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Pointing System: Active, Season 1. Throughout 2024, there will be numerous rounds of airdrops.
Token Airdrop Date: Q1 2024, Kamino token is coming.
Difficulty to farm: Effort – Mid, Time Needed – Mid (At the beginning)
Risk: Leverage trading, Liquidation, Platform Hack, Stable/LST Coin Depeg, Impermanent Loss
Get rewarded early for building on Kamino! This guide will navigate you through point farming on Kamino Finance, unlocking potential airdrops and maximizing your points with clear steps and interactive elements.
What’s Kamino?
Imagine a DeFi playground where you can lend, borrow, trade, and provide liquidity – all on Solana and under one roof. That’s Kamino Finance! They’re offering points right now, which could translate to sweet airdrop rewards later. Let’s get farming!
Before you start:
- Understand the risks: DeFi involves inherent risks, like impermanent loss and liquidation. Read Kamino’s docs and only invest what you can afford to lose.
- Have a Phantom Wallet or compatible browser wallet.
- This guide uses USD 100 as an example. Adjust based on your comfort level.
Let’s Farm!
1. Connect to Kamino:
Visit https://app.kamino.finance/ and connect your wallet. Explore the platform to familiarize yourself. Please note that always use your burner wallet to explore and click on sites you are not familiar with.
2. Choose your farming style:
Option 1: The Chill Way (Lower Risk, Lower Points)
- Lend: Go to “Borrow/Lend” and deposit your $100 USDC (gets a 5x points boost!).
- Borrow: Switch to “Borrow” and borrow SOL (another 5x boost!). Aim for 50% or less of your USDC amount to manage risk.
- Relax and earn: That’s it! You’re passively accumulating points.
Option 2: The Active Way (Higher Risk, Higher Potential Points)
Ready to push it? This strategy involves looping for more points but understanding the risks before proceeding.
Looping Steps:
- Follow the steps in “The Chill Way”.
- Loop 1: After borrowing SOL, head to https://jup.ag/dca. Use their DCA feature to slowly convert your SOL to USDC (maximizes JUP points!). Aim for 1-2 minute intervals.
- Repeat: Go back to “Borrow/Lend” and lend your new USDC (50% again). Borrow less SOL (around 25% of new USDC).
- Loop 2: Convert the borrowed SOL to USDC again using https://jup.ag/dca.
- Keep looping: Repeat steps 3 & 4, gradually decreasing borrowed amounts until you reach your comfortable risk level.
Pro Tip: Monitor your “Health %” to stay above the liquidation threshold. Adjust your strategy as needed.
3. Withdrawing:
Remember, you need to repay borrowed funds before withdrawing your USDC. Head to “Borrow/Lend” and repay your SOL first. Then, withdraw your USDC.
Remember:
- Do your own research and understand the risks involved.
- This guide is for informational purposes only and does not constitute financial advice.
- Stay updated on Kamino’s official channels for the latest information.
You can read this for more info: Kamino Finance rates and boosts
Happy farming!
Via: 2Usethebitcoin.com
