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Recent Top 10 Airdrops to Watch: Evolution from "Freebie Seekers" to "Real Users"

Ignas

2025-09-02 18:09

Read this article in 21 Minutes

With the decrease in market noise, the airdrop reward will not be overly diluted as before.

Original Article Title: 10 Airdrops to Farm Right Now

Original Article Author: Ignas | DeFi Research

Original Article Translation: Deep Tide TechFlow

Airdrops seem to have cooled off. It's been a while since we've received any exciting airdrop rewards.

But I don't believe airdrops have truly disappeared. With the reduction of market noise, rewards should not be as diluted as before.

The rules have changed now—you must continue to use the protocol; a one-time transaction is no longer enough. Teams are more inclined to reward genuine users rather than mere "airdrop hunters" (ironically, this change has made it harder to simply rug pull).

Below are 10 protocols I am currently farming.

These are not just simple airdrop opportunities; they are quality products themselves. Even if the final airdrop reward is less than expected, you can still extract value from using these protocols.

1.Based

Based is an advanced trading application and wallet built on Hyperliquid, supporting mobile, desktop, and Telegram applications.

Based allows users to engage in perpetual and spot trading, as well as make purchases via Visa card while earning rewards (Visa card coming soon to the US and EU markets).

Of note, the project is backed by well-known VCs such as Hashed, Delphi, Newman, and Spartan.

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

· Hyperliquid Season 2 and Season 3 airdrops

· $BASED token airdrop

· Based Ecosystem airdrop (first round is PUP, more to come in the future)

· UNIT airdrop

The team publicly stated that the points will be converted into a future $BASED airdrop. This is currently one of the clearest and most direct airdrop mechanisms. The only downside is that the transaction fee is 0.025% higher than using Hyperliquid directly.

How to Participate:

1. Engage in perpetual contract trading.

2. Order the card once Visa card support is live.

3. Start using Based as your default Hyperliquid app from now on, whether on mobile or desktop.

Tips:

· Using the desktop app can improve performance by 30%.

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

2. Liminal

A high-quality platform designed for stablecoin holders, also another option for Hyperliquid supporters: delta-neutral yield vaults based on Hyperliquid.

This may be one of the simplest and most anticipated airdrop opportunities.

Even if you don't want to directly interact with tokens like HYPE, BTC, ETH, you can also mine future $HYPE airdrops and Liminal rewards through the Liminal platform.

How It Works

You simply deposit USDC, earn profits through funding spreads, while maintaining a market-neutral position.

It is important to note that the platform's disclaimer states that this is not a completely "set it and forget it" strategy, as funding spreads may work against you or extreme market conditions may lead to your position being liquidated. However, for BTC, ETH, or HYPE, I personally believe the risk is manageable.

How to Participate

· Deposit USDC.

· There is currently no official point system.

· If the token is listed, the platform's users may receive a reward.

Even without a token reward, the yield is sustainable (USDC has an annualized yield of over 9.5%). Airdrop rewards are additional potential gains.

Operating Steps

· Cross-chain transfer USDC to the Hyperliquid platform.

· Deposit into the vault and keep it running.

3. Legion

If it weren't for the post below, Legion might not have made it to my 'Airdrop Mining List':

Legion's fundraising platform has raised $5 million from notable investors, expanding its mission from a public ICO to bringing startup equity, private credit, and intellectual property into the crypto space.

This involves a massive market size!

They have recently added over-the-counter (OTC) projects, including OpenAI equity and off-exchange token sales.

Is the token perhaps how these VCs are making money, right?

How to Participate:

· Create an account and complete KYC (I know, many people don't like it, but this can effectively prevent a Sybil attack).

· Enhance your rating by connecting your social accounts and wallet, and participate in the token sale.

Notes:

An airdrop is an additional reward, so do not blindly purchase all ICO tokens. Be sure to conduct due diligence (DD) before participating!

4. Fogo

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

Distinctive Feature:

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

The current public test network is live, but the mainnet has not yet launched.

Reasons I Like It:

Why I'm Bullish on Fogo:

· Strong Funding Support:

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

- In January 2025, completed an $8 million public sale on Cobie's Echo platform at a $100 million valuation.

Potential Airdrop Opportunity:

This could be one of those classic L1 airdrops with low supply and high FDV (Fully Diluted Valuation) from the past. Despite the decreased hype around L1 projects, it still holds potential.

Early Participation Advantage:

During the testnet phase, competition is low, noise is minimal, and potential returns are high.

Technical Highlight:

Firedancer is a key differentiator. If successfully implemented, this chain will attract significant attention. Getting involved from day one could yield rewards.

