Original title: 10 Airdrops to Farm Right Now

Original author: Ignas | DeFi Research

Original translation: TechFlow

Airdrops seem to have died down. It has been a long time since I received any exciting airdrop rewards.

But I don’t think airdrops are truly dead. As market noise decreases, rewards shouldn’t be as overly diluted as they once were.

The rules are different now - you have to use the protocol continuously; a single transaction is no longer enough. The team is more inclined to reward real users rather than just "airdrop hunters" (ironically, this change makes it harder to easily take advantage of the situation).

Here are 10 protocols I'm digging.

These aren’t just simple airdrop opportunities; they’re quality products in their own right. Even if the airdrop rewards end up being less than expected, you’ll still get value from using these protocols.

1.Based

An advanced trading application and wallet built on Hyperliquid, supporting mobile, desktop and Telegram applications.

Based allows users to trade perpetual contracts and spot currencies, as well as spend and earn points using Visa cards (Visa cards are coming soon to the US and EU markets).

It is worth noting that the project is backed by well-known venture capital firms such as Hashed, Delphi, Newman and Spartan.

The strategy is very simple: through the Based platform, you can get 4 times more airdrop rewards than using Hyperliquid directly:

Hyperliquid Season 2 and Season 3 Airdrops

$BASED token airdrop

Based Ecosystem Airdrop (first round is PUP, more will be in the future)

UNIT airdrop

The team has publicly stated that points will be converted into future $BASED airdrops. This is one of the clearest and most straightforward airdrop mechanisms currently available. The only downside is that transaction fees are 0.025% higher than using Hyperliquid directly.

How to participate:

1. Trade perpetual contracts.

2. Order your Visa card after it goes online.

3. From now on, use Based as your default Hyperliquid app, both on mobile and desktop.

hint:

· 30% performance improvement when using desktop apps.

Participate in trading competitions to win rewards (current prize pool is $20,000 USD).

2.Liminal

A premium platform built specifically for stablecoin holders and an alternative for Hyperliquid fans: delta-neutral yield vaults based on Hyperliquid.

This is probably one of the easiest and most anticipated airdrop opportunities.

Even if you don’t want to directly touch tokens like HYPE, BTC, ETH, etc., you can still mine future $HYPE airdrops and Liminal rewards through the Liminal platform.

Operation

You simply deposit USDC and earn interest through funding spreads while maintaining a market neutral position.

It's important to note that the platform's disclaimer states that this isn't a completely "deposit and forget" strategy, as funding rates could shift against you or extreme market conditions could result in your position being liquidated. However, for BTC, ETH, or HYPE, I personally believe the risks are manageable.

How to participate

Deposit USDC.

There is currently no official points system.

If the token is listed, you may receive rewards for using the platform.

Even without token rewards, returns are sustainable (USDC annualized yield exceeds 9.5%). Airdrop rewards are additional potential returns.

Steps

· Cross-chain transfer of USDC to the Hyperliquid platform.

· Deposit into vault and keep running.

3. Legion

Legion probably wouldn’t have made it onto my “airdrop mining list” if it weren’t for the following post:

Legion’s fundraising platform has raised $5 million from prominent investors, expanding its mission beyond public ICOs to bring startup equity, private credit, and intellectual property to the crypto space.

This involves a huge market size!

They recently added over-the-counter (OTC) trading options, including OpenAI equity and over-the-counter token sales.

Tokens are probably how these VCs make money, right?

How to participate:

Create an account and complete KYC (I know, many people don’t like it, but it’s a good way to prevent Sybil attacks).

Improve your rating by connecting your social accounts and wallets, and participate in token sales.

Notes:

Airdrops are a bonus, so don't blindly buy all ICO tokens. Always do your due diligence (DD) before participating!

4.Fogo

Fogo is the L1 layer built on the Solana Virtual Machine (SVM).

What makes us different:

It runs a pure Firedancer client, which means it can achieve sub-second blocks and is designed for high-frequency trading.

The public beta network is now online, but the main network has not yet been launched.

What I like about it:

Why I am optimistic about Fogo:

Strong financing support:

-Completed a $5.5 million seed round of financing by the end of 2024.

-Completed an $8 million public sale in January 2025 at a $100 million valuation through Cobie's Echo platform.

Potential airdrop opportunities:

This could be the classic low float, high FDV (fully diluted valuation) L1 airdrop of the past. Although the popularity of L1 trading has declined, it still has potential.

Advantages of early participation:

The testnet phase has less competition, less noise, and higher potential returns.

Technical highlights:

Firedancer is a key differentiator. If successfully implemented, the chain will attract significant attention. Getting involved from day one could pay off.

How to participate:

Fogo uses Flames as a points system. Season 1 has ended, and we are waiting for Season 2 to start.

You can claim FOGO and fUSD testnet tokens for free through their faucet.

Ecosystem Applications:

The mainstream decentralized exchange (DEX) is Valiant, but I personally prefer Ambient. Although Ambient has not issued a token for a long time, its user interface (UI) is indeed the best.

