Kamino Finance now supports Phantom’s new stablecoin, CASH, with strategies including simple liquidity provision, and deposits into lending markets.
For higher returns, the Multiply function let you loop CASH into leveraged positions with big yields, while users can also borrow CASH against USDC or PSOL, with incentives that can offset borrowing costs. The CASH token plugs neatly into Kamino’s toolkit, giving users both simple and more advanced ways to put the asset to work.
Operating on Solana, Kamino Finance has cemented its position as the network’s top protocol, so this week we’ll revisit Kamino to check its growth, and look at some new strategies to employ using the CASH token from Phantom wallet.
Before we get started, please keep in mind the usual DeFi risks, which include front-end attacks, smart contract vulnerabilities, stablecoin de-pegs, and volatility across crypto and DeFi.
Revisiting Kamino
To read up on Kamino, please check this earlier guide about looping on Solana, but as a recap, Kamino is a comprehensive DeFi platform that allows users to borrow against assets, and to provide assets for lending and liquidity, and it has a Looping function so that users can use leverage in order to amplify yields.
Kamino also has its own native token, KMNO, and this can be staked on the platform. Season 4 of the token’s airdrop campaign is in operation until November 6th, meaning that activity on the protocol can earn an allocation. Please check full airdrop details at the Kamino Season 4 page to get up-to-date about what kind of activity is rewarded.
When it comes to the numbers, Kamino is the largest protocol on Solana, with a TVL that has grown from $225 million at the start of 2024, to just under $3.7 billion right now, and it’s still in what looks like a strong uptrend, while the KMNO token is trading at a market cap of $252 million.
Using CASH on Kamino
In case you missed it, Phantom wallet launched the Phantom Cash product at the end of September. This is a payments platform to connect onchain and regular transactions, and it’s underpinned by a new stablecoin called CASH.
The CASH token itself is designed by Phantom and issued by stablecoin infrastructure firm Bridge, and you might also recall that Bridge was acquired by Stripe earlier this year, while there are plans for Stripe to integrate CASH across its merchant network.
As it’s a Solana stablecoin, CASH can now also be utilized on Kamino, so let’s walk through several ways to generate yield using this new assets. If you need to acquire CASH or any other tokens first, then you can do so using the Kamino Swap tool.
Provide Liquidity
First, a very simple way to use CASH. On the Kamino app, connect your wallet and click on the Liquidity tab, and at the top you should see the CASH-USDC pool highlighted, or you can search for it in the longer list of pools.
CASH-USDC is currently offering 16.5% APY, and if you click on it, you can check all the details and deposit assets. This is a fixed-range pool, so there are no range adjustments required, and it’s fully managed by Kamino, so it’s a passive strategy–you just make your deposit, and that’s it.
Use Lend
Next, if you click on the Lend tab, then you can deposit into Kamino’s lending markets. In this case, again, it’s a passive strategy, as…
