🥛 The airdrop meta is back 🪂

GM. This is Milk Road Degen, the crypto newsletter that knows fortune favors the early, the active, and the slightly unhinged.

Here’s what we got for you today:

✍️ Ultimate airdrop guide for q4 2025
🎙️ Milk Road Degen Podcast: The Rise of Aster: Binance’s Plan to Beat Hyperliquid w/ Jampzey
🍪 Fitell jumped 180% on Solana treasury plan

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Prices as of 8:00 AM ET.

ULTIMATE AIRDROP GUIDE FOR Q4 2025 💰

Get ready, degen.

We’re entering the most magical season in crypto.

Not the holidays. Not Q4 bull market vibes.

I’m talking about the real magic: airdrop season.

Source: @PixOnChain

Even if you don’t qualify for any, you should still care. Airdrops are pure liquidity events. People get suddenly rich, new tokens get free exposure, and whatever meta is tied to the drop goes absolutely vertical.

But if you do qualify?

Then yeah… Christmas is coming early. And it’s bringing 5-6 figures of potential upside.

There are so many airdrops in motion that I had to split this into three parts:

Airdrops you missed (too late to farm, but worth watching)
Airdrops you can still farm (aka “get to work”)
Airdrops that could surprise us (the wildcard category)

But first, some context. If you’re newer to the game - or just need a refresher - here’s what you need to know about how airdrops work and what actually determines how much you’ll earn.

Airdrop fundamentals

Most airdrops reward users for one (or more) of the following:

Onchain activity: For chains or DEXs, this usually means number of transactions, total volume, or time-weighted usage. Some protocols get more specific: trading perps on Hyperliquid, launching tokens on PumpFun, etc. Just do the core function of the app.
Points programs (XP): These are everywhere right now. Blast set the standard last cycle with the “Blast Gold” campaign, and now many apps are running points systems - often with multipliers for referrals or holding NFTs.
Quests: I personally can’t stand these, but they’re effective. You log in, complete various tasks (trade this token, bridge to that chain, retweet this tweet), and slowly climb the leaderboard.
InfoFi/yapping: Popularized by Kaito, these reward you for talking about protocols. If your posts get views and engagement, you can earn points (and maybe allocations). No projects on today’s list rely on this, but it’s worth knowing.
Token/NFT holding: Some airdrops include holders of certain NFTs or tokens. It’s rare, but if you’re in the right club (like Moonbirds), you might get paid.

Every project builds their own formula to balance these - and most reward the type of user they want holding their token long term.

For example: Zora users launched tokens, tipped creators, played on their chain for years - and got peanuts. Meanwhile, Jupiter rewarded people who did one swap with a 4-figure drop. Some platforms favor whales. Others favor loyalty. You never really know.

Pro tip: If you want to get serious about airdrop season - do one transaction on every platform. Worst case, you lose 5 minutes. Best case, you win big.

Extra tips to consider

Tokenomics matter: If only 1-5% of the token is going to users, the airdrop might be dead on arrival. Protocols like Hyperliquid (which have no VC allocation) are far more generous. More tokens in community hands = less aggressive dumping.
Vesting + lockups: To stabilize price post-TGE, teams may require you to stake or wait to claim your full airdrop. Sometimes worth it - sometimes just a trap.
Sybil farming: Yes, some users run 100+ wallets to farm everything possible. Projects use AI filters and wallet age to detect this - so don’t overdo it. I have maybe 2-3 wallets that I use regularly.
Capital weighting: High-volume, high-capital users often earn the most, especially on DeFi apps. If you’re farming with less than $20k, stick to utility-based airdrops (like Base or wallets).

Alright, enough preamble. Time to dig in.

Airdrops you missed

Don’t shoot the messenger - you can still try, but the farming window for these is probably closed.

Meteora (Solana DeFi): Meteora lets you provide liquidity for Solana pairs. I’ve used it all year, earned 3M+ points, and made up to 80% back on fees in a single day. But impermanent loss is a killer, and this isn’t a game for the passive. Their token drops in October - and if you haven’t started, it’s probably too late.
Metamask (wallet): Years of rumors and finally…it’s coming. Joe Lubin’s crew has been running quest-style events for months. But the most likely airdrop earning mechanic? In-wallet swaps - which were clunky and expensive. Still, a historic product with huge reach. You might qualify - or not.
Lighter (perp DEX): Second only to Hyperliquid in perp volume, Lighter’s been quietly building a rabid fanbase. But unless you had an invite code months ago, you’re probably too late.

