While the points system is now a thing with protocols on the Solana network, Kamino seems to always have other ideas up its sleeves.
Solana-based decentralized finance (DeFi) protocol Kamino Finance is getting ready to introduce a points program shortly. According to sources familiar with the program, the move is part of a broader plan by Kamino to launch a token airdrop at a later time.
The points program comes at a time when the Solana network is experiencing some sort of resurgence that has seen its SOL token more than triple in less than two months.
Meanwhile, much of Solana’s recent comeback may be attributed to the efforts of Kamino. Arguably one of the network’s top yield-generating projects, Kamino has, so far, played an all-important role in attracting DeFi traders to the diverse offerings available on Solana. Those include trading, lending, and even borrowing.
Points Program to Enhance Kamino’s Appeal
As of publication, Kamino has not yet disclosed the full scope of its upcoming points program. However, the closest thing that can be made of it is the example led by many Solana protocols in 2023. Many of them have gamified their usage, rewarding their loyal users with points.
It is also expected that the points program will potentially determine the distribution of a future airdrop. That was the case with the Solana-based liquid staking token protocol Jito. On Thursday, Jito’s JTO tokens airdrop went live. However, at least 80%/of the tokens in the ongoing round will be distributed to early users of the protocol. That is according to the number of Jito points they were able to gather.
Kamino Finance has always attempted to set itself apart from the rest protocols in the Solana ecosystem. Firstly, its vault products are designed in a unique way that helps it optimize yields for liquidity providers. The protocol is also currently working on a borrow-and-lend facility, as it seeks to further diversify its service offerings. That is not to mention a recent announcement confirming that Kamino is also adding two new $JTO strategies.
While the points system is now a thing with protocols on the Solana network, Kamino seems to always have other ideas up its sleeves. The total value locked (TVL) on the protocol has experienced an exponential growth of over 257% in just 30 days. As of publication, Kamino’s TVL settled at around $50 million.
All efforts to reach Kamino project lead Marius George Ciubotariu for a comment on the points program did not yield any results.
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