Airdrop Drift on Solana: How to position yourself to benefit from it?

If you follow crypto news closely, you couldn’t have missed the numerous airdrops that have taken place on Solana recently. Indeed, Some users won up to $20,000 during Jito’s JTO token drop on Solana. In the face of this enthusiasm, many protocols are considering doing the same. If you want to put all the odds on your side and use the Solana airdrops, you’ve come to the right place. Today we’re going to see how to position yourself for a potential Drift protocol drop.

Drift Protocol: DeFi all in one

Drifting Yippee The DeFi protocol is developed on the Solana blockchain. Drift differentiates itself from its competitors and extensive range of services. Indeed, the Drift platform offers a multitude of DeFi services. It goes from simple exchangeOn leveraged margin tradingthrough liquidity funds and even an insurance system, just that.

Currently, the protocol represents little more than $90 million TVL and has been experiencing meteoric growth since mid-November. With these numbers, Drift ranks 9th among Solana DeFi protocols in terms of TVL.

Development of TVL protocol Drift on Solana

The icing on the cake Drift still does not have a token specific to its protocol. Not surprisingly, this has led to much speculation regarding a potential dropout.

Position yourself on the Drift protocol landing pad

Although the landing has not yet been officially announced, it is wise to prepare in advance. Especially since Drift has implemented a lottery “ticket” system that allows you to win the jackpot every day. All actions performed on the platform allow you to win tickets. Who knows, maybe this data will be used during the landing.

Let’s take a look at how you can line up for the Drift Protocol Airdrop.

Step 1: Install Solana wallet

To interact with the logs on the Solana blockchain, you will need a compatible wallet. For our part, we will use excellent Phantom wallet.

Once your wallet is up and running, you’ll have to backup SOL. Use your favorite exchange platform or DeFi point for this.

For this tutorial, we’ll be doing a tour of the products offered by Drift to increase our chances of qualifying in the event of a landing.

Step 2: Deposit USDC into your Drift account

Now that everything is ready, let’s go to the official Drift website: app.drift.trade.

Before starting, you can activate the bonus ticket system on the website by clicking on the dedicated field at the top right by clicking on “Enter the draw” then confirmation of registration.

Drift Draw

Drift, like many exchange platforms, is a work in progress system of accounts. First we will need to top up his account with cryptocurrencies.

To do this, you can deposit USDC or SOL into your Drift account. You can do this by clicking on the section “Deposit/Withdrawal” next to your profile.

Insert funds for airdrop drift

Please note that there is a cost of 0.05 SOL and a minimum amount of $50 to create a Drift account.

Once the resources are saved, we will be able to start using the protocol.

Step 3: Trading on the Drift Protocol

Drift offers a spot market and perpetual market where you can trade different cryptocurrencies. Each dollar traded earns you up to 10 tickets.

First, we will trade through the spot market. For this we go to the section Shop and then Spot from the drop down menu. Here we will exchange SOL for USDC. You can see that we have enabled the “Decrease Only” mode so as not to activate the leverage.

Drift spot market

We now turn to eternal marketby going to the section Trade and then Perpetuals from the drop down menu. Here we open a small position, with little leverage to avoid liquidation.

Eternal drift

Finally, you can also try the classic Drift DEX, in the section Trade and then trade.

Step 4: Borrow and borrow cryptocurrencies on Drift

As we saw in the introduction, the Drift protocol has a large number of DeFi products. So we will continue to explore it to best expose ourselves to the potential of the landing party.

By borrowing and lending cryptocurrencies on Drift, you can increase your interactions with the protocol, which could give you an advantage if an airdrop is announced.

To do this, go to the page Earn and then Borrow/Lend section. Here you will be able to save and borrow funds.

First, select the fund in which you want to invest your assets. In our case, we chose bSOL. Find the matching fund, click Deposit and enter the amount you want to deposit.

Insert Drift airdrop resources

Once the funds are deposited, we will too take out a small loan. To do this, you will need to go to the tab “Borrow” on the same page. Once again, select the asset you want to borrow, the amount and sign the transaction.

Be careful, borrowing comes with risks disposalit is essential to maintain a healthy collateralization ratio.

Step 5: Provide liquidity to Drift

in providing liquidity in one of Drift’s permanent markets, you can again increase your chances of a reward in the event of a landing. Liquidity providers receive a share of exchange fees for their contribution.

To do this, you will need to go to the section Then earn DLP in the site dropdown menu. In this section we select the asset to store. In our case it will be SOL.

Drift DLP

Congratulations, it looks like you’ve passed the rounds of the Drift protocol. From now on, you will need to stay informed of the potential drop and monitor your positions, which may include liquidation.

Placing on a Drift Protocol airdrop can be a great opportunity to maximize your earnings. By following the steps in this guide, you can prepare ahead of time and increase your chances of being airdrop eligible. If you want to continue this line, you can also learn how to position yourself for the MarginFi Airdrop, also on Solana.

Leave a Comment