Which upcoming airdrop projects have you not paid attention to?

^Written by: Peng SUN, Foresight News^

The 2024 airdrop season has begun. In addition to potential major players like Cosmos, EigenLayer, Renzo, and Berachain, Foresight News has selected over 10 recent airdrop projects worth paying attention to, covering areas such as Layer2, DeFi, Sui, Bitcoin, wallets, RWA, and Cosmos gaming chains. Let's see what participation opportunities you might have in these projects!

OP Mainnet

Community user OP Michael stated that before April 2023, there may be 20 million OP available for airdrop. So far, there have been 3 airdrops, totaling 19,411,313 OP.

To qualify for the fourth OP airdrop, you may still need to delegate OP to an active delegator. However, since the last airdrop was entirely focused on OP staking, the fourth airdrop may also adopt other criteria, such as interactions with the OP Mainnet, Base, and other OP superchains like Zora.

Scallop

The Sui ecosystem has experienced explosive growth over the past six months, with a TVL exceeding $300 million, surpassing Bitcoin to become the third-largest non-EVM chain. Recently, SUI also saw a significant price surge, reaching a high of 1.45 USDT on January 15.

For insights into the Sui ecosystem, see Haotian's article: “Behind Sui's Success: The 'Bloodline Advantage' of Move-based Public Chains and the Promising New DeFi Ecosystem.”

Scallop is a lending protocol on Sui and is one of the recently announced airdrop projects. Scallop's TVL currently stands at $61.4 million, ranking first in the Sui ecosystem. It is also the first DeFi project to receive funding from the Sui Foundation, backed by investors such as Comma 3 Ventures and OtterSec.

The Scallop token SCA can be used for governance and voting, liquidity mining, and discounts on borrowing interest fees. The total supply of SCA is 250 million, with 45% allocated for liquidity mining, 18.5% for Scallop project contributors, 4% for development and operations, 2% for advisors, 11% for strategic partners, 7.5% for the ecosystem/community/market, 5% for liquidity, and 7% for the treasury.

On January 1, 2024, Scallop launched an airdrop points system and completed the first phase snapshot to reward early supporters of Scallop. Users can earn points based on their activity and participation in Scallop, which can be used to generate Mysterious Pearls. Mysterious Pearls come in different tiers: Bronze, Silver, Gold, Platinum, Diamond, and Legendary, and can be claimed as airdrops once the tokens are launched.

However, the second phase airdrop seems to be of higher value. The project team indicated that the points from the first phase differ from those in the second phase, and the number and value of pearls redeemable in both phases will also vary. Most airdrops will be awarded to users in the second phase. Scallop has opened the second phase airdrop on January 16, lasting for 2 weeks.

• First, qualified lenders who provided time-weighted values greater than $100 on Scallop before the second phase airdrop will receive point rewards;
• Second, starting January 16, users providing liquidity and lending on Scallop during the second phase will also earn points, with daily snapshots and points updated every 48 hours;
• A few days after the event ends, users can redeem points for Mysterious Pearls.

Additionally, Scallop has migrated from Solana to Sui. Early Solana voters and NFT holders of the Scallop DApp will have a separate reward pool set up for them, but they will not be able to participate in the Scallop Mysterious Pearls.

NAVI Protocol

NAVI Protocol is another lending protocol on Sui, with a TVL of $54.55 million, ranking second after Scallop. NAVI Protocol is one of the projects in the fourth phase of the OKX Web3 wallet Cryptopedia, and on December 8, the OKX Web3 wallet launched a NAVI interest rate increase campaign, attracting significant liquidity.

NAVI Protocol has not yet announced airdrop details, but it has launched a Leaderboard that distributes points to users weekly based on total liquidity provided, borrowing volume, weekly activity, and Zealy points. According to the roadmap, NAVI's utility and governance tokens will be released in Q1 and Q2 of 2024.

StakeStone

Recently, led by EigenLayer, AltLayer, and Renzo, LST and LRT have become hot topics again. Another noteworthy project in this field is StakeStone.

StakeStone is a one-stop full-chain LST staking protocol, comparable to Lido, bringing native staking yields and liquidity to Layer2. It supports leading staking pools, is compatible with restaking, and will integrate with EigenLayer. StakeStone supports ETH beacon chain restaking and LST restaking, aiming to become the leading protocol in the restaking space.

According to DefiLlama data, from December 15, 2023, to January 3, 2024, StakeStone's TVL skyrocketed from $4.17 million to $542 million, currently standing at $710 million. StakeStone has also deeply participated in Manta's incentive activities, providing $720 million in liquidity within Manta's $900 million TVL.

StakeStone's native LST is STONE, which has officially upgraded to a full-chain LRT. STONE is an OFT based on LayerZero, seamlessly used in multi-chain liquidity markets, such as DEX, AMM, lending, stablecoins, derivatives, GameFi, SocialFi, etc. STONE does not use a rebase mechanism, but its yield generation is similar to Lido's wstETH. In other words, the quantity of STONE will not change with the yield generated from ETH staking, but its value will increase as ETH staking yields increase.

