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This week’s airdrop recap:
Deadline: Hibachi Open ends Oct 18, with 1M bonus points and a $20k cash pool, but you need $500k in volume
News: Loopscale is merging with Orca, with no standalone token, and points convert later this year
Dates: TxFlow’s first Season 1 drop is Oct 20, and Season 0 pays out before Oct 27
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Airdrop Claims 🪂:
Jumper ($JUMP): Sale Closed, TGE Pending
The Legion sale (Sept 29 to Oct 2, $75M FDV) is over. The $3M hard cap drew $48.6M in demand, so the average fill was about 6% of what people pledged (my arithmetic from those two figures). TGE is still “Q4 2026” with no date. The team’s Oct 6 allocation post ends with “See you at TGE.” Public-sale tokens unlock 50% at TGE, with the remaining 50% unlocking linearly over 4 months.
Eligibility: only wallets that received a Legion allocation can claim. Priority was scored on Jumper XP, waitlist top-500 status, and referral quality. US, UK, and UAE users were blocked. Check your Legion fill, since pledging didn’t guarantee one.
⚠️ 50% unlocked at TGE on a $75M FDV risks selling into a thin book. The token has no claim on LI.FI’s business. Only use official Legion and Jumper links, since fake claim pages spike near TGE.
⚠️DISCLAIMER NOTICE⚠️ A note before the next section:
New protocols often offer the most attractive airdrop odds, early TVL, thin-points competition, and generous multipliers. But that same immaturity is exactly what makes them risky.
Smart-contract exploits, depegs, insolvent yield strategies, and outright project failure happen disproportionately in a protocol’s first 3–6 months (we’ve seen it play out with Dango and others in this very letter). Nothing here has a multi-year track record.
Treat every entry below as capital-at-risk, not “free points”. Size positions like you could lose them entirely, and never deposit more than you’re fully prepared to write off.
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Aave and Morpho set your borrow rate based on utilization —it can spike overnight. Liquity V2 lets you set your own fixed rate, with up to 91% LTV and up to 11x multiplier on ETH exposure.
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Airdrop News/Updates &
Hibachi: Open Campaign Ends Oct 18
Privacy-focused perp DEX with an off-chain order book, on-chain fund management, and a proof of solvency, now expanding into stablecoin-native FX. Built by the co-founder of Hashflow with a team from Citadel, Tower, and IMC. Raised roughly $5-8M (Dragonfly, Electric Capital).
Points distribute weekly (Mondays ~03:00 UTC), roughly 500k-1M per week, based on trading activity, open interest, and referrals. Hitting volume thresholds on specific markets (BTC, EUR/USD) unlocks 1.05x-1.50x on your full week’s activity, and the thresholds reset weekly.
Hibachi Open runs Oct 7-18: an extra 1M points shared pro-rata among traders with at least $500k in eligible volume, plus a cash pool of up to $20k for the top 50.
No conversion rate or token allocation has been published. The team has referenced a $HEAT ticker, but that’s not a confirmed token.
Official link: hibachi.xyz
⚠️ The $500k threshold means real leverage and liquidation risk, so don’t chase it for a few points. Multipliers and pool size can change weekly. Wash trading and multi-accounting can zero your points. No token is confirmed.
TxFlow: Season 1 Points Backlash, Rules Revised Oct 12
Community reaction to the Oct 11 rules was negative enough that TxFlow changed the program the next day. The main complaints were an “up to” trader pool that could dilute early users, a large referral pool that favored people with big audiences, scoring weights that were never disclosed, and no commitment on how pre-season activity would be treated.
What changed (Oct 12):
Trader pool: fixed at 1.25M points per week (82%), no longer “up to.”
Referral pool: cut to 152k per week (10%), with unused points burned.
Growth reserve: 488k per month (8%), with unused amounts burned at season end.
Distributions: first Season 1 drop is Oct 20. Season 0 (pre-season) activity is planned for distribution before Oct 27.
Season length: Season 1 ends no later than Q1 2027.
Traders who called the first version a red flag generally say the revision is more acceptable.
Official link: docs.txflow.com/points/how-points-work
⚠️ The points rules do not confirm a token allocation, conversion rate, or TGE date. Pure volume farming is unlikely to work given the quality weighting and anti-farming checks. Access still requires a code, and a new L1 carries technical and liquidity risk. Watch how Season 0 is treated before the Oct 27 deadline.
New Opportunities:
Arcus: Season 1 Is Live, Invite-Only Access Opened
Season 0 is done, with amounts redacted for now. Season 1 started Oct 1: a fixed 250,000 points per week, distributed Wednesdays at 3 PM ET, running through the end of H1 2027. A fixed pool means more users shrink everyone’s share. Quality-weighted trading, market-making, retained collateral, and referrals all earn points, with boosts for Stock Tokens, off-hours trading, and Robinhood Wallet spot swaps routed through Arcus. Wash trading, self-matching and deposit-trade-withdraw churn can zero your points.
Arcus calls points a “participation metric only,” allocated at its sole discretion. The only token language is still the dYdX statement that any future allocation is reserved for the dYdX community first, then Arcus users later - still not confirmed.
Official link: app.arcus.xyz
⚠️ Points carry no guaranteed right to a token. Perps are invite-gated and restricted in the US, UK, Canada and other regions. Leverage and stock-gap risk apply.
Loopscale: Merging With Orca as “Formation,” No Standalone Token
Loopscale is merging with Orca under a new entity called Formation. Loopscale will not launch its own token. ORCA becomes the single token for all of Formation, covering both the Orca DEX and Loopscale’s credit markets. The FAQ says there is no new mint of ORCA.
What it means for farmers:
Positions: loans, loops, and vault deposits are unchanged. You don’t need to repay, withdraw, migrate or sign anything.
Points keep accruing until a conversion event, which is planned for later in 2026. The team says to “stay active until then.”
Partner points: points from OnRe, Fragmetric, RateX, and others are still earned and claimed through those protocols.
Conversion: the target is expected to be ORCA exposure, but the rate, snapshot date and eligibility rules haven’t been published.
Official docs: docs.loopscale.com/resources/formation
⚠️ The long-expected standalone Loopscale airdrop is off the table, so the value of your points now depends on a conversion rate nobody has seen. Don’t add new capital just to farm points before the details are out. Early contributions are described as “not being ignored,” but no multipliers or cutoffs have been confirmed. Only trust the official Loopscale and Formation channels.
Today’s News Headlines:
Base launches Earn & Borrow for stablecoin yield
Aave DAO approves incentives for tokenized stocks on Base
Trezor trims reseller list after Ledger implants
Strive offers $SATS, 15% perpetual preferred