bunk! joins Solana DeFi with Kamino Finance integrations
The Bonk! Meme token has become one of Solana’s most traded assets in the new year. Now it has entered mainstream DeFi with Kamino Finance liquidity vaults.
LONDON, UK, Jan. 10, 2023 /EINPresswire.com/ — Kamino Finance is the latest decentralized finance (DeFi) protocol to support Bonk Inu, the Solana meme coin that has become one of the most actively traded tokens on the network is. The addition of two automated $BONK vaults on Kamino pairs the popular dog token with SOL and USDH as managed concentrated liquidity on Orca, Solana’s largest decentralized exchange (DEX).
The BONK! Token, usually spelled with an exclamation mark, was launched on December 25th, when 50% of the original supply was airdropped to users who owned some of Solana’s most popular non-fungible tokens (NFTs), NFT art collectors, some DeFi and regularly traded users. DeGods, which recently announced Solana’s migration to Ethereum, did not participate in the airdrop; However, the sister project y00ts, which migrates to Polygon, has been included in the distribution.
The news that two of Solana’s key NFT projects were leaving the blockchain had raised doubts about the viability of the ecosystem, sending the SOL token price into freefall and scraping it from an all-time high of $8 on December 30th around $260 in 2021. SOL has surged over 100% from a local low in late 2022, while simultaneously increasing transactions for BONK! have reportedly surpassed the total number of transactions on both Ethereum and Polygon.
According to Mark Hull, a core contributor at Kamino Finance, “Even the most committed and straight-forward DeFi enthusiast has to admit that there is something special about how a meme coin shakes up an entire blockchain. Bonk has been a particularly important catalyst for the ecosystem, both in DeFi and NFTs.”
Hull continued, “Just a few days ago, the Solana community looked tired. Crypto Twitter looked bleak, and now there’s this sudden happy enthusiasm to get involved in DeFi that has exploded out of nowhere. Kamino has launched two new automated vaults to help users participate in DeFi with their bonk and earn income from decentralized trades on Orca.”
At the time of writing only two BONK! Concentrated liquidity pools on Orca have generated over $20 million in 24-hour volume in pools with total liquidity of $1.2 million. Overall, Orca has processed nearly $50 million in 24-hour volume with only about $15 million in total committed value, of which Kamino Finance is responsible for managing about $5 million.
Over three days, January 6-8, Kamino Finance generated over $50,000 in revenue for users providing liquidity through the BONK-SOL and BONK-USDH vaults. The return consisted entirely of trading fees paid by users on Orca.
Akeel Qureshi
Hubble protocol
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January 10, 2023 at 00:18 GMT
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