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ULTIMATE AIRDROP GUIDE FOR Q4 2025 💰 (P2)

Airdrops you can still farm

Base (layer 2): This is the big one. Coinbase has confirmed they’re “exploring” a token - and execs are now dropping hints left and right. The airdrop could be enormous. It may not hit in Q4, but it’s definitely coming and it will be the biggest one ever. How to farm: Use protocols. Trade. Bridge. Mint something on Zora. Touch everything.

Source: @beast_ico

Rabby (wallet): This is the only browser wallet you should be using. It’s smooth, powerful, and lightyears ahead of Metamask. Their main points program is over, but I’m going full port at TGE. The product is too good. How to farm: Sign up here, do your swaps and bridges inside the wallet.
OpenSea (marketplace/DEX): The fallen king of NFTs. They botched their lead, let Blur eat their lunch, and totally fumbled the last airdrop window. But new leadership and a working quest system are bringing them back. How to farm: Do the daily quests, upgrade your rewards chest.
Hyperliquid Season 3 (perp DEX): You already know the deal. $HYPE is the monster of 2025. Season 3 hasn’t officially been announced, but $ASTER’s rise may force their hand. They’ve got 38% of the supply reserved for community rewards, and this team prints $5M/day in fees. How to farm: Read my Hyperliquid guide, stake $USDC, trade perps.
Definitive (trading platform): My favorite low-key tool. Has some quirks, but it’s the best place to bridge + trade across chains. They still have 33% of their token for “Future Community Rewards” - so they will likely reward their active users and stakers. How to farm: Use it every day. Trade. Bridge. Stake for a discount on fees.
Nansen (data): One of the OG alpha dashboards. They’re now running a points program that ends Sept 30. Their Smart Money wallet alerts are great, and I use it daily. How to farm: Sub to the $99/mo plan. Stake $1K in majors for extra points.
Rainbow (wallet): Confirmed airdrop coming. This OG mobile wallet has been teasing tokens since 2023, and finally made it official. Still messy, but the airdrop could be decent. How to farm: Download, trade, bridge, repeat.

Airdrops that could surprise

Sometimes the best drops come from where you least expect it. Like $ENS, which dropped on literally the day of the last bull market top - and paid out up to $10K per user.

These aren’t confirmed, but they could absolutely nuke.

Axiom (Solana DEX): This is the one LG wants to see. Best Solana memecoin platform by a mile. Massive revenue, zero hype. They have a live points program - and if they drop this cycle, I’m betting it’ll be big. How to farm: Sign up here, trade as much volume as possible.

Source: @LgDoucet

PumpFun (token launcher): $PUMP did a full 3x after TGE, and founder Alon has more tricks up his sleeve. If you’ve ever launched a token here, you might already qualify. If not, launch one and see what happens. How to farm: Launch a meme. Even a bad one.
Abstract (layer 2): Luca Netz wants Abstract to be “as big as Base” before doing an airdrop. Not likely for Q4 - but still worth using in case he pulls the trigger. How to farm: Hold tokens in the native Abstract Global Wallet, earn XP weekly.
Farcaster (social app): Farcaster has been the Base ecosystem darling for nearly two years, leading the race for “Web3’s Social Platform”. With a strong builder community and tons of community-built tools, it feels ripe for a surprise airdrop - even if its unofficial token, $DEGEN, has mostly run its course. How to farm: Post, comment, be active. Use popular features like Warpcast and frames.

Honorable mentions

Listen guys, writing this list gave me tons of FOMO on platforms that I have not used, and it also made me realize just how massive this airdrop season could be!

Here’s what I’m watching for a possible Part 2:

Cross chain bridging: Relay, Jumper.
Perp DEX: Aster, Avantis, EdgeX.
Prediction markets: Polymarket, Kalshi, Myriad, Limitless.
Layer 2: Monad, MegaETH.
Apps: Yeet (casino), Ethos (reputation).
Ecosystem: HyperEVM ecosystem, including PRJX.

Wrapping up

Airdrops are one of crypto’s greatest gifts. They reward dedicated users - often when no one is watching.

But here’s the truth: most people are too lazy to farm them.

The best way to win is to actually use the products you like. Don’t farm random garbage you don’t understand. Just engage, explore, experiment - and check back every few weeks.

Because the best airdrops aren’t the ones you chase…

They’re the ones you earn by doing what you were going to do anyway.

So get to it, degen.