This week’s airdrop recap:
New: BULK’s Solana perp DEX just went invite-only mainnet — 0-fee Genesis window through Oct 5
Watch: Strata Markets TGE already missed its April 2026 target — points still accruing with no new date
Mark your calendars: Apyx TGE confirmed for Oct 13 — Season 2 Pips end Oct 11, about 4 weeks out
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Airdrop Claims 🪂:
Apyx — TGE Confirmed 4 Weeks Out (Oct 13)
Apyx wraps listed perpetual preferreds (leaning on $STRC) into apxUSD (dividend-backed synthetic dollar) and apyUSD (yield-bearing version), targeting ~13% APY from the actual coupon, not funding rates. Dates are locked: Season 2 Pips end October 11; TGE and airdrop October 13.
Fixed 100M APYX supply, no emissions — Season 1 + Season 2 combined give the community 11% pre-TGE, with S1 wallets getting a +20% boost on S2 Pips. The 42x Solana apyUSD boost already ended Sept 14 — don’t pay a Solana premium chasing a dead multiplier.
To farm the final month: hold apxUSD/apyUSD, use Pendle PT/YT/LP, or Morpho supply/borrow loops on app.apyx.fi/rewards.
⚠️ Yield is issuer-preferred risk — STRC can trade under $100, and buybacks are policy, not a guarantee. “13%” is a target on the credit, not a fixed stablecoin APY. This is a dated ~1-month farm, not a multi-quarter play — size stable inventory you’re genuinely comfortable holding as STRC-credit risk through the TGE snap.Official link:
⚠️DISCLAIMER NOTICE⚠️ A note before the next section:
New protocols often carry 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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Airdrop News/Updates &
Tydro — Ink’s Native Aave v3, Farming for $INK
Tydro is Ink’s (Kraken’s OP-Stack L2) native Aave v3 white-label — supply stables, ETH, kBTC, or GHO, borrow against collateral, with standard eMode and liquidation mechanics.
Not a new money-market design, just Aave contracts deployed for the Ink ecosystem. TVL and fees has been growing lately, reflecting a rise in farming interest
No $TYDRO token exists. Points are Tydro Ink Points, which convert toward $INK — Kraken’s L2 token that hasn’t launched yet. This means you’re farming Ink, not Tydro specifically — if INK’s TGE slips or Tydro’s slice of the community allocation ends up small, the points APR here is largely marketing.
To farm: supply USDT0, USDG, USDC, GHO, WETH, or kBTC to earn Tydro Ink Points, tracked and claimed via Merkl from the same wallet. Season 1 snapshot already locked in January 2026; Season 2 is live now through the eventual Ink TGE.
S2 boosts (max 50%) favor Tydro OG users (before Sept 30, 2026), Aave OG holders (pre-2024), Ink OG users, larger deposit size, and kBTC holders — these boosts re-slice the same fixed points pool rather than minting extra points, so new small deposits share a pool with existing $10M+ lenders at base rate.
Official link: app.tydro.com
⚠️ No official INK TGE date exists — informal chatter pointed to Jul-Sep 2026, a window already passed as of mid-September. Points can keep accruing into a delayed TGE and get diluted the longer that takes. If the often-cited “45% airdrop” figure still holds, it’s whole-chain, not Tydro-specific — Kraken Pro activity could dominate that allocation over Tydro lenders. Standard Aave risks apply: oracle failures, utilization spikes, and newer isolated-listing collateral (SolvBTC, etc.) carry more risk than blue-chip assets. Ink ecosystem TVL has been volatile with exploit headlines earlier in 2026 — Tydro’s health is only as good as Ink itself. Don’t lever positions purely to chase boost optics; size what you’re comfortable leaving deposited through an uncertain TGE timeline. Only use tydro.com — lookalike domains like tydro-v2.com are already circulating.
New Opportunities:
BULK — Solana Perp DEX, AURA Points Post-Mainnet
Solana perp DEX with matching built into the validator client itself (BulkBFT) — 5-20ms fills, no gas, up to 20x margin. Mainnet went invite-only Sept 5. Genesis phase offers 0 bps maker fees through ~Oct 5. Backed by $8M seed (Robot Ventures, 6th Man Ventures, Anatoly as angel), audited by Zellic.
No $BULK token exists yet. Points are AURA — co-founder tweeted a 30% user allocation covering testnet, pre-deposit, and mainnet activity combined, but this isn’t published tokenomics.
Farm by trading on app.bulk.trade, holding BulkSOL for weekly AURA plus staking yield, or using referrals. Genesis 0-fee window makes volume cheapest right now. Day-1 had a real liquidation incident, reimbursed plus extra — messy ops, not an exit scam.
Official link: app.bulk.trade
⚠️ TGE timeline is vague — Discord chatter suggested late 2026 into 2027. A slipping TGE dilutes weekly AURA as the fixed print spreads across more users. Invite codes circulating on X are often recycled — get one from an active trader, not a KOL. Novel validator-level consensus carries infra risk beyond typical Solana program risk. No official AURA-to-BULK formula exists. No token or claim site exists currently — ignore any "TGE claim" links.
Strata Markets — srUSDe/jrUSDe Tranching, TGE Already Delayed
The “~5% APR + Strata + Ethena points” line refers to the Pendle LP-srUSDe pool, not simply holding srUSDe. Latest quote: Pendle LP-srUSDe-OCT26 ≈ 4.9% APY plus 60x Strata and 35x Ethena points.
Strata tranches sUSDe into risk levels: srUSDe (senior, targets Aave-like floor with junior absorbing first-loss) and jrUSDe (junior, eats shortfall or captures upside). Built by Frontera Labs, Ethena Foundation-incubated, $3M seed from Maven 11 and Lightspeed. Audited by Cyfrin and Quantstamp.
TGE flag: originally marketed for April 2026 — now mid-September with no new date given.
Points accrue via holding srUSDe/jrUSDe (base points), LP-srUSDe (highest tier — 60x Strata, 35x Ethena), LP-jrUSDe (~20x Strata only), and referrals (10% of referee points). No official points-to-token conversion formula published.
⚠️ “Protected” does not mean insured — junior TVL is the actual buffer, and if junior gets wiped out while sUSDe underperforms, senior simply earns raw sUSDe APY with no real floor.
Strata’s launch story cites Ethena’s October 2025 USDe depeg stress event as precedent. Pendle LP positions mature and die — the October 2026 maturity requires rolling or sitting in an expired position, with IL risk if you zap incorrectly.
The 5% headline yield is not the edge here — you can get comparable returns on vanilla stables; you’re being paid in points specifically for taking on the combined Ethena, Strata, and Pendle risk stack.
Looping PT-srUSDe on Aave (advertised 11-20%+) is a separate leveraged product with liquidation risk, distinct from the ~5% LP yield being discussed. TGE has already missed its original window — continued point accrual without a token launch means ongoing dilution risk.
Only use official strata. markets and @strata_markets — a completely unrelated Solana game called @play_strata exists under a similar name.
Today’s News Headlines:
MEV bot “Yoink” captures $7.8M rsETH exploit
Aave proposes institutional borrowing via Anchorage custody
Ethena completes SOC 2 Type II audit, zero exceptions
CoinEx shutting down after nine years
Bitwise PAPY vault tops $20M deposits on Morpho