Original author: Ignas

Original translation: AididiaoJP, Foresight News

Recent project airdrops are hurting the crypto community again and again. When project airdrops become the norm, community users are gradually beginning to despair.

But I don’t think they will disappear so easily. As the noise subsides, the airdrop rewards to real users will gradually become more substantial.

The reality has changed dramatically from the previous airdrop environment: you must continue to use the protocol, one transaction is not enough, and the project will choose to reward real users rather than simple airdrop hunters.

This article lists 10 airdrop projects that I am currently participating in.

These are not just simple airdrops, but also good products. Even if the final airdrop rewards are not as expected, you should still be able to get value from them.

Based

A trading app and wallet built on Hyperliquid. Available on mobile, desktop, and Telegram.

You can use Based to trade perpetual contracts and spot commodities, and you can also make purchases and earn points using a Visa card.

Based is backed by venture capital firms such as Hashed, Delphi, Newman and Spartan.

The gameplay is simple: Through Based, you can get airdrops in 4 ways, instead of just getting rewards through HL:

1. Hyperliquid Season 2 and 3 Airdrops
2. BASED Token
3. Based Ecosystem Airdrop
4. UNIT Airdrop

The team has publicly stated that the number of points earned is tied to future BASED airdrops. This is one of the clearest setups available. The only downside is that transaction fees are 0.025% higher than through HL.

How to do it:

Trade perpetual contracts on your mobile device or desktop as your default Hyperliquid app.

Tip: Use the desktop app to get a 30% bonus. Participate in trading competitions to win prizes (current prize pool is $20,000)

Liminal

Great for stablecoin holders. Another option for Hyperliquid users: delta-neutral yield vaults on Hyperliquid.

The easiest and most promising airdrop you can bet on.

Even if you don’t want any directional risk exposure to tokens like HYPE, BTC, ETH, etc., you can still get the HYPE future airdrop + Liminal airdrop.

Deposit USDC and earn income through funding rate differentials and maintaining a market neutral position.

How to participate

• Deposit USDC
• No official points yet
• If tokens are issued, usage may be rewarded

Even without tokens, the returns are sustainable (USDC 9.5%+ annualized), and airdrops are an additional bonus.

Transfer USDC to Hyperliquid across the chain, deposit it into the vault, and then earn the returns.

Legion

Legion wouldn’t be on my “airdrop bucket list” if it weren’t for this tweet:

Legion has raised $5 million from prominent institutions to bring startup equity, private credit, and intellectual property to the crypto market.

This is a huge market size!

Their most recent additions to OTC trading include OpenAI equity and token sales.

Tokens are how these VCs make money.

How to do it:

Create an account, pass KYC verification, connect social accounts/wallets to improve your score, and participate in token sales.

Airdrops are a bonus, so don’t blindly buy every ICO token, do some due diligence first!

Fogo

Fogo is an L1 built on Solana SVM.

The difference is that it runs a pure Firedancer client, which means sub-second block times and a design designed to support high-frequency trading.

The public testnet is now live. The mainnet has not yet been launched.

Why I Like It:

They've already secured solid backing: a $5.5 million seed round in late 2024, followed by an $8 million public sale in January on Cobie's Echo platform at a $100 million valuation.

Maybe it will become an airdrop with low float and high fully diluted valuation like it has in the past.

The testnet is in its early stages, which means less competition, less noise, and more upside potential.

Firedancer is a differentiator. If they succeed, the chain will gain traction and being involved from day one could pay off.

• They use Flames as a points system and Season 1 is over so waiting for Season 2.
• You can claim free FOGO and fUSD testnet tokens.
• Ecosystem applications are very important. The main DEX is Valiant, but my favorite is Ambient.

Backpack

Every crypto bull run has a new centralized exchange participant, Coinbase → Binance → FTX.

This cycle we have a decentralized exchange Hyperliquid, but Backpack has a CEX vacancy to fill.

I agree with Fabiano that it is “one of the last remaining six-figure airdrops on Solana.”

• It didn’t get enough buzz, and had far fewer users participating than other Solana airdrops, meaning less dilution.
• They acquired FTX EU, which gave them regulatory advantages in Europe. They are building a compliant CEX business, demonstrating execution and credibility.
• Backpack raised $37 million in funding.
• They have their own wallet: Backpack, which increases their valuation.

How to do it:

• The points system is structured into seasons. Season 1 ends on August 6th, and Season 2 begins on August 7th.
• You can earn points by trading spot and recently added futures (including perpetual contracts like WLFI). You can also deposit fiat currency.
• The points earned from spot trading are twice as much as those from perpetual contracts, which encourages diverse user participation.
• It is harder to manipulate because it requires KYC.
• Mad Lads NFT holders automatically receive VIP status.

Axiom

I can’t not mention Axiom as it consistently earns over $1 million in fees per day. Axiom is the last project with such high revenue and product-market fit that hasn’t yet launched a token.

Axiom is backed by Y Combinator.

Personally, I’d use it when I want to trade Solana shitcoins, but you can also use it to trade on HL (get the 2x airdrop) and earn yield on MarginFi. If the Memecoin bull run returns, Axiom will be the big winner.

How to do it:

Simply use this platform instead of trading on other memecoin DEXs and earn Axiom Points on the exchange.

The more trades you make, the higher your rank becomes and the more points you earn.

The white paper hints at the future token issuance, and few protocols are so transparent.

Prediction Market

Polymarket is the clear winner in my opinion for the best potential airdrop.

If Polymarket executes well, it could be second only to Hyperliquid.

However, Polymarket is not the only option for prediction markets. The other two are:

Limitless

Limitless runs prediction and proof markets on Base. You can bet on outcomes, or create proofs for others to agree or dispute.

They have just launched their first points season (July 1st - September 22nd, 2025).

How it works

• Minimum trading volume of $200 USD to qualify
• Provide liquidity to earn stable points
• Leaderboards updated weekly with levels: Bronze, Silver, Gold, Platinum, Diamond
• Higher levels provide bonuses (up to 20% at Diamond level)

This is another bet on the prediction market narrative. It is more playable for retail players and offers hourly markets.

Weekly resets maintain fairness: activity is more important than scale, so it is friendly to non-whale wallets. Prediction plus proof is a unique angle on Base.

How to do it:

Make small trades every week (on both Polymarket and Limitless) and try creating some markets.

The cost of staying active is low, and continuing users should benefit the most.

Myriad

Myriad is a prediction market on Abstract, so you can get both Abstract airdrop XP and Myriad points.

It feels like Polymarket, but with one difference: “Flash Markets” that appear on news sites, blogs, and even within Post X.

If Abstract's bet pays off, Myriad could also perform well.

Kinetiq

If you only want to participate in one airdrop on Hyperliquid EVM L 1, choose Kinetiq.

Remember the early bull days when Jito airdropped? I thought Kinetiq would be just as easy.

You stake HYPE and receive kHYPE, which you can then deposit into the Earn module to earn a 3% annualized rate of return, as well as other airdrops. Points are now live.