Blockchain ecosystems continue to gain interest, with Sui and Solana outperforming Ethereum in liquidity attraction last month. Data from crypto bridge protocol Wormhole reveals a shift of $370 million in liquidity from Ethereum to other blockchains, with nearly 90% directed to Sui and Solana ecosystems.
Dan Reecer, Wormhole’s Head of Operations, attributes part of this shift to Sui’s incentive programs driving DeFi activities within its ecosystem. Solana’s surge in interest may be linked to recent airdrop events by applications like Jito, enticing users to earn points across different platforms.
In the Web3 ecosystem, “airdrop hunters” are known for staying updated with trends to position themselves for potential rewards. They quickly redirect liquidity to protocols likely to offer airdrop events for user deposits.
Reward points, confirming user participation in DeFi protocols and potentially qualifying them for future airdrops, are among the data trends. NFT marketplace Blur popularized a point-based airdrop system, significantly impacting the market share previously dominated by OpenSea.
This trend has spread across platforms, protocols, and blockchain ecosystems, becoming more prevalent in Solana. Several Solana DeFi protocols, including Kamino, MarginFi, Parcl, and Solend, have announced their point systems.