Campaigns and Deadlines
The final week of September 2025 is indeed a crucial period for several significant airdrop campaigns. Here is a detailed look at the opportunities you mentioned, updated with the latest information.
Almanak
The campaign for Almanak, an AI-driven DeFi platform, has seen an update. While its Points Season 1 was initially set to conclude on September 21, the second stage has been extended and will now run until October 23, 2025. This aligns with the maturity schedule of a related financial product. The campaign rewards users for depositing stablecoins like USDC or USDT into its automated vaults, with participants earning an estimated 30% APY in points on top of native yields. Activities such as referring friends and applying for the strategy whitelist also contribute to point accumulation. The project is backed by notable investors including Delphi Labs and HashKey Capital, having raised over $9.6 million. The Token Generation Event (TGE) is anticipated for late September 2025.
Limitless Prediction Markets
The Points Season for Limitless, a prediction market platform built on Base, is confirmed to conclude on September 22, 2025. This retroactive airdrop campaign rewards users for trading volume and engagement on its platform, which covers markets from crypto to sports and pop culture. Participation requires a minimum of $200 in trading volume to qualify. The platform utilizes a merit-based points system that includes tiered rankings with multiplier boosts. Limitless has secured $7 million in funding from investors like Coinbase Ventures.
Ethena Labs
Ethena Labs’ Season 4 is scheduled to end on September 24, 2025. This season continues the protocol’s rewards program for users who interact with its synthetic dollar protocol. Key activities include minting and staking USDe, its synthetic dollar, and locking its governance token, sENA, for boosted rewards. Participants from previous seasons receive an automatic boost in Season 4. The protocol has expanded its presence, with USDe and sUSDe now available on networks like Solana and Avalanche, opening more avenues for qualified interactions.
Implications and Key Considerations
These concentrated campaign endings bring several important factors to the forefront for participants.
Adoption and Product Experience
Airdrops primarily serve as a powerful marketing tool to drive user adoption. They encourage users to actively engage with a platform’s core features, such as Almanak’s AI vaults, Limitless’s prediction markets, or Ethena’s synthetic dollar minting mechanism. This hands-on experience can accelerate user onboarding and build a dedicated community around the product.
Liquidity and Volatility
The conclusion of these campaigns and the subsequent token generation events can significantly impact market dynamics. The initial distribution of tokens, especially for projects like Almanak where the token symbol is still “TBA”, often leads to a sudden increase in supply. This can cause heightened volatility around the launch period as early participants may look to take profits.
Risk and Compliance
Participants must carefully weigh the risks involved. These include the direct financial risk of potential losses from platform activities and gas fees, as well as the speculative nature of the airdrop itself, which does not guarantee future token value. From a compliance perspective, the mechanized nature of referral programs and the promotional framework of these campaigns can raise questions regarding KYC (Know Your Customer) and anti-fraud policies that projects need to navigate.
Access and Investment Profile
The risk profile varies among the campaigns. Ethena Labs, with its established history and already-launched ENA token, may be perceived as a relatively lower-risk option within the group. In contrast, Almanak and Limitless, which have yet to launch their tokens and have unannounced tokenomics, carry higher uncertainty and are thus considered higher risk.
The period immediately following September 24th will be a key operational milestone to watch, particularly for Ethena’s next steps. Participants should prioritize a careful evaluation of all costs, claim conditions, and compliance measures before allocating significant resources to these campaigns.
