Kamino Finance 的 KMNO 代币发行在市场动荡中震撼了市场

Kamino Finance 的新 KMNO 代币推出后市场大幅下跌，下跌 70% 至 0.03 美元左右，这表明人们对其效用持怀疑态度。尽管早期对空投资格存在争议，但该平台通过与 Jito 和 SolBlaze 的合作引入了各种流动性金库和激励措施，提供了抵押和 APY 奖励等优势。尽管采取了这些举措，Kamino Finance 的 TVL 自 3 月份的峰值以来仍下降了 28%，目前达到 10.48 亿美元。

Kamino Finance Unveils KMNO Token, Sparks Market Turmoil

卡米诺金融推出 KMNO 代币，引发市场动荡

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 按锁定总价值 (TVL) 计算的首屈一指的借贷和流动性协议，在推出新代币 KMNO 后遇到了巨大的市场阻力。

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 代币于 4 月 19 日首次亮相，交易价格短暂为 0.11 美元，然后在几分钟内暴跌，稳定在 0.03 美元左右，跌幅约为 70%。这种大幅下跌表明市场尚未对该代币的价值主张充满信心。

Liquidity Vaults and Tokenized Positions

流动性金库和代币化头寸

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.

卡米诺的核心产品围绕流动性金库，为去中心化交易所用户提供存入资金的访问权限。该协议使流程自动化，向储户分配费用和奖励。

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.

该协议的关键区别在于它将用户位置标记为 LP 代币（称为 kToken）。这些代币随后可以用作 Kamino Lend 内的抵押品，通过 Kamino 的流动性金库促进协议之间的代币互操作性。

Expanded Partnerships and Incentives

扩大合作伙伴关系和激励措施

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 一直在积极扩大其影响力，最近宣布在 SolBlaze（一种流动质押协议，TVL 为 3.18 亿美元）上推出新的金库，并为 KMNO 和 BLZE 代币提供大量激励。

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

整个 4 月份，Kamino 还为 Wormhole、Tensor 和 Zorksees 代币的持有者实施了激励计划。

Positive Performance and Declining TVL

积极的业绩和下降的 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.

根据 Kamino 的仪表板，近几个月来，在 Jito 上利用该协议流动性金库的用户的表现比 SOL 高出 1% 多一点。提供 JitoSOL-SOL 流动性的年化收益率为 2.52%，TVL 为 2500 万美元，每周交易量超过 1.38 亿美元。

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.

尽管有这些积极的业绩指标，卡米诺金融的 TVL 仍较 3 月底的峰值大幅下降。截至 4 月 19 日，TVL 已从 3 月 31 日的 14.37 亿美元下降至 10.48 亿美元，下降了 28%。

Controversial Airdrop Announcement

有争议的空投公告

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.

卡米诺三月初的空投公告引发了社区内的争议。最初，代币资格仅基于月底积累的代币总数，引发了人们对短期代币积累的担忧。

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.

针对社区反馈，卡米诺于3月11日修改了空投机制，将总供应量的0.5%分配给“OGs”，并将社区分配比例提高至7.5%。这一调整旨在奖励早期采用者并促进长期用户参与。

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.

尽管做出了这些努力，市场对 KMNO 代币发行的反应仍然不确定。随着 Kamino Finance 不断发展其产品并驾驭市场动态，代币的价值和协议的 TVL 受到持续的审查。