The bull market is more sluggish and unpredictable than you might think.
The Current State of the Market
We’ve entered what many analysts call Phase Two of the bull market:
Phase One Highlights:
- Resolved lingering issues from the last cycle (legal wins, reduced leverage).
- Approval of Bitcoin ETFs.
- SOL ecosystem resurgence.
- Major airdrops (e.g., JITO, STRK, ETHFI).
Phase Two Expectations:
- Regulatory advancements.
- Interest rate cut speculations.
- ETH ETF approval debates.
- Increased Bitcoin ETF inflows.
- BTC innovations (Runes protocol, L2s, native dApps).
- New leverage mechanisms (restaking/LRT/Ethena-style protocols).
- Larger airdrops (Eigenlayer, LayerZero, L2s, LRTs).
Key Strategies for Airdrop Farming
1. Eigenlayer + Liquid Restaking Tokens (LRTs)
Eigenlayer’s mainnet launch is imminent, likely accompanied by its token. LRT protocols are also expected to roll out tokens soon.
Top LRT Picks:
- EtherFi: Stake eETH for 20% APY and double EtherFi/Eigenlayer points.
- Renzo: Fastest-growing LRT with $2.3B TVL. Binance Labs-backed.
- Swell: Token launch expected mid-April. Native yield via L2.
- Puffer: Binance Labs-supported but declining TVL.
Pro Tip: Use Pendle’s YT tokens to maximize points.
2. Stacks (Bitcoin L2)
Why Stacks?
- Nakamoto upgrade (5-second transactions).
- Small ecosystem = higher rewards for early adopters.
Top Opportunities:
- Stacking DAO: Stake STX for stSTX and LP rewards.
- Lisa: New liquid staking platform.
3. Starknet
Despite initial STRK airdrop disappointments, Starknet’s unique Cairo language and low TVL-to-FDV ratio suggest future airdrops.
Focus on:
- Nostra (leading dApp).
- Ekubo (top DEX).
- Avnu (Starknet’s Jupiter).
4. Solana
Most major dApps have launched tokens, but Season 2 farming is active.
Top Plays:
- Kamino: Season 2 live; token launch expected April.
- Sanctum: LST aggregator (early-stage but promising).
- Tensor: NFT marketplace with upcoming token.
5. SUI
Why SUI?
- Move language prevents easy forks.
- Growing TVL.
Top Moves:
- Stake SUI via haSUI (Headal) or afSUI.
- Borrow/Lend on Scallop or Navi.
6. Bitcoin Ecosystem
Ordinals and Runes protocol are driving activity. Early NFT holders benefited from multiple airdrops (e.g., RSIC, Runestone).
What to Watch:
- Runes protocol launch.
- New BTC-native dApps.
7. SEI
Limited growth, but Silo (liquid staking) is a bright spot.
8. Injective
Exiting due to low-quality dApps and disappointing airdrops.
New Airdrops to Watch
- Elixir: Orderbook liquidity network ($800M valuation). Stake ETH for elxETH.
- Phaver: Lens Protocol frontend. Earn points via engagement.
- Zircuit: L2 with LRT integration. Deposit for 2x points.
- Mode Network: Optimistic rollup supporting EtherFi/Renzo.
- Ethena: High-yield stablecoin farming.
FAQ
Q: What’s the safest way to farm airdrops?
A: Focus on high-TVL protocols (e.g., Eigenlayer LRTs) and avoid meme coins.
Q: When will Eigenlayer’s token launch?
A: Likely April 2024, alongside LRT tokens.
Q: Is Solana farming still profitable?
A: Yes, especially with Season 2 initiatives like Kamino.
Q: How do I participate in Bitcoin Ordinals?
A: Start with Runestone or RSIC; explore Runes post-halving.
👉 Dive deeper into LRT strategies
Final Word: Stay agile. The bull market rewards those who adapt to emerging narratives—whether restaking, BTC L2s, or high-yield DeFi. Keep farming, but always expect the unexpected.