📈 Solana Defi

TVL on Solana is fast approaching $1BN, fuelled by airdrops

Together with

Hey there 👋,

Solana DeFi has been printing money over the last week, and total value locked (TVL) has 3x over the last 3 months:

In this week’s issue, I discuss future airdrops and ways to put your $SOL to use through staking and farming (where there is always a non-zero risk of losing capital however) with the following protocols:

This will be the last DAI of this year, thanks so much for opening and clicking in 2023. In the sprit of Christmas, I’m giving away free DAI hats and/or pins (dependent on stock levels) to all those who reply to this email.


Richard (@richardpatey)


  • Avalanche pumps 40% over the last week (Link)

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  • Rug Radio announces merger with Decrypt (Link)

  • Donald Trump announces season 3 of digital trading cards with a real physical Trump card (Link)

  • Over 420k new Phantom wallet installs since Breakpoint (Link)


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Defi on Solana all starts with liquid staking - getting a derivative token (such as mSOL, stSOL, JitoSOL, or BlazeSOL) that represents your staked SOL which you can use to provide liquidity to earn rewards and farm airdrops.

This is the best guide to understand more:

For example, you can deposit $SOL on Blaze for bSOL:

And then for extra rewards on top of the APY for staking, you can take your bSOL to protocols such as Kamino and provide liquidity on bSOL pairs:

With Kamino you will earn points for a future airdrop:

On Marinade you stake for mSOL:

Which you can then take to a protocol such as Marginfi where you can lend your mSOL (and then borrow other assets) to earn mrgn points for their future airdrop.

Marginfi was 1/3 of the way to a billion dollars locked before the recent dip:

It’s the one I’m personally focussing and most bullish on.

Notshort, who crushed the Jito airdrop last week, created a great video on how you can stack protocols together (although your risk increases this way):

And there are a lot of other great Solana airdrop threads on X, such as by Miles Deutscher, which talks about Drift which I’m using to trade (now that Bybit banned us Brits) and mentioned back in October:

Drift is the best trading interface I’ve used, and has 10x leveraged PERPs to go long or short:

$SOL trading back up over $70 :)

Miles also talks of a potential future airdrop from Phoenix, an on-chain orderbook.

I played poker in Amsterdam (one evening after the Breakpoint conference) with one of the co-founders of Pheonix - I forget his name and have not been able to find his profile online unfortunately, but have not forgotten he stacked me with AK all in vs my 99. If you’re reading this, it would be great to reconnect!

I’ll finish with what one of the top crypto airdrop farmers has to say:

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That’s it for this time! Have a great holiday season and see you again in the new year.


Richard (@richardpatey)

Disclaimer: Nothing in this email is financial advice and I am not a professional investment adviser. I send weekly updates on digital asset news and what I'm doing personally - consider it informational and for entertainment purposes only. Thanks to atato for sponsoring this issue. There are affiliate/referral links to Solana protocols in this issue, please use them :)

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