After a wave of major airdrops from projects like Jupiter, Kamino, Tensor and Magic Eden, the Solana ecosystem is once again becoming a hotbed for airdrop hunters.

Thanks to its fast transactions, low fees, and vibrant community, Solana is attracting not only DeFi users but also serving as a fertile ground for new projects to launch mainnet and points-based reward systems in preparation for future airdrops.

Currently, multiple on-chain signals indicate a growing number of active wallets and user interactions across Solana dApps – especially among projects that have yet to launch a token. This has fueled growing optimism that the “Solana airdrop season” is far from over and may, in fact, be entering a new cycle.

Below are five top Solana projects that are widely expected to be the next big airdrop candidates. With just a small amount of capital, users can potentially farm all five airdrops simultaneously:

• Loopscale
• Backpack
• Perena
• Fragmetric
• RateX

What to Prepare Before Farming Airdrops

Before participating in Solana airdrops, users should prepare the following:

• A Web3 wallet on Solana, such as Backpack or Phantom.
• SOL tokens on the Solana network. Currently, around $2 – 3 (~0.03 SOL) which is super cheap and only to cover gas fees.
• SOL or USDC to interact with the projects above. The more capital you use, the higher your chances of qualifying for airdrops.

Loopscale

Loopscale is a lending and borrowing platform on Solana that allows users to collateralize and borrow digital assets. In just over six months since launch, Loopscale has surpassed $32 million in TVL and facilitated more than $750 million in loans during its Beta phase.

How to Farm the Loopscale Airdrop:

Step 1: Visit the official Loopscale platform.

Step 2: Choose the asset you’d like to lend.

Step 3: Navigate to the Borrow section, select USDC or SOL, and use your lent asset as collateral

Note: It’s recommended to borrow only around 50 – 60% of your collateral’s value to avoid liquidation risk in case of market volatility.

The goal of borrowing is not only to optimize your chances for the Loopscale airdrop, but also to reuse the borrowed assets to farm airdrops from other projects across the Solana ecosystem.

Backpack

Backpack Exchange is a centralized, fully compliant cryptocurrency trading platform with a global reach. It’s built to offer users a secure and intuitive environment for managing digital assets. Unlike traditional setups, the exchange operates on a proprietary private blockchain purpose-built for exchange functionality, where every deposit, withdrawal, order execution, and cancellation is independently verified by nodes within the network.

The project has secured a total of $37 million across two funding rounds, with backing from prominent investors such as Jump Crypto, FTX Ventures, Multicoin Capital, and Wintermute.

Performing as the native CEX on Solana, Backpack has gained considerable praise from the community and even from Solana itself. This shows a bright sign for a potentially huge airdrop pending from this project.

How to Farm the Backpack Airdrop:

Step 1: Visit the official Backpack exchange here to receive a 10% trading fee discount

Step 2: Complete KYC verification to activate your account

Step 3: Deposit funds into your Backpack wallet

Step 4: Once your deposit is complete, start trading Spot and Futures to earn airdrop reward points. The more you trade, the higher your airdrop rewards.

Read more: Why Backpack Airdrop Worth $5000?

Perena

Perena is a stablecoin project built on the Solana network, aiming to solve the liquidity fragmentation problem among stablecoins.

Backed by Binance Labs and other prominent investors, Perena currently holds nearly $30 million in TVL, signaling growing trust and adoption within the DeFi community.

How to Farm the Perena Airdrop:

Step 1: Visit the official Perena website and enter referral code MHBAFP to receive an extra 10% in points.

Additionally, users connecting via Backpack Wallet will receive a 3% bonus.

Step 2: Use USDC, USDT, or PYUSD to provide liquidity to the USD Seed Pool*

You can also use assets borrowed from Loopscale to supply liquidity and maximize your airdrop farming potential.

Fragmetric

Fragmetric is a restaking protocol built on Solana, allowing users to stake SOL, JitoSOL, mSOL, and bSOL to earn additional rewards.
So far, Fragmetric has raised $16 million and surpassed $130 million in TVL.

In addition, users participating in Fragmetric are also eligible to earn airdrop points from the oracle project Switchboard.

How to Farm the Fragmetric Airdrop:

Step 1: Visit the official Fragmetric page here to receive a 10% bonus in points

Step 2: Select which token to stake (e.g., SOL or JTO).

If staking SOL, click on the fragSOL tab; if staking JTO, choose the respective section

RateX

RateX is the first leveraged yield trading protocol on Solana, enabling users to maximize returns and airdrop points across the ecosystem.

Specifically, users can boost their Fragmetric and Perena points through RateX strategies.

The project has successfully raised $7 million from major investors, including Animoca and SNZ Holdings, and currently holds a TVL close to $70 million.

How to Farm the RateX Airdrop:

Step 1: Visit the official RateX website.

Step 2: Navigate to the Points section. → Select fragSOL and USD* to optimize your Perena and Fragmetric points.

Step 3: Click on Provide Liquidity.

This will allow you to earn APR, RateX points, and additional rewards from Fragmetric and Perena.

Conclusion

As the Solana ecosystem enters a new wave of user growth and on-chain activity, opportunities for early airdrop participation are once again ripe for the taking. Projects like Loopscale, Perena, Fragmetric, RateX, and Backpack are not only building strong fundamentals and attracting significant TVL, but also actively encouraging user engagement through points-based systems and incentivized usage.

With minimal capital and a strategic approach, users can position themselves across multiple protocols to maximize potential airdrop rewards – all while contributing to the growth of Solana’s next generation of DeFi infrastructure.

 

The post Top 5 Best Airdrop Farming Projects on Solana (Part 1) appeared first on NFT Evening.