StakeStone has not yet issued tokens, and the team is expected to launch airdrop-related activities. Currently, users can stake ETH in StakeStone and earn yields from the STONE-Fi ecosystem protocol.

Kelp DAO

In the restaking space, another popular project is Kelp DAO, which is also a multi-chain liquid staking platform. Its founder previously established the liquid staking protocol Stader Labs, which is the second-largest LSD protocol on both Polygon and BNB Chain. According to DefiLlama data, Kelp DAO's TVL currently stands at $167 million.

Kelp DAO is currently building an LRT solution on EigenLayer, with its restaking token being rsETH. The supported LSTs include ETHx (Stader), sfrxETH (Frax), and stETH (Lido). Users can restake the above assets to receive rsETH, with the reETH price currently serving as the base price for various rewards and staked LSTs. rsETH can be used in other DeFi protocols.

Currently, Kelp DAO has launched the Kelp Miles incentive program. Kelp Miles tracks users' contributions to Kelp and determines future reward distribution ratios. Kelp Miles depend on the amount of LST restaked by users and the staking duration. Users who staked LST from December 12, 2023, to January 1, 2024, will receive 1.25 times Kelp Miles within the next three months. Users staking LST after January 1 will continue to earn Kelp Miles rewards as usual.

Additionally, all users who restaked on Kelp before the deposit limit on EigenLayer was closed will be eligible for EigenLayer Points, which will be distributed based on the amount of LST deposited by users.

Kinza Finance

Kinza Finance is a decentralized lending protocol on BNB Chain that uses a ve(3,3) model to address protocol incentives and governance issues, allowing users to withhold collateral from borrowers, limiting trading risks, short-selling opportunities, and governance manipulation. Kinza's core revenue comes from interest paid by borrowers, with most of the interest paid to the initial liquidity providers. Kinza's native token is KZA, which users can stake to receive xKZA, used for voting and bribing on liquidity pools. The xKZA, bribing, and voting functions will be launched after the TGE.

According to DefiLlama data, Kinza Finance's TVL rose from $1.89 million on November 1, 2023, to a peak of $78.06 million on January 15, 2024, currently standing at $64.26 million.

In August 2023, Kinza Finance was one of the best-performing projects in the sixth season of the MVB accelerator program, receiving investment from Binance Labs. Notably, the other three projects that Binance invested in during this MVB accelerator program were the Ethereum scaling project AltLayer, the perpetual DEX project KiloEx, and the AI blockchain-based virtual companion game Sleepless AI. Currently, Binance Launchpool has launched AltLayer and Sleepless AI.

The total supply of KZA is 100 million. The KZA airdrop will take place after the TGE (date to be announced), with the team allocating 5% of the total supply (5 million) for the airdrop. Additionally, 10% of the total supply will be allocated to the team, 12% to investors, 3% to advisors, 5% for reserves, 10% for the ecosystem, and 55% for the community.

Kinza has now launched an airdrop points system that will calculate the future airdrop amount based on the deposited TVL and the time liquidity was provided in the protocol. The longer the liquidity is provided, the more points earned, and the more eligible airdrops generated. Points do not convert 1:1 to KZA. Kinza has provided an additional 10% reward for users who provided liquidity before the launch of the airdrop points system. New participating users can join Kinza's airdrop referral program, where both the referrer and the referred will receive a 10% reward from the airdrop allocation of the referred user.

KiloEx

KiloEx is a perpetual DEX project on BNB Chain, opBNB, and Manta. According to DefiLlama data, KiloEx's TVL currently stands at $14.51 million.

KiloEx's native token is KILO, and the custodial token is xKILO. The total supply of KILO is 1 billion, with 10% allocated for airdrops to early adopters, 34% for the ecosystem, 10% for staking rewards, 20% for the team, 10% for private sales, 10% for strategic investors, 5% for advisors, and 1% for liquidity providers.

KiloEx has launched the points airdrop program V1.0, where users can earn points through trading, financial management, inviting new users, signing in, and obtaining OAT across the three main networks: BNB Chain, opBNB, and Manta. KiloEx Genesis NFT holders will receive an airdrop of xKILO tokens.

ZeroLend

ZeroLend is the largest native stablecoin lending protocol on zkSync and the third-largest on Manta Network, with a current TVL of $22.23 million. ZeroLend is based on Aave V3 and is similar to Radiant Capital, supporting account abstraction, providing the ONEZ stablecoin, and planning to support RWA lending in Q2 2024, with plans to integrate zkSync Hyperchain privacy layer in early 2025 to complete transaction privacy under compliance.

According to official documentation, ZeroLend's native token ZERO has a total supply of 100 billion, with 30% allocated for private sales, 10% for liquidity, 5% for the team, 10% for the treasury, 7% for advisors, 3% for airdrops, and 35% for community incentives.

