Wormhole's W Token Delivers Massive Weekly Returns via Kamino Liquidity Pool

By staking Wormhole's W token alongside JitoSOL in Kamino's liquidity pool on Solana, traders can generate an astounding 999% weekly return, accessing daily rewards of over $7,000 in W and JTO, along with trading fee revenue. Despite the pool's $7.5 million capacity, less than $5 million is currently staked, while it has already generated $17,000 in fees from $6 million in trading volume over the past 24 hours.

Wormhole's W Token Offers Lucrative Weekly Returns Through Kamino Liquidity Pool

July 14, 2023

Staking Wormhole's newly launched W token alongside JitoSOL (JTO) in the Kamino liquidity pool on Solana is generating exceptional weekly returns of over 999%. This lucrative incentive provides participants with the opportunity to earn substantial rewards for contributing to the liquidity of these digital assets on Solana's high-performance blockchain.

Generous Daily Rewards and Fees

Participants in the liquidity pool can reap daily rewards of over 3,300 W and 666 JTO, which currently equates to a combined value of approximately $7,000. Additionally, stakers receive a portion of the trading fees generated by the W and JitoSOL pool, further enhancing their returns.

Pool Capacity and Performance

The Kamino liquidity pool has a capacity of $7.5 million and has attracted nearly $5 million in locked tokens as of writing. Within the past 24 hours, the pool has facilitated $6 million in trading volume, generating impressive fees of $17,000.

Bridging Platform's Governance Token

The W token is Wormhole's governance token, released yesterday with a market capitalization of $3 billion. It was airdropped to numerous users based on their previous activity on the bridging application. Wormhole empowers users to seamlessly transfer tokens across different blockchains, including Ethereum, Solana, and Terra, among others.

High Anticipation and Market Volatility

The launch of the W token was highly anticipated as Wormhole had remained one of the prominent protocols without a native token. However, the token has experienced a price decline of almost 30% in the past 24 hours, reflecting the volatility prevalent in the broader crypto market, which is currently down 1.24% according to the CoinDesk 20 Index.

Understanding Liquidity Pools

A liquidity pool is a type of smart contract designed to facilitate trades between specific digital assets on decentralized exchanges. By providing liquidity to these pools, participants contribute to the smooth functioning of the market and earn rewards for their contributions.

JitoSOL and Staking Solana's SOL Token

JitoSOL (JTO) is issued when users stake Solana's SOL tokens on Jito, a separate decentralized protocol built on Solana. Staking involves locking tokens in a smart contract for a specified period to earn rewards and support the network's operation.