Nine Tokenless Protocols With Points to Farm Now
Push the button, don't push the button. Trip the station, change the channel.
Clicking buttons pays off in crypto more than any other industry.
Got early on a protocol, deposited some SOL, swapped a few times? Here’s a $10k airdrop for you. I once even earned $120k USD airdrop from filling a Google Docs form (Inverse Finance airdrop).
While the crypto market seems boring and dominated by macro factors, there are a new cohort of exiting and tokenless protocols for you to try out. In this post I share nine!
Note: This isn't a sponsored post. However, I reached out to teams to boost my referral links with extra perks for both you and me. Making it a win-win scenario.
Disclaimer:
The content above is for informational purposes only and not financial advice. DeFi involves risks—including smart contract vulnerabilities, asset volatility, and potential loss of funds. Always do your own research (DYOR) and assess risks before interacting with any protocol.
1. Ostium
Perp exchanges is a super competitive sector with leaders changing constantly (dydx→GMX→Hyperliquid).
Ostium is a unique player, though. They introduced leverage trading for S&P 500, Dow Jones, Nikkei, Gold, Copper, and numerous other TradFi assets to onchain trading.
Those “RWAs” are actually not backed by anything but Ostium brings synthetic onchain price exposure via oracle price feeds. Built on Arbitrum.
AFAIK is not the first time someone tried it, but Ostium is gaining good traction:
$46M in TVL in Ostium Liquidity Pool (OLP) which functions like HLP on Hyperliquid to generate trading & liquidation fees
845 daily and 2225 weekly users
$2.1B in total trading volume
Ostium is running points since March 31st for traders and OLP depositors.
I believe onchain RWA trading, even with synthetic assets, holds big potential for many crypto natives. It allows us to avoid cashing out our stablecoins to legacy TradFi platforms.
This good be a good airdrop for early users.
👉Earn a 5% boost on all your point scores using my invitation link here.
2. Axiom
You probably heard about Photon, BullX, GMGN, BonkBot and other trading platforms for Solana.
But they are so…2024.
Axiom, backed by Y Combinator, launched in February and is already dominating the whole category (44% total dominance. Dark blue in the dashboard below).
Interestingly, Axiom official X account and co-founders are keeping a very low profile on X with very few posts. Marketing is spreading via word-of-mouth, it seems.
What’s more, Axiom’s final goal is trading any asset on any chain, with Perps (live via Hyperliquid), yield protocol, wallet tracking, etc.
When Solana trading degeneracy picks up, Axiom can really benefit from it.
Points campaign is live from trading, quests and referrals. I have a good feeling about Axiom token.
👉Start trading and earning points with my shilly referral link here.
3. Fragmetric
Enough of trading apps. For now.
Fragmetric gives me early 2023/24 Solana DeFi days that ended up with generous Jito and Jupiter airdrops.
It’s also a second chance to you if you missed Solayer (since LAYER is actually pumping after the airdrop).
For Fragmetric I have two news:
Bad: We’re are not super too early as deposits opened in October, 2024
Good: We’re not too late as token not live and points keep rolling and majority of deposits started flowing in late January. And it’s a simple deposit and forget farm.
Anyway, Fragmetric is a liquid restaking protocol built on Solana.
When you deposit SOL or LSTs into Fragmetric, you receive LRTs like fragSOL or fragJTO.
Restakers become SANG (SolanA Network Guard), a community of guardians who secure Solana’s ecosystem. And you earn extra rewards from securing NCN/AVS (new decentralized services).
Very simple strategy if you have idle SOL and want to diversify risk from Kamino, Marginfi, Solayer.
TVL stands at $125m, so not too early :(
F Points
F Points are Fragmetric’s loyalty system, earned simply by holding LRTs.
Or you can get boost points by wrapping LRTs (e.g., wfragSOL for DeFi use).
Fragmetric raised $12M in total funding. The latest $5M round invested by RockawayX, Robot Ventures, Amber group, BitGo.
TL;DR: Super easy SOL farm.
👉Make me earn some airdrop by joining with my referral link. Thank you very much.
4. Loopscale
ATTENTION: After I shared this post I had been farming on Loopscale LOOP strategies for a while and noticed my position getting smaller instead of larger despite the promised high APY.
On top, I deposited PT-fragSOL loop strategy and immediately got 10% slippage. I will leave the protocol intro below but be careful and DYOR!
Now, Loopscale lets you earn more on your newly acquired fragSOL. More on this in just a second.
Loopscale brings innovation to Solana DeFi with modular, order book–based lending.
This differs from pooled liquidity model that Kamino, Marginfi or even Aave use:
“By replacing pooled liquidity and algorithmic rates with direct order book matching, Loopscale improves capital efficiency, enables more precise risk management, and supports new types of markets that are difficult to achieve with traditional DeFi architectures.” - Loopscale docs
You can lend/borrow, loop (1-click leverage like Kamino multiply), or join Vaults.
Since Loopscale emerged from closed beta 5 days ago, they launched Genesis Vaults giving 6x more points until caps are reached (not much left until full!)
One simple strategy is JUPSOL looping for 22%+ APY (Like Kamino multiply). You get 2x points.
I asked them about depeg. They said that short-term LST/LRT depeg won’t liquidate your loop, “but staking yield falling below borrow cost or validator underperformance could”.
If you’re more degen and want 32% APY on SOL, there’s another Vault for your fragSOL:
Note: you forgo Frametric boost points but earn higher fixed APY on Loopscale.
TVL currently stands at ~$40M USD, so still early.
Loopscale has strong backers: CoinFund, Solana Ventures, Coinbase Ventures, Jump, and Room40.
👉I want a juicy airdrop too so pls use my referral here. Thx very much.
