Kamino’s 999% Weekly Yield with Wormhole’s W Token

The post Kamino’s 999% Weekly Yield with Wormhole’s W Token appeared first on Coinpedia Fintech News

Kamino, a new groundbreaking opportunity as a DeFi application on the Solana network, is offering an extraordinary weekly yield of over 999%, paid out in W and JTO tokens, courtesy of Wormhole’s W token. 

The Dynamics of Kamino’s Pool

Kamino’s liquidity pool offers investors a wonderful opportunity to stake Wormhole’s W token paired with JitoSOL and earn substantial rewards. Although Kamino’s pool can hold liquidations worth $ 7.5 million, it is currently locked at just $5 million. 

Participants can earn daily rewards exceeding 3,300 W and 666 JTO tokens, translating to a staggering $7,000 at current rates and a share of trading fees. The pool has generated an impressive $17,000 in fees from $6 million in trading volumes within the past 24 hours alone.

Also Read : ENA Price Analysis: Will Ethena Token Sustain Above $1?

The Journey of Wormhole’s W Token

Wormhole’s W token, which launched with an initial market capitalization of $3 billion, promised to revolutionize cross-chain interoperability by facilitating seamless token transfers between various blockchains, including Ethereum, Solana, and Terra. 

However, following the much-anticipated airdrop event, wherein over 617.3 million W tokens were distributed to thousands of users based on their prior activity on the bridging application, the token witnessed a significant decline of approximately 26% from its ATH. 

Moreover, the market grappled with rising phishing scams related to the Wormhole tokens, targeting unsuspecting investors. 

Did You Know : Bearish Cloud Looms Over Bitcoin As Hedge Funds Bet On Bitcoin Short Sell

The meteoric rise of Wormhole’s W token on Solana’s Kamino protocol presents a compelling opportunity for investors seeking lucrative yields in the dynamic realm of decentralized finance.