Kamino Finance airdropKMNO

What qualified participants did

1. Used Kamino lending, borrowing, multiply or liquidity products during a season to earn points or season rewards.
2. Staked KMNO to receive a staking boost on points (Seasons 1 to 3) or on reward value (Seasons 4 and 5).
3. Deposited into an eligible Lending Vault in Season 4, or into vaults and borrow pairs with active rewards in Season 5.
4. Claimed vested Season 4 rewards over the six-month vesting period; claiming early forfeited part of the reward.
5. Checked the governance forum at gov.kamino.finance for any new season announcement.

Where things stand

Kamino is a Solana lending and liquidity protocol. Its token, KMNO, launched through a genesis event on April 30, 2024 with a total supply of ten billion tokens. According to the documentation, 7.5 percent of supply went to existing platform participants at launch, as part of a 35 percent community and grants allocation. The governance forum later described that first distribution as reaching over 250,000 wallets.

After the genesis airdrop, Kamino ran numbered seasons. Seasons 1 to 3 used Kamino Points, and the Season 2 and Season 3 posts each set a distribution of 350 million KMNO, allocated linearly by each user share of total points. From Season 4 the protocol dropped points and rewarded product usage directly in vested KMNO. Season 5 began on November 7, 2025 with up to 100 million KMNO over three months and extended rewards to borrowing.

In the governance forum posts we could open, nothing newer than Season 5 appears, and the forum posts after December 2025 are risk reports and product updates. We therefore mark the airdrop as ended and treat the protocol rewards as ongoing product incentives that may change. If a later season exists, it was not found in first-party documents.

How eligibility worked

In the points era, the rule was usage plus staking. Users earned points by using Kamino products, and staking KMNO multiplied those points through a staking boost. The Season 3 post describes a boost that could exceed 200 percent for users who stayed staked throughout, and gives an example in which maximum boost nearly tripled a distribution compared with a user with no boost and the same protocol usage. A snapshot at a fixed time ended each season.

Season 4 changed the model. The Season 5 post explains that it replaced points with real-time rewards paid in vested KMNO, focused first on Lending Vault growth, and that staking KMNO acts as a multiplier on the USD value of a position. New users start with a 3 percent boost, boost carried over from Season 4, and each day staked adds 0.1 percent. Season 5 extended rewards to specific borrow pairs, for example borrowing USDC against SOL.

The forum posts do not describe an explicit Sybil filter. Because rewards scaled with deposited or borrowed value rather than with the number of wallets, splitting funds across many wallets does not obviously increase total reward. That is our reading of the mechanism, not a statement by the project.

• Seasons 1 to 3: points from product usage, boosted by staked KMNO.
• Season 4: vested KMNO tied to Lending Vault deposits.
• Season 5: up to 100M KMNO over three months, adding borrow rewards.

Risks and red flags

Vesting changes the economics of claiming. Kamino describes the Season 4 structure as an exponential curve over six months in which early claimants forfeit a portion of their rewards, which is redistributed to those who wait the full period. Anyone planning around these rewards should read the vesting terms in the relevant post rather than assume the full amount arrives at once.

The rewards come from using lending products, which carry market risk. Kamino publishes monthly risk reports and a risk event analysis for early February 2026, and borrowing against volatile collateral can lead to liquidation. A reward rate does not offset those risks.

Fake claim pages are a standard risk for any token with a known airdrop history. Use the official kamino.com domain, check the URL by hand, and never share a seed phrase. Kamino does not need your private key for any rewards flow.

What to take from this drop

Kamino is a clear example of an airdrop turning into a continuous incentive program. The genesis event rewarded early users with a lump sum, then points seasons rewarded retention, and finally usage-based rewards replaced points. For a participant, the lesson is that a retroactive drop is often a starting point rather than a single event.

The staking boost shows how a protocol can reward holding as well as using. It also shows the cost: to get the full benefit, a user had to keep KMNO staked for months, which exposes the participant to token price changes.

Because the structure changes between seasons, always read the season introduction post before depositing funds. Check the reward pool, duration, vesting and which products qualify. If no new season is announced on the governance forum, treat past rewards as history and not as a promise of future ones.