5.Backpack

With each crypto bull run, new centralized exchanges (CEXs) emerge, from Coinbase → Binance → FTX.

In this cycle, despite the rise of decentralized exchange (DEX) Hyperliquid, Backpack is filling the gap left by CEX.

I agree with Fabiano: this is “one of the last six-figure airdrops on Solana.”

There are currently fewer participants, resulting in less competition and less dilution than other Solana-related airdrops.

Backpack acquired FTX EU, which gives them an advantage in regulatory compliance in Europe. They are building a compliant CEX, which demonstrates their execution and credibility.

Backpack has completed $37 million in financing.

They also have their own DeFi wallet (also named Backpack), which further boosts their valuation.

How to participate:

· Season 1 ended on August 6th, and Season 2 began on August 7th.

Earn points through spot trading and recently added futures trading (including special perpetual contracts like WLFI), and also support fiat currency deposits.

The points for spot trading are twice as much as those for perpetual contracts to encourage more users to participate in diversified trading.

· KYC certification is required to reduce cheating behavior.

Mad Lads NFT holders automatically receive VIP status.

6. Axiom

I absolutely couldn’t leave out Axiom, as it consistently generates over $1 million in daily fee revenue. Like Meteora, Axiom is one of the last tokenless projects with high revenue and product-market fit (PMF).

Backed by Y Combinator.

I personally use it when trading smaller coins on Solana, but you can also use it to trade on Hyperliquid (where you can get double the airdrop) or earn interest on MarginFi (which I personally wouldn’t recommend). If a bull run makes memecoins popular again, Axiom will be a big winner.

How to participate:

Trade directly on the Axiom platform, not other memecoin DEXs. Earn Axiom Points on exchanges.

The more transactions you make, the higher your level will be, and the more points you will earn.

Official documentation hints at a possible token issuance in the future. Few protocols are as transparent as Axiom.

About Prediction Markets

7. Polymarket

Polymarket (#7) is my top potential airdrop winner. If Polymarket executes well, its potential is second only to Hyperliquid.

However, Polymarket isn’t the only company in the prediction market space. There are two others worth noting:

8. Limitless

Limitless runs a prediction and certification market on Base, allowing you to bet on outcomes and create certifications for others to agree or dispute.

Limitless has just launched its first ranked season (July 1st - September 22nd, 2025).

How to earn points:

· Minimum trading volume required to participate is $200.

Providing liquidity to steadily earn points.

· Weekly leaderboard updates and tiers: Bronze, Silver, Gold, Platinum, Diamond.

· High-level users can receive additional rewards (up to 20% bonus for diamond users).

The prediction market narrative continues to heat up on X (formerly Twitter), and the popularity will continue to rise in the future. Limitless has gamified the prediction market, providing hourly markets to attract high-frequency traders.

The weekly leaderboard is reset to make activity more important than fund size, making it more friendly to small wallets.

The combination of prediction and certification capabilities provides a unique perspective on the market on Base.

How to participate:

Make small trades every week (I usually do this on Polymarket and Limitless at the same time, haha), and also try to create some markets.

The cost is low, and users who remain active will benefit the most.

9. Myriad

Myriad is a prediction market that runs on Abstract, so you can earn both Abstract airdrop experience points (XP) and Myriad points.

Very good!

The experience is similar to Polymarket, but with a unique addition: “Flash Markets,” which are embedded within news sites, blogs, and even X posts (though I haven’t seen them on X myself).

Overall, the operation is simple and straightforward. If Abstract performs well, the potential of Myriad is also significant.

10. Kinetiq

If you only choose to participate in one airdrop on Hyperliquid EVM L1, choose Kinetiq.

Remember the early bull run after the Jito airdrop? I think it will be just as easy with Kinetiq.

Simply stake your HYPE tokens to earn kHYPE, then deposit your kHYPE into the Earn module to earn a 3% annualized yield (APY) and participate in other airdrops.

The process is very convenient and has almost no complexity.

The points system has been launched, and the issuance of tokens in the future is almost a foregone conclusion.

My only regret is that there is no referral link at the moment. If they had one, I would be crazy about it.

Additional recommendation: Unit

In fact, this isn’t an extra recommendation, it’s a must!

Unit provides cross-chain bridging and packaging services for assets such as BTC, ETH, SOL, etc., allowing these assets to be traded on Hyperliquid.

Hyperliquid has become my default crypto exchange, and I now only use centralized exchanges (CEXs) for fiat withdrawals.

Because of users like me, the UNIT airdrop is incredibly exciting. Participation is incredibly simple: simply deposit your assets and trade spot on Hyperliquid.

How easy is that? Maybe staking kHYPE is easier!

Final Tips

Not all points are converted into tokens

But most teams use points as a channel to reward actual usage.

Smart Strategy:

It is smarter to continue operating in multiple protocols in parallel rather than betting on a single project.

I usually keep my positions small enough that I don’t mind if rewards take months to arrive or never arrive.

Revenue expectations:

If even half of these projects deliver on their rewards, it would be absolutely worth it.

Even if not, I still get revenue, pre-sale opportunities, or trading practice.