Original | Odaily Planet Daily

Author | Azuma

At 8:00 pm on April 30th, Beijing time, Kamino, a leading DeFi protocol in the Solana ecosystem, will officially open the token application for its governance token KMNO.

On April 5th, Kamino had already added a token genesis-related page on its official website, allowing users to check their specific KMNO token airdrop shares. The open application tonight means that users will be able to claim their designated KMNO shares through this interface and trade them on DEX or some CEX that support KMNO.

Breakdown of Kamino's Business Model

Kamino's business model itself is not complicated. Its core product is a familiar lending protocol. According to DeFi Llama data, Kamino is currently the third-ranked DeFi protocol and the top-ranked lending protocol in the Solana ecosystem, with a real-time TVL of 10.93 billion US dollars.

In addition to its basic lending products, Kamino has also built other derivative services based on its own lending pool and ecosystem composability, including Kamino Liquidity for liquidity management, KaminoMultiply for leveraged yield optimization services, and Kamino Long/Short for leveraged trading tools.

KMNO Token Economic Model

KMNO is positioned as the governance token of the Kamino protocol. Additionally, Kamino has mentioned that it will enable staking of KMNO, allowing users to accelerate the speed of earning protocol points (related to airdrops) through staking KMNO.

According to official documents, the total supply of KMNO will be 10 billion, with an estimated initial circulating supply of 1 billion, including 750 million allocated for the genesis airdrop. Regarding the allocation mechanism, the details are as follows:

• 35% (including 7.5% for genesis distribution) of KMNO will be used for community development and Grants support;

• 10% of KMNO will be allocated to the treasury for building liquidity throughout the token's lifecycle;

• 20% of KMNO will be allocated to core contributors, with this portion being locked for 12 months and then released linearly over 24 months;

• 35% of KMNO will be allocated to key stakeholders (including investors and the team) and advisors, with this portion being locked for 12 months and then released linearly over 24 months.

Brief Analysis of Airdrop Mechanism

Similar to many current projects, Kamino also uses a points system to measure community contributions. Users can accumulate points by using various products offered by Kamino, and the amount of points will determine the final airdrop allocation.

On March 31st, Kamino completed a snapshot of the first season's points activity and calculated the allocation amount for the KMNO genesis activity based on this. According to Kamino's official documents, the team plans to distribute KMNO in batches through multiple seasons of points activities in the future.

Currently, Kamino's second season of points activity is ongoing. The official documents previously mentioned that this season's activity is expected to last for about three months after the KMNO genesis, but did not specify the total amount of KMNO allocated for this season's activity.

In addition to obtaining airdrops through points, Kamino has also mentioned that it will separately allocate 50 million KMNO to OG users after the KMNO issuance to further reward early users.

Valuation Expectations

As of the time of writing, including Bybit and Kucoin, many centralized exchanges have opened pre-trading markets for KMNO, which may serve as participation data after the open application for KMNO tonight.

Bybit's pre-trading market shows that the latest transaction price of KMNO is approximately $0.135, with an initial circulating market value (MC) of $135 million and a corresponding fully diluted valuation (FDV) of $1.35 billion.

Kucoin's pre-trading market presents almost the same data, with the latest transaction price at $0.133, an initial circulating market value (MC) of $133 million, and a corresponding fully diluted valuation (FDV) of $1.33 billion.

Relatively, perhaps due to the recent continuous decline, the market's opening expectations for Kamino seem to be lower than those of previous leading projects in the Solana ecosystem such as Jito and Jupiter. This expectation situation is not unexpected, but all expected data is only for reference. The price performance of KMNO still needs to wait for the opening to have a definitive answer.

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