Currently, many Solana projects are likely to reward their users through airdrops.
Today, we are interested in the MarginFi protocol. In essence, the platform has a points system that rewards users for certain actions. Eventually, users will be rewarded based on the number of MarginFi points they have collected.
Find out in this guide how to be eligible for the MarginFi airdrop.
Key points about the MarginFi airdrop:
- Project: MarginFi
- Difficulty: Medium
- Duration: 5 – 10 minutes
What is MarginFi?
MarginFi is presented as a fully decentralized lending and borrowing protocol.
The protocol also offers other DeFi services, such as swapping, staking, and its own bridge.
In this guide, we will mainly focus on the lending and borrowing services, as this is where you can earn MarginFi points.
How to be eligible for the MarginFi airdrop?
First, you need to have a digital wallet that supports the Solana network. Among the most popular ones are Phantom Wallet, Solflare, and Backpack.
Now, you need to know that there are several ways to earn points on MarginFi, which are:
- By lending tokens: $1 lent = 1 point per day.
- By borrowing tokens: $1 borrowed = 4 points per day.
- By referring other users: 10% commission
1 – Lending tokens on MarginFi (lending)
Once you have a Solana wallet, go to the MarginFi protocol: click on this link
Without further ado, connect your wallet by clicking on “Sign-in” and then on “Use a wallet“.
Next, click on the “Lend” section, and you will see all the lending pools offered by the platform.
Note that if you lend “JitoSOL” tokens, you will earn points not only on MarginFi but also on Jito, a liquid staking protocol that also offers a points system with an airdrop in sight.
For those who want to participate in the Jito airdrop, we recommend that you follow this guide created by us: (insert link)
For those who want to get JitoSOL tokens, you can go through the Jito protocol (explained in the mentioned article), or directly through MarginFi’s “Swap” service.
Now that you have JitoSOL (or another token according to your strategy), go back to the lending page, enter the amount of your deposit in the pool of your choice, and click on “Supply”.
You can now see your position in the “Your Account” section.
2 – Borrowing tokens on MarginFi (borrowing)
After lending your tokens, you can borrow other tokens through the “borrowing” service on MarginFi.
To do this, first go to the “Borrow” page.
Then, search for the pair of your choice and enter the amount of the token you want to borrow.
Once your transaction is complete, you will see the “Health Factor” of your account. The closer this percentage is to 0%, the higher the risk of liquidation. That’s why it’s important to keep an eye on this indicator.
To go further, you can choose to use your loan to interact with other protocols that may carry out an airdrop. You can also use it to “re-lend” tokens on MarginFi, use lent tokens to borrow others, and create a “liquidity loop” until a certain level is reached.
3 – Referring users
The third method to generate points on MarginFi is to refer other users. The protocol allows you to have your own referral link, which you can then share with others.
The principle is simple: you will receive 10% commission on the points earned by your affiliates. Let’s say your affiliates generate a total of 1000 points, then you will receive 100 points in your MarginFi account.
To access your personal referral link, simply go to the “points” page of MarginFi and click on “Copy Referral Link“. Feel free to share it wherever you want.
Important information about the MarginFi airdrop
Now that you know how to earn points on MarginFi, be aware that you can access the general ranking directly on this page: https://app.marginfi.com/points
The more points you accumulate, the better your reward will be.
To not miss any announcements about the MarginFi airdrop, we recommend following the project’s Twitter account.