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Kamino Finance Announces Genesis Airdrop of KMNO Token

Kamino Finance, a DeFi protocol built on the Solana infrastructure, has revealed its plans for the airdrop of its governance token, KMNO. The project has scheduled a snapshot for March 31, 2024, with the airdrop event set to follow in April.

The Genesis of KMNO

The KMNO Genesis marks a pivotal moment in the evolution of Kamino Finance, laying the groundwork for decentralized governance within the platform. Token holders will be empowered to participate in the governance process, influencing various aspects of the Kamino ecosystem. This move is a step towards achieving full decentralization, with the scope of governance expected to expand progressively.

Future Utility and Governance

KMNO token holders will have control over several key areas, including:

  1. Incentive programs for protocol users
  2. Allocation of protocol revenue
  3. Decentralized operations and risk management voting

The Kamino Foundation will initially oversee governance, steering the protocol towards gradual decentralization.

Initial Distribution Details

  • Ticker: KMNO
  • Total Supply: 10 billion
  • Day 1 Circulating Supply: Estimated at 10%
  • Initial Community Distribution: 7%
  • Distribution Method: Linear, based on Kamino Points
  • Snapshot Date: March 31st
  • Token Generation Event (TGE): April

Linear Distribution and Season 2

The initial community distribution will be linearly allocated based on the Season 1 Kamino Points. For instance, a user holding 1% of the total Season 1 Points will be eligible to receive 1% of the initial community distribution.

Looking ahead, Season 2 of Kamino Points will commence in April, rewarding continued protocol participation and emphasizing loyalty and sustained usage of Kamino’s products. A substantial portion of KMNO will be reserved for future Points Seasons and reward campaigns.

Checking Allocations and Further Information

Eligible users will be able to verify their KMNO Genesis distribution allocations on the Kamino Genesis platform. Links and full details regarding KMNO will be made available prior to the TGE in April.

Kamino Finance operates as a lending and yield-earning platform through diverse token trading strategies within the Solana ecosystem. The KMNO token plays a crucial role as a governance asset on the protocol. The trend towards using “points” models for airdrops has been gaining traction among various projects, with the aim of attracting users and hinting at potential token airdrops.

This model, initiated by friend.tech in August 2023, has been quickly adopted by numerous projects, including Blast, MarginFi, and Rainbow Wallet, among others. As of mid-last month, 14 crypto projects interviewed by The Block have recorded over 115 billion points awarded to users, a significant increase from the 40 billion mark at the end of January, and the numbers continue to rise steadily.

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