Kamino Finance, a prominent decentralized finance (DeFi) lending platform built on the Solana blockchain, is preparing for a highly anticipated token airdrop. The protocol will conduct an on-chain snapshot on March 31st to determine eligibility for the airdrop, which is expected to take place in April.
At launch, 10% of Kamino’s massive 10 billion total token supply will enter circulation. Notably, 7% of the total supply has been earmarked for the Genesis community distribution, rewarding early supporters through a linear token-sharing mechanism based on accumulated points.
The platform’s native KMNO token will unlock governance privileges, allowing holders to contribute to Kamino’s future operations, including control over incentive programs, revenue allocation, and risk management strategies. Initially, the Kamino Foundation will oversee governance while paving the way for progressive decentralization.
While the airdrop has generated excitement, some users have expressed disappointment over the early announcement, fearing that whales may seize the opportunity to usurp early supporters, unlike other successful Solana airdrops like Jito.
As a DeFi platform on Solana, Kamino Finance’s $514 million total value locked (TVL) positions it as a direct competitor to heavyweights like Margin Finance. The upcoming token airdrop is poised to shape the platform’s future trajectory within the burgeoning Solana ecosystem.
Also read: Bybit Web3 & Solana Ecosystem Revolution 2024
Credit: Source link