ZeroLend has launched the airdrop points platform Zero Gravity, where users can earn points through on-chain interactions or inviting new users. The initial supply of ZeroLend token ZERO is approximately 10% to 18% of the total supply (official documentation states 18.8%), with 1% to 2% allocated for airdrops, accounting for about 10% of the circulating supply at launch.

Additionally, ZeroLend stated that users participating in Zero Gravity will also be eligible for potential future airdrops from PYTH, MANTA, ZKS, etc.

Halo Wallet

Halo Wallet is a DeSoc wallet developed by the former Web3 team of KuCoin, now integrated with Lens Protocol, allowing access to user social graphs and analysis of on-chain transactions.

Halo Wallet has launched an XP points system, where users can purchase a Genesis Pass to participate in wallet transactions, recharge, like, and earn points. Points will be tied to future airdrops, with plans to announce the airdrop program in the first half of the year.

Bool Network

BOOL Network is a decentralized signature protocol established at the end of 2020, with the team continuously researching Bitcoin Layer2 solutions. In 2022, they published an academic paper Bool Network: An Open, Distributed, Secure Cross-Chain Notary Platform.

BOOL Network is worth paying attention to because the project may be from the same team that recently conducted an IDO on Bounce for SatoshiVM, which saw a nearly 300-fold increase in the SAVM token IDO. Further reading: “IDO Nearly 300 Times! Unveiling the Big BOSS Behind SatoshiVM's Code.”

After community users uncovered the relationship between SatoshiVM and BOOL Network, BOOL Network stated on Twitter that "the team is closely collaborating with the SatoshiVM team to develop infrastructure in the Bitcoin and EVM space. BOOL has not been issued yet, nor is there an airdrop. However, we are closely monitoring all activities of partner projects, including SatoshiVM, to establish a good holder base."

Currently, according to the white paper on GitHub, BOOL Network's native token BOOL has a maximum supply of 1 billion, with an initial supply of 500 million. Of these, 3% of BOOL tokens will be used for airdrops, 50% will be allocated to miners (nodes), 12% to the team, 15% to investors, 10% to the foundation, and 10% for incentivizing testnet users. BOOL can be used for gas fees, governance, and staking.

Tabi

Tabi (formerly Treasureland) is an NFT marketplace on BNB Chain, which recently announced the launch of Tabi Chain, a game blockchain with EVM compatibility on Cosmos, with a testnet expected to launch in February this year. According to Tabi, Tabi Chain features Omnicomputing, parallel sharding, supervised sharding (where the integrity of the gaming experience is maintained by Tabi's supervising nodes), and Tabi Runtime.

In 2023, Tabi completed a $10 million angel round of financing, with investors including Animoca Brands, Binance Labs, Draper Dragon, HashKey Capital, Infinity Ventures Crypto, and Youbi Capital, along with individual investors like Feng Bo (Dragonfly), Riyad AD (Saudi Arabia), and Suji Yan (Mask Network). This round of financing will be used to develop Tabi's gaming ecosystem and the upcoming on-chain identity protocol.

The Tabi official website has launched the 4th phase of the Voyagers Event, with their official Twitter stating that completing the series of tasks will earn airdrops.

Ondo Finance

Ondo Finance is an RWA tokenization investment protocol that has launched tokenized funds, allowing stablecoin holders to invest in bonds and U.S. Treasury securities. It currently offers three products: U.S. Government Bond Fund (OUSG), Short-Term Investment Grade Bond Fund (OSTB), and High-Yield Corporate Bond Fund (OHYG). Last year, Ondo launched tokenized notes USD Yield (USDY), backed by short-term U.S. Treasury bonds and bank demand deposits. Ondo has now expanded to Polygon, Solana, and launched on Coinbase.

In April 2022, Ondo Finance completed a $20 million Series A funding round, led by Founders Fund and Pantera Capital, with participation from Coinbase Ventures, Tiger Global, GoldenTree Asset Management, Wintermute, Flow Traders, Steel Perlot, and an Ivy League endowment fund. Shortly after, Ondo raised $10 million through a token sale on CoinList, with over 18,000 participants.

According to CoinGecko data, ONDO has a total supply of 10 billion, with a circulating supply of approximately 1.44 billion and a market cap of about $390 million.

Recently, the Ondo Foundation has launched the first batch of the Ondo Points program, with a points leaderboard now available. Users can earn retrospective points by using Flux, holding OUSG or USDY, minting USDY for additional points, and holding mUSD on the Mantle Network.

Ondo Finance also supports providing USDY liquidity on Uniswap via Range Protocol on Ethereum, or providing liquidity on FusionX or Agnidex via Range Protocol on Mantle, or providing liquidity on Orca or Raydium via Kamino on Solana to earn points, as well as supporting borrowing stablecoins over-collateralized by tokenized U.S. Treasury bonds and earning points. Users can also earn points by delegating ONDO or voting on proposals, and CoinList purchasers who claim ONDO before March 31 will receive additional points based on their staking.

Furthermore, Ondo will launch the second batch of the points program, potentially offering retrospective airdrops to the community in collaboration with new projects.