The most popular protocols without a token (UPDATED 2024)

Airdrops are popular for several reasons: they are a dynamic and inexpensive marketing strategy for DeFi protocols and offer potentially lucrative rewards for early adopters.

That last point has airdrop farmers actively pursuing and researching DeFi protocols that may launch a token soon.

If you noticed, there are several tokenless protocols that have a points system. This is because DeFi protocols like to offer points before an airdrop.

Below, we’ll look at the major protocols that have yet to drop a token, but have somewhat hinted at a possible airdrop through scoring systems or otherwise.

Helpful guides to read before diving into the airdrops on Solana:

How do Solana Airdrops work?

Many projects decide to create a points system. This then helps them quantify the number of tokens that different user groups should receive and streamline the process, while also giving users a purpose and an incentive system to keep using the protocol.

Points can be used for various reasons, but mainly to encourage users to stay actively involved in the network; the more activities they perform – e.g. to lend their assets or put in a protocol – the more points they collect, which gives them benefits such as access to exclusive features or rewards.

In a potential windfall, users with the highest number of points are better rewarded for their commitment to the network. However, protocols can differ in how they adjust distribution volumes based on supply percentage (usually between 10% and 40%), type of assets to be distributed, number of levels (score-based distribution), data management, etc.

Usually, a protocol will use different levels to adjust token distribution volumes. For example, a DEX protocol would use a proxy level system, or “seasons”, with the final results based on the highest number of users in the given levels after volume adjustment:

Tier 1: top 100 users with more than 1 million in trading volume: 100k tokens each Tier 2: top 1000 users with more than 100k in trading volume: 50k tokens each So on and so on.

Solana Airdrop Frenzy: The Top Tokenless SOL Protocols in 2024

If you look at the Solana ecosystem, you will see how many of the top protocols by total value locked (TVL) do not yet have a token, but have a points system.

Protocols with significant venture capital backing tend to launch a token, as investors will most likely want some form of compensation and liquidity for their investments and involvement.

This guide covers both confirmed and potential airdrops from tokenless protocols, but note that any airdrop or token launch, unless confirmed by the respective protocol, is speculative and not guaranteed.

Jupiter

Jupiter is a liquidity aggregator and Solana’s first on-chain exchange aggregator. The native token, JUP, was scheduled for launch on January 31, 2024, followed by a confirmed airdrop as part of Jupiter’s strategy to attract more users.

The team assigned 40% of the overall JUP supply to air droplets. Individuals who engaged with the platform prior to November 2 are eligible to receive 10% of the total offer in the initial airdrop phase.

So how to be eligible for the airdrop? It’s easy, just follow the steps below:

First, visit the Jupiter website and link your Solana wallet. Choose one of the many activities in Jupiter, such as Swap You can also check out their Perpetual Trading section or use their bridge function to perform cross-chain operations.

The remaining 30% will be distributed in three subsequent rounds of future air caps. Therefore, those of you who did not use the platform by November last year may still qualify for future flights.

Same as before: continuous interaction with the protocol – through activities such as swapping, bridging and trading – increases the chances of receiving an airdrop once Jupiter launches the JUP token.

Zeta Markets

Zeta Markets is a DeFi platform that offers futures and options trading, marketed as an undersponsored derivatives platform. It provides retail traders with the necessary features to effectively hedge against volatile market conditions, enabling them to protect their positions in the event of harsh price swings.

Zeta Markets has confirmed the launch of its native token through its X account, as well as an upcoming airdrop.

The launch of Z-Score is the initial phase leading to the launch of the token, a program aimed at rewarding users and their activity in the Zeta protocol. The higher the user’s trading activity, the higher their Z-score, and the higher the chances of participating in the airdrop.

Zeta Markets Z-Score Ranking. Source: Zeta

The Z-Score program consists of Seasons in which the top three traders will accumulate the most points and receive exclusive rewards.

