle, as it earns more Powder per day) and then boost its rewards by participating in different DeFi activities.
Visit the website and connect your wallet.
Stake ETH to receive the mETH token.
Add the mETH token to your wallet and bridge it to the Mantle network.
Earn 10 Powder per day for just holding 1 mETH. You can also earn additional Powder by providing mETH liquidity on one of the listed protocols.
You can also lock MNT to earn additional rewards.
FDV expectations
mETH is currently the 5th largest LST, nearing Jito ($2.1B FDMC) and Marinade Finance ($100M FDMC) by TVL.
With COOK serving as the governance token for both mETH and the upcoming cmETH (a new restaking token), the launch FDV might range between $150M and $300M. Hopefully, Mantle will avoid the low float, high FDV approach.
Other airdrops to farm
To keep this publication concise, descriptions for other airdrops on the list will be less detailed compared to the three mentioned above.
Story Protocol [Testnet]
Story is the world’s IP blockchain, enabling programmable IP to drive the next generation of AI, DeFi, and consumer applications.
Go to the website and connect your wallet.
Swap IP, WETH, USDC, WBTC, USDT, FATE.
Soneium [Testnet]
Soneium, a Layer 2 blockchain from Sony's Block Solutions Labs team, is designed to evoke emotion and foster creativity. It aims to bridge the gap between Web3 and everyday internet services, making blockchain technology more accessible worldwide.
Get Sepolia ETH from the faucet.
Visit the website and connect your wallet.
Bridge test ETH from Sepolia to Minato Testnet and back.
Hyperlane [Mainnet]
Hyperlane is an interoperability layer designed for modular blockchain ecosystems. It enables seamless communication across diverse blockchain environments, including layer 1s, rollups, and app-chains, through permissionless deployment.
Hyperlane x Injective
Visit the website and connect your EVM/Solana and Cosmos wallets.
Send your $INJ tokens to the inEVM network. Enter the transfer amount, select your wallet, and click 'Continue.' Confirm the transaction.
hNFT Mint & Bridge
Visit the website and connect your wallet.
On the left, select the network where the NFT will be minted. On the right, choose the network to which you want to send the NFT after minting. Click 'Mint.'
Click 'Bridge' to transfer the NFT to the other network. Confirm the transaction.
Verify the successful transaction on Hyperlane’s explorer.