For anyone who missed the Uniswap or Jupiter airdrops, or simply for anyone looking to experience an airdrop with great potential, this information will be of interest.
As you may know, each blockchain typically has exchanges that offer swaps and liquidity, and there's always one that stands out above the rest, such as Uniswap for ETH, Pancakeswap for BNB, or Jupiter for SOL. These exchanges distribute rewards to their users in the form of airdrops when they launch their own token, and when it's a large and robust blockchain, it's even better.
The SUI blockchain is one of the most important and is becoming increasingly relevant. Its main exchange has not yet launched its token and is currently in the point accumulation stage to deliver its airdrop. So, it's a great opportunity to position yourself for the future.
The project I'm talking about is Momentum. It's the largest dex within SUI, with a TVL of over 140 million and growing daily. Exposing yourself to this project's airdrop is as simple as using it. If you do it intelligently, you can even earn while farming the airdrop. Below is my strategy. However, it's not investment advice, nor do you have to replicate it.
To start, you must have a wallet compatible with the SUI blockchain. You can use Binance Wallet, OKX Phantom, Metamask, or one of the SUI network's native wallets. Then, you must fund the wallet with the capital you want to use. Remember that you must always have some SUI to pay fees, despite how cheap they are. If you're withdrawing from Binance and already have SUI in your wallet, withdrawing in USDC is better since the fees are cheaper. Otherwise, it's best to withdraw directly in SUI currency.
Once I have the capital on the SUI blockchain, all that's left is to use the protocol. My risk-avoiding strategy is to open a pool with half the capital in stablecoins. Personally, I like the fdusd/usdc pair since the profitability sometimes exceeds 20% APR, and I'm not exposed to market volatility since both are stablecoins. Finally, with the other half of the capital, I swap stablecoins daily, since the criteria for receiving the airdrop are the swap volume and the volume contributed to the liquidity pools.
Done, just like that, I'm positioning myself for this airdrop while earning the pool's APR, covering the swap fees, and that's even more than enough given how low they are. So I don't spend anything and am exposed to the airdrop. I'm leaving the direct link to the momentum protocol in case you want to check it out; just copy and paste it into your browser. It's a referral link, so if you decide to use it, great 👍
https://app.mmt.finance/leaderboard?refer=M7Z26T
I'll provide an update when the airdrop ends. I'll also post information about other potential airdrops, so you can follow me to stay up-to-date.
Thanks for reading.