MarginFi

MarginFi is a completely permissionless and decentralized lending protocol. It offers lending services with advanced risk management mechanisms and other features that provide flexibility, access and a diverse set of options that benefit both lenders and borrowers.

Although MarginFi does not currently have a token, it is speculated that it may launch one in the future due to the number of investors supporting the protocol and the introduction of a points system for interactions. As early adopters engage in lending, borrowing, referrals and points accumulation, they may qualify for an airdrop at token launch.

This can help you qualify for a potential airfall:

Visit the Marginfi website and link your Solana wallet. On the top left, check out some of the features you can interact with, such as stake, swap, bridge assets, or lend and borrow.

However, borrowing, lending and referring are the three best ways to earn mrgn points:

Lending Points: Users with current MarginFi deposits earn points (1 point per day per dollar borrowed). More lending and longer duration lead to more points. Borrowing points: Lenders receive more points than borrowers (4 points per day for $1 borrowed). Collateral for borrowing also counts towards lending points. Referral Points: Users earn points through referrals (10% of referred users’ points). Referral users earn 10% of 10% earned by users they refer (continues in the referral tree as more users refer others)

Kamino Finance

Kamino Finance is a one-stop DeFi protocol for liquidity providers, traders and stakeholders as it combines lending, liquidity pools and leveraged trading in a single platform.

Kamino Finance, which launched in August 2022, has raised more than $10 million in funding from numerous high-profile institutions, including Solana Ventures and Jump Capital. Additionally, it recently introduced a points system that can qualify active users for potential airdrops.

Kamino points are adjusted by Seasons. Season 1 started in January and will run for about three months. The protocol will seek to provide a dynamic points system that incentivizes users to perform various activities on the platform such as borrowing, lending, participating in liquidity vaults and participating in Multiply and Long/Short features and options.

The highlight of Season 1 will be the $KMNO Genesis Airdrop, scheduled for late Q1 or early Q2 2024.

To participate, users can visit the Kamino app, connect their Solana wallet, and start participating in the multiple options and features, such as lending/lending, providing liquidity to pools, and exploring leveraged trading and the “Multiply” one click safe.

Meanwhile, you will definitely need a chain wallet for all of the above. We have a dedicated video guide on the best Solana wallets for 2024. Watch here:

Parcl

Parcl is a real estate platform on the Solana blockchain, enabling users to invest in digital square footage of physical real estate in global markets. It offers a distinctive investment approach by allowing speculation on underlying price movements of houses and properties through smart contracts.

The company has raised $11.6 million in funding from investors such as Solana Ventures and Coinbase Ventures.

Parcl has a points system that rewards liquidity providers and could likely be used to determine which users receive the biggest rewards in a potential airdrop.

On Parcl, users can earn points in several ways:

Provide liquidity in LP Pools to earn points (and trading fees). You can only use USDC and you will receive 3 points/dollar Create a trading account and earn points by trading (also through USDC) Referrals can increase the number of points earned – you can click on this section and enter a code to ‘ n 5% boost (you will also receive 10% of the points earned by each person you refer)

Marinade Finance

Marinade Finance is like the Lido of Solana – a liquid staking protocol that allows users to stake SOL tokens and receive rewards thanks to automated staking strategies. In other words, it facilitates the staking process by choosing the top 100 validators to delegate tokens to. In return, you receive a signed version of your funds, mSOL, which you can use in other DeFi protocols.

That said, one strategy is to use mSOL on Marginfi or other supported protocols to increase the chances of qualifying for an airdrop.

While Marinade does have his own token, it won’t hurt to keep an eye out for future airdrops as the protocol announced the start of Earn Season 2. This new season offers new rewards and exclusive content, and another airdrop may be on the way.

Users can earn additional MNDE by referring friends to the platform. To participate, users must visit the Marinade website, link their Solana wallet, stake their SOL to receive mSOL, and then earn MNDE through stakes and referrals.