We are kicking off the CASH Growth Initiative in collaboration with Phantom, with the goal of rapidly accelerating CASH growth on Solana. To kick off, a monthly rewards pool of up to ~$540,000 will be distributed across a range of CASH products on Kamino. Rewards will be updated at the end of the first month.
In this post we dive into:
- The CASH Launch on Solana
- How Kamino’s Product Suite Can Scale CASH
- The CASH Growth Initiative
For specifics on how rewards are structured, jump to the bottom section of this post.
CASH Launch on Solana
Phantom recently announced the launch of Phantom Cash, which will introduce a brand new, consumer-focused product experience for everyday spending and money management. At the heart of Phantom Cash, powering the way money moves in the product, will be CASH; a new, transparent, USD-pegged stablecoin.
Issued by Bridge (Stripe), the initial launch of CASH will be focused on Solana—with scaling facilitated exclusively by Kamino’s suite of lending and liquidity products.
Scaling CASH on Kamino
Kamino’s product suite is tailor-made to scale assets as fast, and securely as possible on Solana. With over $4.7B deposits and $1.5B borrows on Kamino Lend, and over $300M in Kamino’s on-chain LP vaults, there is simply no better platform to grow new assets on Solana.
CASH has now been onboarded to all 5 of Kamino’s core products:
- Kamino Lend Vaults
- Kamino Borrow Markets
- Kamino Multiply
- Kamino LP Vaults (Liquidity)
- Kamino Swap
With the CASH Growth Initiative, each of these products will play a key part in facilitating CASH adoption and utility on the platform, and ultimately in wider Solana DeFi.
Let’s dive in:
CASH Growth Initiative
For the first month of the Growth Initiative, up to ~$540K in rewards will be distributed across CASH products on Kamino. Towards the end of the month, incentives updates for the following month will be announced.
Note that borrow rewards are determined by the amount of CASH borrowed against eligible collateral assets (in this case, PSOL, USDC, and SyrupUSDC). For a deep dive on how borrow rewards are calculated, read here.
Rewards will be distributed as follows:
A core aim of the Growth Initiative is to expand CASH utility, evolving it into a productive asset on Kamino. Thus, borrow rewards will be as follows:
- Borrowing CASH against USDC Collateral — $100,000 CASH p/m
- Borrowing CASH against PSOL Collateral — $50,000 CASH p/m
Kamino is collaborating with Maple Finance to scale CASH borrows against SyrupUSDC. Significantly, these rewards are available via Multiply as well, where the SyrupUSDC/CASH Loop is now live. Rewards:
- Borrowing CASH against SyrupUSDC Collateral — $100,000 CASH p/m + Up to $50,000 SyrupUSDC p/m
With Orca as its underlying DEX, Kamino’s CASH-USDC Liquidity Vault will enable users to provide liquidity in a single click:
- CASH-USDC Liquidity: $150,000 CASH p/m + 5,100 ORCA ($10,000 at current value)
To fuel CASH deposits, thus enabling more liquidity for borrows, Kamino has onboarded CASH to Season 4 rewards, making it only the 5th asset to be added to Kamino Season 4.
- CASH Earn — 1,240,000 vested KMNO p/m (~$90,000 at current value)
Read More about Season 4 Rewards here.