State of Airdrop Farming: September 2024

Historically, September hasn’t been kind to crypto. But this year, the narrative is shifting. Despite an initial market correction, we’re witnessing a resurgence, fueled by new trends and evolving opportunities.

With the Fed cutting rates by 0.5%, first reduction since 2020, borrowing money can slowly start getting cheaper and markets getting more Risk on!

Solana Maintains Dominance, While Bitcoin Hedge Proves Effective

Solana continues to solidify its position as a leading Layer 1 blockchain, attracting substantial inflows of $761.1 million in the past month. This consistent growth reinforces our confidence in the Solana ecosystem’s long-term prospects.

In terms of broader market trends, Bitcoin’s usual outperformance of Ethereum has provided an opportunity for risk mitigation. Our strategy of utilizing Wrapped Bitcoin (WBTC) as collateral on platforms like Morpho to borrow Ethereum has proven successful, demonstrating the value of a diversified approach in volatile market conditions.

Peak of Tap to Earn Meta

Binance has recently listed a series of Telegram-based mini-games, including $DOGS, $HMSTR, and $CATI. These games often require minimal effort and investment, making them ideal for newcomers to the cryptocurrency space.

X Post : https://x.com/OneClickFi/status/1836445837159002254

While these airdrops may not offer substantial financial rewards , they can serve as a valuable introduction to the world of cryptocurrencies. By participating in these games, users can gain hands-on experience, learn about tokenomics, and potentially receive free tokens.

Rise of BitcoinFi

One standout trend is the rise of Bitcoin-focused liquidity farming. Platforms like Babylon and others are offering exciting new ways to earn rewards while contributing to the growth of the Bitcoin ecosystem.

Let’s dive deeper into these cutting edge emerging trends and explore the potential they hold.

New Strategy: eBTC by EtherFi

Introducing Babylon: A New Frontier in Bitcoin Staking

Previously, Bitcoin holders were unable to fully participate in the lucrative world of yield farming and airdrops. Babylon has revolutionized this landscape by introducing a self-custodial Bitcoin staking solution.

Unlike traditional staking methods that require users to relinquish control of their assets, Babylon’s innovative approach allows Bitcoin holders to securely participate in Proof-of-Stake blockchains without compromising ownership.

In terms of yield and airdrop potential, Babylon can be compared to Eigen Layer. Both projects share similar technological advancements and have attracted significant investment. Babylon has raised a total of $96 million in four funding rounds, with notable investors including Polychain Capital, Paradigm, HashKey Capital, Binance Labs, and Galaxy. This impressive backing underscores the potential of Babylon’s groundbreaking solution.

While Babylon has not yet officially launched a token, given its point system and significant funding, the introduction of a token is highly likely.

Lombard, a Babylon Liquid Staking Token (LST), has received funding from Babylon itself, as well as other prominent investors like OKX Ventures and Polychain Capital, in a Seed Round of $16 million.

How to Get Involved

While the initial deposit phase for Babylon is over, you can still indirectly benefit from its rewards by acquiring eBTC through EtherFi. eBTC is a liquid LST that accrues five separate points:

1. Babylon Points
2. Lombard Points
3. Symbiotic Points
4. EtherFi Points
5. Veda Points

eBTC offers a compelling opportunity to maintain greater exposure to the Bitcoin while enjoying full liquidity and eyeing various Airdrops.

Complete Guide : https://defi.oneclick.fi/airdrops/etherfi-season-4

Since JLP’s yield has dried up significantly we are converting that position Fully into eBTC. We are exiting the position with a profit since JLP has performed tremendously well despite market conditions.

These Bitcoin based farm might become a core part of our portfolio with time as we do believe BTC as a asset is more resilient than ETH and deserves a higher allocation it’s just that not many opportunities were available in the past, this is just getting our feet wet.

Airdrops on ETH we are continuing from August

1. Mantle x Karak x Eigen Layer

Roughly 2 Weeks remain for Mantle Methamorphosis event to finish, hence we will leave this position untouched and wait for our $COOK Airdrop.

Guide : https://defi.oneclick.fi/airdrops/mantle

New Update, Complete Additional Quests and collect badges, might be some sort of multiplier in our Airdrop Allocation.

https://meth.mantle.xyz/campaigns/methamorphosis/quests

2. Mitosis x Linea / Scroll x EtherFi x Eigen Layer

We are continuing with this strategy

Eigen Layer S2 and EtherFi S3 have concluded claim your allocations : https://defi.oneclick.fi/airdrops/etherfi-season-4

3. Symbiotic x EtherFi x Mitosis

We are continuing with this strategy.

For details on the above 2 strategies, please refer to our previous issue here.

4. Morpho x EtherFi x Symbiotic x Mitosis

ETH is down roughly 4% on the month against Bitcoin, but as our collateral was WBTC we were saved from it. So far it is working why change it ?

If you missed this strategy check out our last issue here

Updates on Solana Strategies:

Solayer

Major Updates for Solayer:

• Raised $12M in Funding from PolyChain Capital, Binance Labs, Hack VC, etc.
• Delegate your sSOL here to a AVS of your liking, we personally diversified among all the available options

Our Farming Allocation Strategy

At OneClick.Fi, we’re diversifying allocations between multiple protocols in Ethereum, Solana and now Bitcoin ecosystems in order to maximise the number of airdrops being hit and also multiple assets to reduce volatility. All while keeping the protocol risk limited. The current distribution is 70%-20%-10% ETH-SOL-BTC and 6 major strategies:

1. Kamino-Solayer: 21%, 2 in 1
2. Babylon-Lombard-Symbiotic-EtherFi-Veda : 10%, 5 in 1
3. Morpho-EtherFi-Symbiotic-Mitosis: 20%, 4 in 1
4. Linea-EtherFi-EigenLayer-Mitosis: 14%, 4 in 1
5. Mantle-mETH-Karak: 21%, 2 in 1
6. Scroll-EtherFi-EigenLayer-Mitosis: 14%, 4 in 1

The current airdrop allocations look like the following:

Summary

September has seen a resurgence in the cryptocurrency market, with Solana maintaining its dominance and Bitcoin’s outperformance providing opportunities for risk mitigation. New trends, such as Telegram-based mini-games and Bitcoin-focused liquidity farming, are emerging, offering potential rewards and new ways to earn yield in the cryptocurrency space. Our diversified portfolio strategy prioritizes capital preservation while seeking to capture potential upside through exposure to emerging trends and opportunities within the cryptocurrency market.

Disclaimer: This article, including insights on airdrop farming and other DeFi strategies, is for informational purposes only and should not be considered as financial advice, investment recommendations, or an endorsement of any particular investment or strategy. The cryptocurrency and DeFi markets are highly volatile and unpredictable. Past performance is not indicative of future results. One Click makes no representations or warranties regarding the accuracy, completeness, or timeliness of the information provided. Readers should conduct their own research and consult with independent financial advisors before making any investment decisions. By using this information, you agree that One Click is not liable for any losses or damages arising from your investment choices.