Solana-based decentralized platformKamino Finance has announced March 31st as the date it would take a snapshot for its upcoming $KMNO airdrop event. This announcement did not sit well with the majority of users.
Kamino Finance to Airdrop $KMNO
Kamino Finance offers lending, liquidity, and leverage functionalities on the Solana mainnet. The DeFi project was launched in August 2022 by the decentralized financial platform Hubble protocol. Recent data shows that Kamino’s total value locked (TVL) is impressive as it ranks #4 among leading Solana-based DeFi protocols. According to DeFiLlama, Kamino has a TVL of over $633 million.
As a shift towards decentralized governance, Kamino Finance announced the genesis distribution of its KMNO token to occur in April. There will be a total supply of 10 billion KMNO tokens. The token distribution will be linear based on the user’s Kamino points. An initial 7% of the total supply is earmarked for the airdrop.
The KMNO cryptocurrency will serve as a governance token, enabling holders to partake in voting processes. Other future utilities of the cryptocurrency include control over $KMNO incentive programs and protocol revenue allocation.
A subsequent “Season 2” airdrop will occur, where beneficiaries will be rewarded based on “loyalty & sustained usage of Kamino’s products.”
Users Frown at Snapshot Announcement
Many users are unhappy with Kamino’s decision to announce its snapshot date ahead of the token generation event (TGE). A snapshot is a record of the total balance of each token holder at a given time/block height. Users are subsequently rewarded with an airdrop based on their available balance at the time of the snapshot. The process is typically carried out before an airdrop occurs.
In Kamino’s case, users will be rewarded based on points accumulated while engaging with its platform.
Some users argue that Kamino should not have announced its snapshot but should have taken the snapshot a day before the airdrop announcement. Many claim that crypto whales will harness the opportunity to accumulate large quantities of KMNO tokens upon launch at the detriment of loyal and early users.
Note that most projects carry out a snapshot before announcing details about the airdrop date.
