Kamino has just onboarded SyrupUSDC across Kamino Lend, Multiply, and Liquidity, giving users access to Maple’s institutional USDC yields, natively on the Kamino platform—powered by Chainlink CCIP.
To fuel the SyrupUSDC launch, we’re running a full-scale growth campaign alongside Maple, Global Dollar Network (USDG), Jito and other partners—with rewards totalling up to $500,000.
Below, we’ll cover the integration across two sections: first, discussing the integration in all its parts, across Kamino, Maple, and Chainlink; then, we’ll dive into the incentives campaign, how it works, and how to start earning.
Let’s dive in:
Key Points
- SyrupUSDC bringing institutional stablecoin yield (~6.5%) to Solana
- 4x Multiply Available
- $30M in on-chain liquidity to enable efficient buying & looping of SyrupUSDC—available on Kamino Swap
- Up to $500K in launch incentives on Kamino—across Multiply, Earn Vaults, and Liquidity
Kamino & Maple: Bringing Institutional Yield to Solana
Along with its position as the most trusted DeFi protocol in Solana, Kamino has also become the home of stablecoins in the ecosystem. With more stablecoins deployed into its smart contracts than any other platform—over $600m, Kamino’s deep liquidity allows users to execute a wide range of trading strategies at scale.
The introduction of SyrupUSDC enables a first-of-its-kind institutional yield strategy on Solana (with a Multiply loop making it even easier). In simple terms, SyrupUSDC gives users access to yields generated by fixed-rate, institutional borrowing activity on Maple itself.
Onboarding SyrupUSDC to Kamino also furthers the platform’s position as the primary venue for institutional yield strategies on Solana, and lays the foundation for the growth of SyrupUSDC on Solana.
With zero incidents since launch in 2023, 15 external audits, a formally verified codebase, and $4B AUM, Kamino is the backbone of DeFi in the ecosystem. Simply put, there is no better place than Kamino for asset issuance and growth on Solana.
Maple’s Growth Trajectory
Over the past year, Maple has grown into a powerhouse in onchain asset management , and its SyrupUSDC token in particular has gained significant traction, with a ~$550M market cap and $1.2B in total TVL.
Maple also prioritizes smart contract security, with numerous smart contract audits on the Maple codebase, as well as dedicated audits for SyrupUSDC itself. You can find the full details here. Maple’s focus on security and robustness has played a significant part in its growth thus far:
- Sky (formerly MakerDAO) allocated over $100M into SyrupUSDC
- SyrupUSDC market on Morpho is one of the largest on the protocol
- $50M+ SyrupUSDC Pendle pool
- Web3 Earn integrations with Binance and OKX
We believe that a collaboration between Maple and Kamino can lead to substantial SyrupUSDC adoption on Solana, while fuelling rapid borrow demand for stablecoins on Kamino.
SyrupUSDC on Solana—powered by Chainlink
The initial onboarding of SyrupUSDC to Solana is enabled by Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Adopting the Chainlink Cross-Chain Token (CCT) standard for syrupUSDC enables it to be natively transferrable between Ethereum and Solana.
Thus, to get SyrupUSDC on Solana, users can either:
- Transfer from Ethereum Mainnet via the Interport UI (leveraging Chainlink CCIP)
- Buy it on Kamino Swap
SyrupUSDC Growth Campaign
With SyrupUSDC onboarded, it’s time for aggressive scaling. We’ll be running a growth initiative alongside Maple, Global Dollar Network, and Jito, with the simple goal of:
- Enabling attractive yield strategies via SyrupUSDC, and in turn;
- Encouraging strong SyrupUSDC flows to Solana
Incentives are now available across numerous products, including Kamino Lend, Lending Vaults, Liquidity Vaults, and of course, Kamino Multiply (we’ll cover Multiply in detail below)
Incentives Overview
In total, up to $500K incentives will be available across Kamino’s SyrupUSDC products. To kick off, the first phase of incentives will be as follows:
-
USDG supply: $30,000 monthly (in syrupUSDC)
- Also awarded to Steakhouse USDG Earn Vault depositors
-
USDC supply: $30,000 monthly (in syrupUSDC)
- Also awarded to Prime USDC Earn Vault depositors
-
USDG debt: $30,000 monthly (in USDG)
- Also awarded to SyrupUSDC/USDG Multiply users
-
JitoSOL-syrupUSDC Liquidity: 5,000 JTO per month
Shortly after launch, additional incentives will be added to the Steakhouse USDG Earn Vault, totalling ~$60,000 in USDG
Earn Vaults
Via Kamino’s V2 Earn Vaults, users can deposit their assets to earn passive lending yields within their risk profile.
Significantly, by depositing into an Earn Vault, a user also earns any incentives from the markets that the vault is deploying into. In the case of SyrupUSDC, for example, USDG deposits in the Maple Market receive [xxx] incentives per week.
This means, via the Steakhouse USDG Vault, which is deploying into the Maple Market from Day 1, users are automatically earning USDG rewards. There’s no better place to Earn USDG yield on Kamino than the Steakhouse Vault.
Multiply
SyrupUSDC has also been onboarded to Multiply via two new vaults:
- SyrupUSDC/USDG
- SyrupUSDC/USDC
Multiply enables a user to open a leverage position where they can increase their exposure to a yield-bearing asset by borrowing the underlying asset. Since its launch in 2023, Multiply has grown into one of the largest DeFi products on Solana, with over $900M assets deployed into Multiply vaults.
In the case of SyrupUSDC Multiply, the vault opens up a leveraged position with SyrupUSDC as collateral and USDG/USDC as debt, at the target leverage selected by the users.
As with Lending Vaults, Multiply vaults also earn the incentives from the underlying market. This means a user earns three-fold yields via:
- SyrupUSDC Lending Yield
- SyrupUSDC Supply Incentives
- USDG Borrow Incentives
Conclusion
We are thrilled to have syrupUSDC live on Kamino and are committed to leading the charge in RWA and institutional yield assets on Solana.
Stay tuned for additional SyrupUSDC incentives announcements!