This post will guide you on qualifying for Marginfi, the next anticipated Solana airdrop. Missed JTO? This is your chance to get involved. The post Margin.fi Airdrop: Don’t Miss the Next Solana Opportunity! appeared first on NIGERIA BITCOIN COMMUNITY.
The Solana ecosystem has exploded since the beginning of the year.
SOL price has jumped more than 600% since January.
This incredible growth has been further amplified by the buzz surrounding Solana airdrops, rewarding early adopters with significant token distributions.
Talk about the JTO airdrop, where early users got between $12,000 – $350,000 in free tokens. Isn’t it crazy?
Marginfi, a lending and borrowing protocol could be the next confirmed airdrop on Solana.
If you missed the JTO airdrop and other past opportunities, this is your chance to get involved.
This post will guide you on qualifying for Marginfi, the next anticipated Solana airdrop.
Post Summary
What Is Marginfi? How Does Marginfi Work? Exploring the Features of Marginfi How To Qualify For Marginfi Airdrop Rules for Earning Points A Concise Step-by-Step Tutorial ConclusionWhat Is Marginfi?
Marginfi is a decentralized lending and borrowing protocol on Solana.
Founded by Edgar Pavlovsky, the protocol focuses on giving users a safe and trustworthy way to borrow money and make the most of their funds.
The system uses smart contracts, along with instant risk management and automatic liquidations.
It also integrates with external third-party protocols, enabling users to access a diverse range of decentralized finance (DeFi) services including, bridge, staking and swap.
Furthermore, Marginfi has a points-based rewards program that could potentially be free tokens for early users – more about this later.
With $300+ million lent, $70+ million borrowed, and $250+ million locked in TVL, the protocol is experiencing rapid strong growth.
How Does Marginfi Work?
The core of Marginfi lies in permissionless lending and borrowing. Let’s see how these two works.
1. Lend
As a user, you can deposit various cryptocurrencies, including SOL, USDC, USDT, and others, into Marginfi’s lending pool to earn interest.
The interest earned varies from crypto to crypto.
2. Borrow
Users can also borrow tokens to pay interest, just like paying interest on a bank loan.
To borrow tokens, users need to deposit another supported token as collateral by lending it on Marginfi.
Afterwards, they can borrow a specific amount of their preferred token based on its Loan-to-Value (LTV) ratio.
Loan-to-Value (LTV) ratio represents the maximum amount a user can borrow against their deposited collateral. It varies depending on the crypto being borrowed.
The borrow feature is called the Marginlend, suggesting that users are engaging in lending and borrowing transactions within a margin trading framework.
Let’s look at a real-life use case of marginlend.
Imagine you hold SOL but require additional funds in USDT to participate in a token’s launchpad.
The conventional approach would have been selling your Solana to buy USDT.
However, given Solana’s current bullish trend and the potential for gains, selling might not be ideal.
Enter Marginfi’s lending and borrowing feature, Marginlend.
With this, you can lend your Solana as collateral to borrow USDT. This allows you to maintain your exposure to Solana’s upward trend.
Post-launchpad, after selling your new token, you can return to Marginfi to settle your USDT loan and withdraw your SOL tokens.
Interesting, right? This strategy enables you to simultaneously uphold two positions, ensuring you don’t miss out on any potential gains.
Exploring the Features of Marginfi
Designed with user convenience in mind, Marginfi introduces the following array of product features:
Lend
This is the lending and borrowing section, serving as the protocol’s primary product.
You can toggle the button to “Lend” or “borrow” assets.
There are two types of liquidity pools displayed: Global Pool and Isolated Pool.
Global Pool: Assets here can be supplied as liquidity, used as collateral and can also be borrowed Isolated Pool: Assets here can be supplied as liquidity or borrowed. However, they cannot be used as collateralFurthermore, the protocol’s stats are displayed here, including the amounts lent and borrowed, TVL, details about your transaction and risk management status.
Stake
This allows you to stake LST to earn rewards at zero fee. LST stands for “Liquid Staking Token“.
You can get LST by depositing SOL on “Lend” or converting your tokens for LST through “Swap”.
Swap
With this integrated Dex feature, you can effortlessly swap your tokens to the preferred option, all within the platform without leaving.
Impressively, the “Stake” and “Swap” feature is powered by Jupiter. Luckily, using these two can position you for the next upcoming JUP airdrop.
Bridge
Powered by Mayan, it enables users to bridge assets across blockchains such as Solana, Ethereum, BSC, Avalanche, and Arbitrum.
Mayan is a cross-chain bridge on Solana.
Earn
This allows BONK holders to stake their token for 6 months for a 10% APY.
Other features include the “Points” program, which will be discussed in detail later, and “omnl,” a web3 AI similar to ChatGPT.
Are you looking to position yourself for Marginfi airdrop? Let’s delve into the next section!
How To Qualify For Marginfi Airdrop
Rules for Earning Points
As previously mentioned, Marginfi operates on a point-based system.
This approach is commonly employed by protocols to incentivize and reward early adopters of the platform.
For instance, Jito airdropped tokens to early users who accumulated at least 100 points.
How do you accumulate points on Marginfi?
There are three ways that it is done:
Lending Points – Each dollar lent accumulates 1 point daily. For example, if you lend $20, you earn 20 points every day. Borrowing Points – Borrowers receive more points than lenders. $1 borrowed will earn 4 points per day. This means that borrowing $20 will earn you 80 points daily. Referral Points – Referring others gets you 10% of their points, and you also earn 10% from points earned by your referrals.Note: The team has not disclosed any plans for future rewards associated with these points as of this writing in December 2023.
Let’s continue!
A Concise Step-by-Step Tutorial
Step 1 – Fund your wallet
Download the Phantom or Solflare wallet and fund it with SOL, it’s also used for gas fees.
After that, go to Marginfi and connect your wallet.
Step 2 – Lend
Go to “Lend”, select your preferred token, enter the amount you want to deposit and click on “Supply”.
Step 2 – Borrow
Go to “Borrow”, select your preferred token, enter the amount you want to borrow and click on “Borrow”.
Step 2 – Make Referrals
You won’t see your referral link until the next day when your points start accumulating.
When your Referral link displays, share it with friends to earn a share of their points.
That’s it! Easy, right?
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Conclusion
Marginfi is rapidly gaining traction and adoption, thanks to its point-based system that entices users with the prospect of a potential airdrop.
Although the Marginfi team hasn’t officially announced the specific future value of points, their potential for future rewards remains appealing.
Tell me in the comment section: What do you think about Marginfi and the point-based system?
Having trouble with the airdrop tutorial Let me know your challenges.
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The post Margin.fi Airdrop: Don’t Miss the Next Solana Opportunity! appeared first on NIGERIA BITCOIN COMMUNITY.
