Hydro Protocol is the first and only native liquid staking protocol on the Injective Network. They are one of the best Injective ecosystem projects for airdrops. This is because they have already confirmed their airdrop, and are in the testnet phase, meaning that you do not have to use any real funds to participate. Hydro Protocol have also announced their Early Access Farming (EAF) campaign, which will start on 31st January 2024 and last for 4 weeks This is our guide to the Hydro Protocol ($HDRO) token Early Access Farming airdrop.
Check out our Hydro Protocol airdrop video guide!
What is Hydro Protocol?
Hydro Protocol is a platform for staked assets on the Injective Network that offers liquid staking derivatives (LSD) and real yield aggregation. Here are some of the main features of Hydro Protocol:
- Liquid Staking Derivatives (LSD): Allows users to deposit INJ tokens and receive hINJ tokens, which can be used across other DeFi protocols and earn staking rewards.
- hINJ token: A liquid staking token by Hydro Protocol that enables instant staking benefits and liquidity for INJ holders.
- Yield farming: Users can deposit hINJ tokens and get maximum yield on them, with a boost program to reward farmers.
- Auto-compounding: This feature automatically re-stakes INJ rewards for users, saving them time and fees and maximizing their staking yields.
- HDRO token: This is a governance and utility token on Hydro Protocol that has a deflationary mechanism and value accrual mechanism to benefit HDRO holders and stakers.
- Real yield aggregator: Tis feature aggregates real yield from various sources into an index and distributes it to users, creating a new opportunity for LSDFi (Liquid Staking Derivatives Finance).
Will there be a Hydro Protocol ($HDRO) token airdrop?
Hydro Protocol have confirmed they will be launching their mainnet and $HDRO token on 31st January 2024. They have also confirmed they will be doing 3 airdrops as follows:
- Testnet airdrop: Those who participated in the testnet campaigns in Fall 2023 are eligible. The airdrop amount will be based on the leaderboard ranking.
- INJ Stakers Airdrop: For anyone who has any amount of INJ staked on an active validator in the Injective Ecosystem. The snapshot was taken on 4th January 2024 at 14:11:45 UTC. The airdrop amount will be based on the duration and amount of staking.
- Early Access Farming Airdrop: For users who stake their INJ with Hydro once it launches on 31st January 2024. The airdrop will last for 4 weeks and will have a boost factor. The amount to be airdropped will be based on the timing and amount of staking.
What is the Hydro Protocol ($HDRO) Early Access Farming (EAF) campaign?
Hydro Protocol’s ($HDRO) Early Access Farming campaign is phase 3 of Hydro Protocol’s airdrop scheme. It rewards users for staking $INJ tokens on Hydro and will start on 31st January 2024 and run for 4 weeks. Users will earn points based on the amount and duration of their staking. The points can then be converted to $HDRO tokens after the token generation event (TGE).
Hydro Protocol have confirmed the key to getting more $HDRO airdrop rewards in their Early Access Farming is to stake $INJ earlier. This means that the more you stake and the earlier you do it, the more $HDRO airdrop rewards you will receive.
How to get the Hydro Protocol ($HDRO) token airdrop?
Phases 1 and 2 of the Hydro Protocol ($HDRO) token airdrop have already been completed. But there is still one last airdrop left, and the team promises it will be the biggest airdrop yet! There are 4 weeks left for this airdrop so you should act NOW!
Note that the Hydro Protocol team have said that $INJ staking is the number one priority for the airdrop. So, users are recommended to focus on steps 3 and 4 below.
Time needed: 30 minutes
Here’s how to get the 3rd and final Hydro Protocol ($HDRO) token airdrop
- Add Injective testnet to wallet
Hydro Protocol supports Keplr and Leap wallets. Make sure you have added the Injective testnet to your wallet. To do this on Keplr wallet, go to https://chains.keplr.app/. Search for Injective (testnet) and add the chain.
- Get testnet $INJ tokens
- Mint $hINJ tokens
Go to https://app.hydroprotocol.finance/lsd. Enter how many testnet $INJ tokens you wish to stake and click “Stake & Mint”. Follow the instructions on your Keplr wallet. You will mint hINJ at a 1:1 ratio of staked INJ. Do this for both $INJ and $HDRO reward types.
- Stake your $hINJ tokens on the farm
- Auto compound
Go to https://app.hydroprotocol.finance/auto and delegate your testnet $INJ to the Injective Validators. Type in the amount you wish to delegate and click “Stake”.
Go to https://app.hydroprotocol.finance/pool and choose the HYDRO/INJ pool. This pool should be your number one priority if you want to play around with liquidity pools because it is the only pool featured on Hydro’s leaderboard. Enter the amount of $HDRO and testnet $INJ you wish to stake and approve the transaction.
Go to https://app.hydroprotocol.finance/governance and stake your $HDRO to earn $xHDRO. Then under “Proposals”, and vote using $xHDRO.
- Swap testnet $INJ tokens
Go to https://app.hydroprotocol.finance/swap and do a few swaps.
Hydro Protocol airdrop review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of airdrop: The Hydro Protocol airdrop is now live. They have done 2 airdrops already and the third, final and largest airdrop is live!
Airdropped token allocation: The Hydro Protocol airdrop allocation is unknown. But the team have promised this last airdrop will be the largest yet.
Airdrop difficulty: The Hydro Protocol airdrop requires participants to primary use their liquid staking feature on the protocol, which is not difficult. What’s more, they are only on testnet so you will not be using real funds!
Token utility: The $HDRO token can be used for governance, value accrual, staking rewards and to access various exclusive features and services on the platform.
Token lockup: There is no information on the $HDRO token lockup yet.