In-depth: Solana’s fastest growing protocol marginfi is banking on a loyalty points program. All those new users are paying dividends across Solana DeFi. realDannyNelson reports
Delta’s frequent flyers earn miles for flights. Wawa convenience stores give loyal customers discounted hoagies. MarginFi, a lending platform for cryptocurrencies on the Solana blockchain, also has a points-based rewards program.
While hardly earth shattering on a relative basis – MarginFi is the 14th largest protocol by TVL on a chain whose entire ecosystem is 85 times smaller than Ethereum’s – the program is turning into a bright spot for certain corners of Solana-based DeFi. Some of the more bullish observers think it holds the makings of a second “Solana Summer,” a season of growth.
MarginFi founder Edgar Pavlovsky declined to comment on speculation the points would lead to a token airdrop. Of course, there’s the free-money angle. Tokens are volatile and potentially lucrative assets that recipients can try to sell for a gain. One MarginFi user who goes by the pseudonym BigPaperHand said they are “farming a lot of points” because they believe it will lead to a windfall airdrop that they plan to sell when SOL rallies back to all time highs.
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