Wormhole’s newly launched cross-chain protocol W token is delivering merchants 999% weekly returns so long as it’s not maxed out on Kamino, a decentralized finance (DeFi) platform on Solana. Yield could be earned by pairing W with JitoSOL (JTO) and locking each tokens within the liquidity pool on Kamino. The rewards provided are over 3,300 W and 666 JTO per day, totaling $7,000 at the moment, plus a portion of the buying and selling commissions generated within the W pool and JitoSOL.
JitoSOL is a token that’s issued when a person stakes Solana (SOL) tokens on Jito, a separate protocol additionally primarily based on Solana. A liquidity pool could be considered a sensible contract through which two or extra tokens are locked to facilitate buying and selling between these particular property on a decentralized alternate. W, Wormhole’s governance token, was launched yesterday with a market capitalization of $3 billion. It was airdroped with 1000’s of customers primarily based on their earlier exercise on the bridge app.
Wormhole permits customers to switch tokens between completely different blockchains equivalent to Ethereum, Solana, Terra and others. The token was some of the anticipated this yr, as Wormhole remained one of many few main protocols that didn’t supply a token. In accordance with CoinGecko, the worth of W has dropped virtually 30% within the final 24 hours. The CoinDesk 20 Index, a measure of the broader cryptocurrency market, misplaced 1.24%.
Picture: Wealth Mastery