Staking Wormhole’s W token paired with JitoSOL in the Kamino liquidity pool on Solana is offering a more than 999% weekly returnParticipants can earn daily rewards of over 3,300 W and 666 JTO, worth $7,000 at current rates, plus trading fees.The pool has a capacity of $7.5 million, with just under $5 million locked as of now. It has generated $17,000 in fees from $6 million in trading volumes in the past 24 hours.

Traders can potentially earn an astonishing 999% return per week by staking Wormhole’s newly issued W token on the Kamino decentralized finance (DeFi) platform on Solana, but only if the token’s capacity on Kamino isn’t surpassed.

You can earn returns by combining W tokens with JitoSOL (JTO) and depositing them in a liquidity pool on Kamino. The incentives include over $3,300 worth of W tokens and $666 in JTO tokens daily, equivalent to around $7,000 based on current exchange rates. Additionally, you’ll receive a share of the trading fees generated from the W and JitoSOL pool transactions.
Wormhole’s W Token Is Paying Out 999% a Week on Solana Protocol Kamino

According to the data, the pool holds a maximum capacity of $7.5 million and currently holds around $4.9 million as of Thursday morning in Europe. In the last 24 hours, it generated approximately $17,000 in fees from nearly $6 million worth of trading activity.

JitoSOL is a digital token given when users deposit Solana (SOL) tokens onto the Jito platform, which operates independently on the Solana network. In essence, a liquidity pool functions as a sophisticated contract, securely holding two or more types of tokens to enable trading between those particular assets on a decentralized exchange.

Yesterday, the governance token W from Wormhole was introduced, boasting a market value of $3 billion. Thousands of active users on the connecting app were rewarded with a free distribution of this token.

With Wormhole, users can effortlessly move tokens between various blockchain networks, including Ethereum, Solana, Terra, and more. This year, the token was highly anticipated due to Wormhole being one of the significant protocols yet to issue a token. However, the price of W has taken a hit, decreasing by nearly 30% in the last 24 hours according to CoinGecko’s data. The CoinDesk 20 Index, which reflects the broader crypto market trend, has experienced a loss of 1.24%.

Read More

2024-04-04 11:04