The KMNO token plummeted from $0.11 to $0.04 in lower than ten minutes.
Kamino Finance, Solana’s largest lending and liquidity protocol in keeping with complete worth locked (TVL), suffered a fierce market rejection to its new token, KMNO.
Launched right this moment, the KMNO token opened the day altering arms for $0.11 solely to plummet minutes later, stabilizing across the $0.03 mark. That’s a whopping 70% drop because it went reside, signaling the market isn’t totally satisfied of its utility.
As we speak’s airdrop marks a continuation of a wide range of new liquidity vaults opening on Kamino.
Liquidity vaults provide decentralized trade customers entry to funds which have been deposited in Kamino. The protocol automates the method, returning charges and rewards to depositors.
LP Tokens
Kamino’s predominant differentiator is that it tokenizes customers place’s into LP tokens dubbed kTokens, which might then be used as collateral in Kamino Lend. This provides composability to the protocol, permitting for tokens to maneuver between protocols, powered by means of Kamino’s liquidity vaults.
Most liquidity vaults reside on Solana trade Jito, though Kamino lately unveiled new vaults on SolBlaze, a liquid staking protocol on Solana with $318 million in TVL. The venture added 250,000 in KMNO tokens and 20 million BLZE, or roughly $20,000, in incentives.
And Kamino has been including incentives all all through April, favoring Wormhole, Tensor, and Zorksees holders.
Customers which have been benefiting from KMNO’s liquidity vaults on Jito have been outperforming SOL by simply over 1% in latest months, as per Kamino’s dashboard. Offering JitoSOL-SOL liquidity is paying out 2.52% in APY, and data $25 million in TVL with weekly volumes exceeding $138 million.
In line with DefiLlama, TVL on Kamino Finance has dropped considerably from its late March peak. It’s down 28% from $1.437 billion on March 31 to $1.048 billion right this moment.
Controversial Airdrop Announcement
Kamino’s airdrop has not been exempt from controversy.
After it introduced the main points of its airdrop in early March, outrage ensued from the neighborhood since token eligibility could be tied to future allocations purely by the whole variety of tokens they may accumulate by the tip of the month when Kamino would take the all-important snapshot.
“We hear you,” posted the crew on X on March 11, overhauling the mechanism and taking a extra favorable flip in direction of their longer-term customers, dubbed “OGs.”
On March 20, the crew defined how they might moreover reward early adopters, allocating the so-called OGs 0.5% of the whole provide, and growing the whole neighborhood allocation to 7.5%.
