2023-12-15 17:30:00
Since the end of November, airdrops have multiplied on Solana. In turn, Pyth, Jito and soon Jupiter announced a community airdrop. Other protocols quickly announced or implied that they would do the same. Recently, we covered together how to position yourself for a potential MarginFi airdrop. Today we’re going to look at another Solana protocol: Kamino.
The Kamino lending protocol
Kamino Finance is a protocol of lending deployed on the Solana network. This allows you to bring together, in a decentralized manner, saver and borrower.
Thus, savers can deposit cryptocurrencies to generate a return. On the other hand, borrowers can make a loan using the deposited funds, in exchange for borrowing fees. In addition, the borrower must deposit collateral in the form of crypto, which acts as collateral in the event that the loan becomes insolvent.
Since the beginning of November, Kamino Finance has recorded a massive inflow of funds. Indeed, its TVL increased 10-fold, from $12 million to $120 million. At the same time, the entire Solana ecosystem saw its TVL double.
Recently, Kamino revealed its desire to implement a points system, in order to quantify the activity of each user. In fact, the protocol website displays an insert « Points are coming soon ». This type of system has already been seen on protocols such as Jito, which have used these points to set airdrop allocations.
While the points system is fast approaching the protocol, and Kamino currently does not have any tokensit might be interesting to position yourself in anticipation of a potential airdrop.
Position yourself on the Kamino airdrop
Prerequisites
If you have already followed our first tutorial, you should have a Solana wallet and funds. If not, get the wallet Phantom et abound it in SOL via your favorite exchange platform or via a bridge from another blockchain.
Note that for the moment, point systems have often taken into account both the volume and the duration of involvement of funds. So, the higher the amount involved and the longer the funds are deposited on the platform, the more points you collect.
The amount to use is specific to each profile and risk appetite. It is important to remember that this strategy is not without risk.
Interact with Kamino
When you have your wallet full of SOL tokens, we will be able to go to the official Kamino website: app.kamino.finance.
Once on the site, we land in the part “Borrow/Lend” of the application. This is where we will carry out our actions, following connecting our wallet.
Lending et borrowing
First, we will deposit SOL in lending on the protocol. To do this, locate the GROUND and click on « Supply ». We will deposit 0.5 SOL in the dedicated pool. Click on “Deposit” and validate your deposit by signing the transaction.
Now, in order to maximize our chances, we will also borrow on the protocol. To do this, return to the interface “Borrow/Lend”. For this tutorial, we will borrow USDT by clicking on “Borrow” on the USDT line.
We will borrow 10 USDT in order not to expose our position too much to liquidations. Click “Borrow USDT” and sign the transaction to finalize the transaction.
Provide liquidity
The Kamino protocol also has a system of vaults. The latter make it possible to maximize returns on cash deposited on a decentralized exchange.
Be careful, this method involves more risks. Indeed, in addition to the risk of failure of Kamino, we add the risks linked to the vault exchange platform. Namely Orca or Raydium.
For this part, we will go to the section « Liquidity » of the Kamino protocol. There you will find the list of all the liquidity pools supported by the protocol. For this tutorial, we will deposit in a stable pool, namely the USDT-USDC pool. Kamino has a major advantage, the platform allows you to make single-token deposits.
So, we will deposit the 10 USDT that we borrowed on the protocol into the USDT-USDC pool. Enter the amount, click “Deposit” and validate the transaction.
And There you go ! We have positioned ourselves on the various Kamino products, with a view to a potential airdrop. So when the points arrive, we will already be ready for the farmer.
You can find a summary of your positions and their state of health at the top of the “Borrow/Lend” interface.
From now on, we will have to be patient and wait for news from the Kamino Finance teams regarding the launch of the points system. For this, you can follow the protocol on.
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