Kamino Finance, Solana‘s [SOL] fastest-growing decentralised finance protocol, will soon begin a points program. This action paves the way for a potential token airdrop in the future. The main attraction of Solana’s recent comeback can see development boosted even more by the points system. DeFi traders return to Solana. The reason are on-chain trading, borrowing, lending, and yield-generating initiatives, most notably Kamino. As a result, its SOL token has more than tripled since mid-October.
In a Twitter Space on Thursday, a project contributor going by the screen name Marky posted. He said, “Kamino’s about to start a points program.” It “could well account towards a future token.” It is currently unknown what Kamino’s point system entails. Marius George Ciubotariu, the project lead for Kamino, did not respond to a request for comment.
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This is Kamino's first locked liquidity product: it's been great to work with the @jito_sol crew to make this happen https://t.co/ZSSfTf4rym
— marky (@trader_marky) December 7, 2023
The details of Jito’s $165 million JTO airdrop
The DAO will be governed by the token, which may also spark interest in Solana DeFi. Jito, a liquid staking platform based in Solana, began an airdrop on Thursday morning. It’s allowing users to claim 90 million of its JTO governance tokens. These tokens were at around $165 million at the time of writing.
Jito issued tokens based on how much of its JitoSOL liquid staking token the addresses held and lent to DeFi protocols. It comes along with prizes for validators and MEV seekers. The JTO tokens will be used to manage the DAO and treasury for the staking platform, according to the protocol’s creators. Similar to Lido’s staked ether (stETH) product, Jito allows customers to stake their Solana (SOL) in return for the JitoSOL token of the protocol, which can then be exchanged or used as collateral.
According to DeFiLlama, Jito and a protocol called Marinade are almost equal for the title of greatest providers of liquid staking in Solana, with about $425 million in total value locked (TVL) between them. Lido claims a TVL of $21.45 billion, for example. Jito’s DAO currently has a governance token and $490 million in Jito (JTO) in its treasury as a result of the airdrop.
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Jito’s $40 Trick: Turn Pocket Change into a $10,000 JTO Jackpot, Inspired by Uniswap’s UNI Airdrop
Dan Smith from Blockworks research said on X that redistributing $40 of JitoSOL might have earned users close to $10,000 in JTO, based on Jito’s “points” system for dividing the airdrop. Overall, the Jito team adhered to a well-established strategy of upstart protocols giving their users access to governance tokens through airdrops.
Additional instances include the September 2020 airdrop of 150 million UNI governance tokens by the well-known DeFi technology Uniswap. It was at approximately $900 million in today’s currency. Even though the vast majority of UNI airdrop recipients sold their tokens in the end, it’s possible that the wealth effect continued to drive Uniswap development. At the time, Ryan Watkins of Syncracy Capital compared the UNI airdrop to a stimulus check.
.@solana's fastest-growing decentralized finance protocol, @Kamino_Finance, will shortly launch a points program, a contributor said Thursday, a move that sets the stage for a future token airdrop.@realDannyNelson reportshttps://t.co/yvVoTFjBrv
— CoinDesk (@CoinDesk) December 7, 2023
