Kamino Finance 的 KMNO 代幣發行在市場動盪中震撼了市場

Kamino Finance 的新 KMNO 代幣推出後市場大幅下跌，下跌 70% 至 0.03 美元左右，這表明人們對其效用持懷疑態度。儘管早期對空投資格存在爭議，但該平台透過與 Jito 和 SolBlaze 的合作引入了各種流動性金庫和激勵措施，提供了抵押和 APY 獎勵等優勢。儘管採取了這些舉措，Kamino Finance 的 TVL 自 3 月的高峰以來仍下降了 28%，目前達到 10.48 億美元。

Kamino Finance Unveils KMNO Token, Sparks Market Turmoil

卡米諾金融推出 KMNO 代幣，引發市場動盪

Kamino Finance, Solana's premier lending and liquidity protocol by total value locked (TVL), has encountered significant market resistance following the launch of its new token, KMNO.

Kamino Finance 是 Solana 按鎖定總價值 (TVL) 計算的首屈一指的借貸和流動性協議，在推出新代幣 KMNO 後遇到了巨大的市場阻力。

Debutting on April 19, the KMNO token briefly traded at $0.11 before plummeting within minutes to stabilize around $0.03, marking a precipitous decline of approximately 70%. This sharp drop suggests that the market is not yet fully confident in the token's value proposition.

KMNO 代幣於 4 月 19 日首次亮相，交易價格短暫為 0.11 美元，然後在幾分鐘內暴跌，穩定在 0.03 美元左右，跌幅約為 70%。這種大幅下跌表明市場尚未對該代幣的價值主張充滿信心。

Liquidity Vaults and Tokenized Positions

流動性金庫和代幣化頭寸

Kamino's core offering revolves around liquidity vaults, which provide decentralized exchange users with access to deposited funds. The protocol automates the process, distributing fees and rewards to depositors.

卡米諾的核心產品圍繞著流動性金庫，為去中心化交易所用戶提供存入資金的存取權限。該協議使流程自動化，向儲戶分配費用和獎勵。

The protocol's key differentiator lies in its tokenization of user positions into LP tokens known as kTokens. These tokens can subsequently be utilized as collateral within Kamino Lend, facilitating token interoperability between protocols via Kamino's liquidity vaults.

該協議的關鍵區別在於它將用戶位置標記為 LP 代幣（稱為 kToken）。這些代幣隨後可以用作 Kamino Lend 內的抵押品，透過 Kamino 的流動性金庫促進協議之間的代幣互通性。

Expanded Partnerships and Incentives

擴大合作夥伴關係和激勵措施

Kamino has been actively expanding its presence, recently announcing new vaults on SolBlaze, a liquid staking protocol with $318 million in TVL, and providing substantial incentives for KMNO and BLZE tokens.

Kamino 一直在積極擴大其影響力，最近宣佈在 SolBlaze（一種流動質押協議，TVL 為 3.18 億美元）上推出新的金庫，並為 KMNO 和 BLZE 代幣提供大量激勵措施。

Throughout April, Kamino has also implemented incentive programs for holders of Wormhole, Tensor, and Zorksees tokens.

整個 4 月份，Kamino 也為 Wormhole、Tensor 和 Zorksees 代幣的持有者實施了激勵計劃。

Positive Performance and Declining TVL

正面的業績和下降的 TVL

According to Kamino's dashboard, users who have leveraged the protocol's liquidity vaults on Jito have outperformed SOL by just over 1% in recent months. Providing JitoSOL-SOL liquidity yields a 2.52% APY, with $25 million in TVL and weekly volumes exceeding $138 million.

根據 Kamino 的儀表板，近幾個月來，在 Jito 上利用該協議流動性金庫的用戶的表現比 SOL 高出 1% 多一點。提供 JitoSOL-SOL 流動性的年化收益率為 2.52%，TVL 為 2500 萬美元，每週交易量超過 1.38 億美元。

Despite these positive performance metrics, Kamino Finance's TVL has experienced a significant drop from its late March peak. As of April 19, TVL has declined by 28% from $1.437 billion on March 31 to $1.048 billion.

儘管有這些積極的業績指標，卡米諾金融的 TVL 仍較 3 月底的峰值大幅下降。截至 4 月 19 日，TVL 已從 3 月 31 日的 14.37 億美元下降至 10.48 億美元，下降了 28%。

Controversial Airdrop Announcement

有爭議的空投公告

Kamino's airdrop announcement in early March sparked controversy within the community. Initially, token eligibility was based solely on the total number of tokens accumulated by the end of the month, sparking concerns about short-term token accumulation.

卡米諾三月初的空投公告引發了社區內的爭議。最初，代幣資格僅基於月底累積的代幣總數，引發了人們對短期代幣累積的擔憂。

In response to community feedback, Kamino revised its airdrop mechanism on March 11, allocating 0.5% of the total supply to "OGs" and increasing the community allocation to 7.5%. This adjustment sought to reward early adopters and promote longer-term user engagement.

針對社群回饋，卡米諾於3月11日修改了空投機制，將總供應量的0.5%分配給“OGs”，並將社群分配比例提高至7.5%。這項調整旨在獎勵早期採用者並促進長期用戶參與。

Despite these efforts, the market's response to the KMNO token launch remains uncertain. The token's value and the protocol's TVL are subject to ongoing scrutiny as Kamino Finance continues to evolve its offerings and navigate market dynamics.

儘管做出了這些努力，市場對 KMNO 代幣發行的反應仍然不確定。隨著 Kamino Finance 不斷發展其產品並駕馭市場動態，代幣的價值和協議的 TVL 受到持續的審查。