Kamino Finance, a decentralized finance (DeFi) protocol on the Solana blockchain, has revealed that it will soon launch a points program for its users, which could lead to a future token airdrop. The protocol, which offers vault products that optimize yields for liquidity providers on various Solana-based trading platforms, as well as a lending and borrowing facility, was announced on X on Thursday.
Kamino points are coming. https://t.co/qjpNDCLWbm
— Kamino (@Kamino_Finance) December 7, 2023
“Kamino’s about to start a points program,” a contributor to the project with the screen name Marky said in an X Post. “This could well account for a future token.” The details of the points program have not been disclosed yet, but it will likely reward users for their participation and loyalty to the protocol. Many Solana projects have adopted similar gamified strategies to distribute their tokens to early adopters and supporters.
One example is Jito, a liquid staking protocol that allows users to stake their SOL tokens and receive JTO tokens in return, which can be used in other DeFi applications. Jito launched its token on Thursday and allocated over 80% of the current distribution round to users based on their Jito points.
Kamino Finance Shows Growing Potential
Kamino Finance has seen impressive growth in the past month, becoming the fastest-growing DeFi protocol on Solana with a total value locked (TVL) of nearly $82.71 million, according to DeFiLlama. The protocol has attracted users with its high returns and low fees, thanks to Solana’s fast and scalable network.
Kamino Finance has not yet announced a date for its token launch, but it is expected to happen soon, as the protocol has already completed a private sale round and is working on a public sale. The token will likely have governance and utility functions, as well as incentivize users to stake and provide liquidity to the protocol.
Solana’s DeFi ecosystem has been booming in recent months, as the blockchain has recovered from a network outage in September and regained its momentum. Solana’s native token, SOL currently trades at $72.60, up 10.36% in the last 24 hours.
