Kamino Finance Reveals its Token and Plans for an Airdrop
Kamino, a lending protocol on the Solana blockchain, has officially announced a retroactive airdrop for its users. Traders will be awarded KMNO tokens based on the number of points they’ve accumulated on the platform.
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Previously, we provided a comprehensive overview of the Kamino retroactive airdrop, but at that time, the token's release had not been officially announced. Now, the Kamino team has disclosed that platform users' points will be converted into KMNO tokens.
On the official X account (formerly Twitter), the team also shared details about a snapshot scheduled before April 1, 2024:
Kamino Finance's tweet about the KMNO airdrop. Source: x.com
With enough time before the snapshot, it's still not too late to engage actively on Kamino.
Kamino Statistics
Kamino is one of the largest lending protocols within the Solana ecosystem. According to DeFiLlama, the protocol boasts a TVL exceeding $1 billion, ranking it 6th among all lending platforms.
Within the Solana blockchain, Kamino secures the third spot, leading its closest competitor, MarginFi, by almost $300 million:
Kamino DeFi protocol featured among Solana's dApps. Source: defillama.com
The protocol openly shares that its user count has exceeded 200,000, information available on the website risk.kamino.finance.
Kamino Finance Stats. Source: https://risk.kamino.finance/
Airdrop Details
The retroactive airdrop features the following specifics:
- Tokens allocated for rewards: 700 million KMNO (7% of the total supply);
- Snapshot date: March 31, 2024;
- Distribution of rewards: in proportion to points earned.
The team's X account highlighted that each user would receive KMNO tokens correlating with the number of points they've earned, emphasizing the importance of account quality over the quantity of created wallets.
How to Earn Points
Our previous article touched on Kamino's overall framework and the mechanics behind point accumulation. Users can earn points through:
- Depositing funds into “Lend” and borrowing in “Borrow”;
- Engaging in liquidity farming;
- Participating in Long/Short strategies;
- Engaging in leveraged liquidity farming in the “Multiply” section.
The more actions traders undertake, the more points they amass. Additionally, maintaining funds on the platform grants users boosts, thus incentivizing them to continue using Kamino for their lending needs instead of switching to other platforms.
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