How to Participate:

· Fogo uses Flames as a point system. The first season has ended, awaiting the start of the second season.

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

Ecosystem Applications:

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

5.Backpack

Every crypto bull market cycle brings forth a new centralized exchange (CEX). From Coinbase → Binance → FTX.

And in this cycle, while we saw the rise of the decentralized exchange (DEX) Hyperliquid, Backpack is filling the gap left by CEX.

I agree with Fabiano's view: this is "one of the last six-figure airdrops on Solana."

· Currently, there are fewer participants, compared to other Solana-related airdrops, resulting in lower competition and less dilution.

· Backpack acquired FTX EU, giving them an advantage in regulatory compliance in Europe. They are building a compliant CEX, showcasing their execution capability and credibility.

· Backpack has completed a $37 million funding round.

· They also have their own DeFi wallet (also named Backpack), further enhancing their valuation.

How to participate:

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

· Earn points through spot trading and the newly added futures trading (including special perpetual contracts like WLFI), supporting fiat deposits as well.

· Points from spot trading count double towards perpetual contracts to incentivize more users to engage in diversified trading.

· KYC verification is required to deter point farming activities.

· Mad Lads NFT holders automatically receive a VIP status.

6. Axiom

I absolutely cannot overlook Axiom, as its daily fee income consistently exceeds $1 million. Like Meteora, Axiom is one of the few projects with high revenue and Product-Market Fit (PMF) without a token.

Backed by Y Combinator.

Personally, I use it when trading small-cap coins on Solana, but you can also use it for trading on Hyperliquid (eligible for double airdrops) or earning yields on MarginFi (I personally do not recommend this). If the bull market brings memecoins back into the spotlight, Axiom will emerge as a big winner.

How to Participate:

· Directly trade on the Axiom platform instead of other memecoin DEXes. Earn Axiom points through trading.

· The more you trade, the higher your level, and the more points you earn.

· Official documentation hints at possible future token issuance. Few protocols are as transparent as Axiom.

About the Prediction Market

7. Polymarket

Polymarket (ranked 7th) is, in my opinion, the biggest potential airdrop winner. If Polymarket is executed properly, its potential may be second only to Hyperliquid.

However, the prediction market field is not just limited to Polymarket; there are two others worth noting:

8. Limitless

Limitless operates prediction and credential markets on Base, where you can bet on outcomes or create credentials for others to approve or dispute.

Limitless has just launched its inaugural points season (July 1, 2025 - September 22, 2025).

How to Earn Points:

· Minimum trade volume must reach $200 to participate.

· Provide liquidity to consistently earn points.

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

· Higher-level users can receive additional rewards (Diamond users can earn up to a 20% bonus).

The narrative of the prediction market is continuing to heat up on X (formerly Twitter), with future hype set to further elevate. Limitless has gamified the prediction market, offering hourly markets to attract high-frequency trading users.

Weekly leaderboard resets, emphasizing activity over capital size, making it more friendly to small wallets.

By combining prediction and credential features, it offers a unique perspective on markets on Base.

How to Participate:

· Engage in small transactions weekly (I usually operate on Polymarket and Limitless simultaneously, haha), and you can also try creating some markets.

· Low cost, with the most benefit going to active users.

9. Myriad

Myriad is a prediction market running on Abstract, so you can earn both Abstract XP and Myriad points.

Very nice!

Its experience is similar to Polymarket, but with the addition of a unique feature: "Flash Markets," embedded in news websites, blogs, and even X's posts (although I haven't seen it on X myself yet).

Overall, it is straightforward to operate. If Abstract performs well, the potential of Myriad is also significant.

10. Kinetiq

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

Remember the early bull market of Jito's airdrop? I think Kinetiq will be just as easy.

· By simply staking HYPE tokens, you will receive kHYPE, which can then be deposited into the Earn module to earn a 3% Annual Percentage Yield (APY) and also participate in other airdrops.

· The process is very convenient, with almost no complexity.

The point system has been launched, and future token issuance is almost certain.

The only regret is that there is currently no referral link. If they had one, I would definitely enthusiastically recommend it.

Additional Recommendation: Unit

Actually, this is not an additional recommendation, but a must-have!

Unit offers cross-chain bridging and wrapping services for assets like BTC, ETH, SOL, allowing these assets to be traded on Hyperliquid.

Hyperliquid has become my default cryptocurrency trading platform, and I now only use centralized exchanges (CEX) for fiat withdrawals.

It is precisely because of users like me that the prospect of the UNIT airdrop is very promising. The participation process is extremely simple: just deposit your assets and engage in spot trading on Hyperliquid.

How easy is that? Perhaps only staking kHYPE could be easier!