If you are new to airdrop farming, I recommend you to first read this short paragraph by coinershub for general guidelines. In this article, I’ll talk about how I’m farming the SUI ecosystem.
Wallets & Bridging
I’m using the Sui wallet. It’s the only wallet that works with every dapp on Sui, but I don’t like it because switching accounts inside the Sui wallet does not automatically switch the account connected to a dapp. You first need to disconnect the account inside the wallet, for example, the screen below shows how to disconnect an account from Cetus Protocol. Afterwards, you can switch accounts inside the wallet, and then click on the connect
button on the protocol’s site to connect the new account with the dapp. It gets tiresome very quickly.
There’s also the Suiet wallet, which I used during the testnet days. I’ll probably use it again when I can’t stand Sui wallet’s account switching procedure.
Do NOT use the Martian wallet because they used a comprised smart contract and not sure if they ever fixed it. (See this thread for details.)
After you create a new address, you can request free SUI gas token from this faucet. You need to make a tweet and they will drop you some dust enough for a swap. If you already have enough SUI on your wallet, you will get nothing:
Here’s my onboarding process:
I created 7 addresses (accounts) under 2 seed phrases. The first seed controls 5 addresses and the second one controls 2 addresses. If you have the patience, by all means, do 1 account per seed phrase.
I funded the 7 accounts with $6626 USD in total over several weeks because I was farming too many things and shuffling capitals here and there. But you will want to make your first transaction on Sui as early as possible since it weighs a lot in the size of airdrop you will get. By the way, the team haven’t said that they will airdrop Sui token to users but people speculate they will. But it doesn’t matter because there are many juicy yield farming opportunities on Sui at the moment.
Because there’s no bridge from ETH L2s to SUI, I bought SUI on Coinbase with cash at $1.1 and $1.3 and sent the purchased coins to my Sui addresses and sold some back to USDC once price rose above my purchase price. I also sent USDC from Coinbase to my Solana addresses and then bridged to SUI via the portal bridge. The following screen shows the UI. And the USDC will arrive on Sui as USDCsol (Wormhole), which you can swap to USDC (Wormhole) or other USDCs.
Now it’s possible to have a UI error that says transaction failed. It happened to me once but the transaction actually went through. So double check the transaction status on your sol explorer if this error occurs. If it went through, just refresh the page and click on
Resume Transaction
and selectSolana
and enter the transaction’s signature to search for it. (Screen below)The system will find it and show the claim screen. Just click on
claim
and you will get the USDC in your sui wallet.
Staking, Swapping, LPing
After buying SUI on Coinbase and withdrawing them to my wallet, I immediately staked 12 SUI with a validator via Splash. This kind of staking is analogous to staking ATOM or OSMO in Cosmos. I then liquid-staked some with volo (SUI → vSUI) and LP’ed the vSUI with equal-valued SUI at kriya finance. I also locked my LP for 28 days to get the max yield of 40.8% paid out in SUI. If you don’t lock it, you still earn 8.2%; if you lock it for 7 days, you earn 16.4%. Very juicy!
Similarly, I liquid-staked some SUI with aftermath finance to get afSUI and paired the afSUI with equal-valued SUI in aftermath’s LP farm and locked the LP for the max duration to get the max yield. The yield is also paid out in SUI.
To summarize, I have two LP positions:
vSUI-SUI at kriya finance, and
afSUI-SUI at aftermath finance.
I locked both LPs for the max yield, which is paid out in SUI. Every time a position unlocks, I check the yield against the yield at cetus, the DEX with the largest TVL on Sui. I then park my LP with the protocol that offers the best yield.
Now let me talk about what I did with the stables I bridged to Sui from Solana. The short answer is I provided them in concentrated liquidity pools to earn 200% APR.
Cetus has a list of Uniswap V3 like pools that offer great APRs because of SUI and CETUS incentives:
SUI - USDC: ~200%
USDT - USDC: ~30%
USDCsol - USDC: ~25%
And these APRs have been consistent for months. I went with the SUI - USDC pool because it offers 200% APR and SUI is a strong asset and I don’t mind holding. But there’s one caveat: the USDC bridged over from Solana shows up as USDCsol and I need to swap them to USDC first. But selling USDCsol for USDC often results a $1.5 ~ $4 loss (screen below) per $1000. It’s ok, eat the loss because the LP will make it back in one day.
By the way, besides cetus swap, there are other swaps such as kriya swap and turbos swap. Although cetus usually gives the best rate, I recommend you to also use other dexes to swap at least once to increase the number of different protocols your wallet interacts with.
Finally, we come to the question: what’s a bullet-proof winning strategy for concentrated liquidity provisioning? My favorite one is to provide USDC single-sided on the top and wait for price to fall into my price range.
If you want to learn the details, I refer you to chapter 12 of my book:
Lending
There are 3 money markets on Sui: navi, scallop, and omni lending. I haven’t used any of them because money markets are targets of hacks and they generate little yield. In fact, if there is a dex that offers concentrated liquidity, I almost surely park all my capital exclusively there because Concentrated Liquidity Provisioning (CLP) usually gives the highest APR and I know how to manage IL.
NFT
Keepsake is a NFT market place that also presents various statistics of NFT collections on Sui. Fuddies is the first and leading NFT project on SUI. If you want to buy one, make sure you check the listings at all three marketplaces. I haven’t bought one because I’m putting all my capital at work earning 200%+, but planning to buy one in the future.
Trading
I’ve been wanting to farm the perp dex bluefin, but haven’t done so. It’s a good way to increase the number of transactions within the ecosystem and farm the protocol token at the same time, and bluefin will drop a token in the future. If you want to have a jump start, you can use this ref link (forgot where I got it) to receive 10% boost on your trading rewards.
Referrals
Mantle: there will be an airdrop snapshot for mETH holders on Mantle around Chinese New Year (source and airdrop announcement). You can’t stake your ETH for mETH on mainnet anymore cuz it’s at full capacity. So you’d need to bridge ETH and buy mETH on the Mantle network via butter swap, which will also give you opportunities to fish a couple of $MNT. After you have mETH on mantle, you can simply hold it in wallet, or you can use it in DeFi. For example, I supplied my mETH on init capital and borrowed USDC to enter cleo CLP single-sided (USDC-WETH, USDC-USDY, or USDC-mETH depending on the APR). Btw, after you get on mantle, you may also want to start your mantle journey to earn some $MNT.
GRVT: the perp dex to be launched on zkSync. It has been talked about a lot on X. If you want to join, you will need an invite code. And I have a bunch: J8ONJBE,
TA08CW8, SF2G8GE, ZGQWJW2, ZZTW7AY, XOP64GU, J8ONJBE, 8V5B8IL,
TSR3830, 2SAGHRH, TA08CW8, CR57SYJ, E0D0K00. If a code doesn’t work, try another or try the same code after a week.