The BTCFi space is heating up, and Kamino Liquidity is at the forefront of the action. In a significant milestone for the Solana blockchain, Kamino’s liquidity pools have attracted over $15 million in Bitcoin deposits, solidifying its position as a leading platform for BTCfi.
Notably, BTCFi refers to Bitcoin DeFi (decentralized finance). It uses Bitcoin’s robust security to power decentralized financial solutions, transforming it from a store of value into a productive asset.
Kamino Secures $15M in Bitcoin Deposits: Know Details
In a recent X post, Solana’s Kamino announced its significant milestone of hitting $15 million in Bitcoin deposits. This major achievement highlights the growing popularity of the platform as well as the rising demand for Bitcoin DeFi services.
For context, Kamino Finance is a one-step DeFi solution, built on Solana, which seamlessly integrates lending, liquidity provision, and leverage to meet user demands. By combining these elements, the platform creates a versatile DeFi space to support a broad spectrum of activities, including asset supply, collateralized borrowing, and sophisticated trading strategies.
Why is This Important?
This significant influx underscores the users’ confidence in Kamino’s decentralized finance solutions and its potential to drive growth in the BTCFi ecosystem. As a result, Kamino is solidifying its position as a leading platform for Bitcoin finance on the Solana blockchain.
Reportedly, this achievement could be attributed to several factors, including the platform’s innovative lending and borrowing features, robust security measures, and strategic partnerships within the Solana ecosystem. By providing a user-friendly and secure platform, Kamino has attracted a significant amount of Bitcoin deposits, demonstrating its leading position in the space.
Security Milestone Achieved
This development comes on the heels of Kamino’s acquisition of the official verification from OtterSec, marking the platform’s fourth formal audit. This security milestone reportedly reinforces the firm’s commitment to upholding the “gold standard for safety and security in Solana DeFi.” As noted by the Solana-based platform, “Verification was completed after six months of collaboration, ensuring our lending system operates safely and correctly.”
Bitcoin Deposits Surge Despite Bearish Market Trends
The $15 million Bitcoin deposit milestone is particularly noteworthy as it occurs amid the greatest crypto market crash. While the industry saw record lows on October 11, it is still struggling to recover from its losses, with investors flocking to safer options like spot Bitcoin trades.
Usually, BTCFi platforms like Kamino see increased activity and deposits during bullish markets as investors seek to leverage their holdings. Similarly, fewer deposits are seen in bearish markets. Defying the usual trend, Kamino has achieved this major deposit figure amid the debacle when BTC price hovers below the $110k mark.
KMNO Price Continues to Fall
Despite this development, the Kamino Finance token (KMNO) continues to trade in the red zone. Over the past month, especially after the 1011 market crash, the cryptocurrency has been facing significant headwinds. Although it reached $0.09 at the onset of October, it fell to $0.05 on October 11 and sustained this negative trend throughout the month.
As of press time, KMNO is valued at $0.06330, marking a notable downtick of 4.2% over the past 24 hours. Despite a 5.4% decline over the past month, it has seen a 6% weekly gain, sparking investor attention. This moderate gain has caught the eyes of investors and traders, resulting in the 8% hike in the 24-hour trading volume, currently at $38.55 million.
