TechFlow reported that DeFi protocol Kamino announced in the early hours of yesterday that its Season 2 has concluded, with plans to distribute a total of 350 million KMNO tokens—valued at approximately $13.5 million—to users by mid-August 2024.
During Season 2, the protocol generated around $21.6 million in interest revenue. Combined with this $13.5 million KMNO token distribution, the protocol's total yield increased by 64%, reaching $37.6 million.
Leveraged positions achieved the highest returns, with JLP users receiving an additional 17.3% APR and SOL/USDC leveraged users earning up to 23% KMNO APR. The distributed tokens will be fully unlocked and automatically staked, allowing users to unstake at any time. Kamino’s Season 3 has already launched, aiming for a total value locked (TVL) of $10 billion.