5. Upshift
Ever felt like DeFi is getting too complex and finding great risk adjusted yield opportunities is getting more and more time consuming?
Say no more.
On Upshift, you deposit crypto into vaults managed by “sophisticated hedge funds” and investment managers.
Yield strategies range from looping, to more sophisticated products involving delta-neutral hedging, OTC options or systematic stablecoin DEX market-making.
Upshift has 4 core products:
Lend: On-chain, overcollateralized loans to verified institutions
DeFi Yield: Curated vaults by top DeFi funds
Vault-as-a-Service: Plug-and-play vaults for protocols
Synergy: Borrow against vaults to boost yield and capital efficiency
Learn more in their docs here.
TVL is not too shabby at $236M USD as of writing. They are giving 5x more points until reaching $750M USD in deposits.
To be honest, my preferred strategy is Hyperbeat Ultra HYPE which manages yield farming of my HYPE on HyperEVM ecosystem.
Backed by Dragonfly VC, Hack VC, 6MV, and Robot Ventures.
No referral for this one! Just go here to their website.
6. Level
Listen up if you hold any stablecoins:
Level is a stablecoin protocol issuing lvlUSD - a stablecoin itself that is backed by USDC and USDT generating yield from blue-chip lending protocols.
You deposit USDC→ USDC deposited to Aave/Morpho, etc → you get lvlUSD to use it elsewhere in DeFi.
You can simply stake lvlUSD into a value accruing slvlUSD and earn 8.48% APY.
But to earn XP points you need to farm with lvlUSD in DeFi protocols: deposit lvlUSD into Curve, Spectra or Pendle (where current PT yield is 13%), etc.
As of writing they have $138.26M in TVL, so not bad at all. Level social account on X has been growing in followers as well, which is a good sign when the token drops.
Backed by Dragonfly VC and Polychain.
Level isn't the first protocol to experiment with this playbook, and many have failed to achieve PMF. However, with decent yields and an upcoming airdrop, it could be a promising opportunity.
👉Get an amazing 30% XP boost with my super-duper referral here.
7. Huma
Stablecoins and RWA is the hottest narrative but getting exposure to it is hard. Possible to wait for Circle IPO but don’t expect 10x gains in a day.
Huma, a payment financing (PayFi) network, recently raised $38m from Hashkey Capital, Folius Ventures, Stellar, and others.
This follows its merger with Arf, a Circle-backed protocol providing liquidity and settlement services for cross-border payments.
So here’s what makes Huma unique.
Payments take days. Fees are high. Banks keep most of the profits. Huma fixes this by using blockchain and stablecoins (USDC) to make money move instantly, globally, and cheaply.
Huma accelerates real world payments with stablecoins and liquidity onchain. Financial institutions can settle large amounts of capital around the world, replacing the need for old systems like SWIFT, or pre-funding mechanisms.
Two Ways to Earn
Classic Mode: Stable monthly yield + Feathers (points). Currently at 10%+
Maxi Mode: 0% APY but 5x more Feathers if you are bullish on Huma’s future governance token, $HUMA.
Now, you can also deposit USDC → get $PST (PayFi Strategy Token), a yield-bearing token usable across Solana DeFi (swap on Jupiter, borrow against on Kamino).
Even locked positions can exit early via PST liquidity pools.
As of now, Huma:
Offers a 10.5% APR on USDC
Has $74.7M in PayFi transactions earning yield
Holds $7.2M in liquid assets (stablecoins) for emergencies, not earning yield
So $81M in TVL is not bad at all.
👉Earn 10% more Feather points with my invitation code!
8. DeFi App
You've likely seen DeFi App frequently shilled on your X timeline. It's not just the amount of posts, but the manner of its coverage that makes me a bit …err.
This always makes me more cautious and gives me a strange gut feeling.
But there are reasons to be quite bullish:
Became top 3rd DEX aggregator with $229m daily and $991m weekly volume
Raised $6m in funding at a $100m valuation from good VCs: Mechanism Capital, Selini Capital, North Rock Digital and around 50 angel investors.
Apparently I’m a faction leader on their Degen Arena! (More on this in a second).
DeFi App is an all-in-one SuperApp, making DeFi simple.
From the Beta app, the cross-chain swaps are really good. No annoying gas, supports Solana and EVM chains. They’ll add yield farming, and perpetual trading, etc.
Their token HOME is not live yet, and you can farm it by simply swapping tokens.
That’s basically all you can do now, but!!! You can earn points while swapping and joining the Degen Arena via a Faction.
The top 50 factions get extra rewards and early access to new Defi App features. Why join a faction? In Degen Arena's first season, $HOME has a larger allocation:
60% of Season 1 XP goes to the Faction XP pool.
40% of season rewards go to the Faction bonus pool.
I'm currently in 38th place, so if you use my referral and join the arena to swap, we'll all benefit, especially me.
👉Join Ignas Faction on Defi App here.
9. Slingshot
If there's one mobile app to swap all tokens across all chains, it might just be Slingshot.
Before you try it out, here are a few things to know:
It's super simple to create an account, just like a Web2 app.
Magic Eden recently acquired Slingshot, reducing the chances of a Slingshot token airdrop. :(
You'll soon be able to swap Bitcoin Rune tokens, which is a key reason I like the app.
So, if you primarily trade crypto on mobile, Slingshot is a must-try app.
👉Download Slingshot using my ref link
Btw, wonder why 9 protocols, instead of 10?
Because I couldn’t find more at the time. Need to research more. When I do, I will share more on this blog.
So please click ❤️ and subscribe for more!
Thank you for this, Ignas. Once again, I appreciate your research work in DeFi. Really inspires and helps.
I'll be looking into DeFi App 🤝🏽