Kamino Finance Announces Genesis Airdrop of KMNO Token
A growing trend among cryptocurrency protocols is the token distribution plan based on a points system, which Kamino Finance, a Solana and defi project, is the latest to disclose.
Solana-based defi lender Kamino Finance will take an on-chain snapshot on March 31 in preparation for an anticipated cryptocurrency airdrop for qualified early supporters in April.
10% of Kamino's 10 billion total supply will be available for purchase at launch. Additionally, 7% of the entire supply was set aside for Kamino's Genesis community distribution in the first season's plan.
The linear token-sharing system is based on the points that users have accrued over time. This implies that if a user owns 1% of all points created, they are eligible for 1% of the airdrop allocation.
Users can support Kamino's ongoing operations by granting holders of the protocol's KMNO token access to governance rights. The group claims that KMNO will provide future services including voting for risk management plans, revenue distribution, and control over incentive schemes.
The Kamino Foundation will initially be in charge of most aspects of governance while establishing the framework for gradual decentralization. The platform also unveiled its distribution roadmap for Season Two, which strongly emphasizes protocol engagement and consistent user activity.
Users of Kamino Finance expressed dissatisfaction with the early disclosure despite the protocol's attempts to reassure airdrop producers. The most often voiced concern was that whales had the chance to usurp early backers in contrast to past successful Solana airdrops like Jito.
Defi platform Kamino Finance lets individuals borrow and lend cryptocurrency collateral to receive interest on Solana ecosystem tokens. With a $514 million total value locked (TVL), Kamino's lending product, according to DefiLlama, might be directly competitive with Margin Finance, which has a $631 million TVL.
