Solana’s Original Memecoin SAMO Boosts DEX Liquidity with New Kamino Finance Vaults

17 January 2023

in Solano

Reading Time: 3 mins read

Kamino and SAMO partner to enhance DEX liquidity on Solana.

Kamino Finance launches two new concentrated liquidity vaults featuring Samoyedcoin (SAMO) on Solana.

LONDON, UNITED KINGDOM, January 17, 2023 /EINPresswire.com/ — The Solana decentralized finance (DeFi) protocol Kamino Finance has added Samoyedcoin (SAMO) to its market-making vaults. Users can provide automatically managed concentrated liquidity for Orca’s Whirlpools by pairing SAMO with Solana’s SOL and Hubble Protocol’s USDH on Kamino beginning Tuesday, January 17.

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Samoyedcoin became the first official memecoin on Solana when it was launched in April 2021. The project’s stated mission was to onboard, educate, and unite new users on Solana while becoming a visible ambassador of the network, integrating into platforms and apps built on Solana. The canine breed representing SAMO is of Eastern European origin in honor of Solana co-founder Anatoly Yakovenko’s heritage.

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The recent successful launch of Bonk Inu (BONK), a newcomer dog coin on Solana, has renewed interest in SAMO, with parallels being drawn between two Top 20 crypto market tokens Dogecoin (DOGE), launched in late 2013, and Shiba Inu (SHIB), launched in 2020. Since the end of December, the market cap for SAMO has risen from around $8.5M to nearly $17.5M in mid-January.

SAMO currently trades on multiple centralized exchanges (CEXs); however, an increasing number of users have begun relying on DeFi and Solana’s decentralized exchanges (DEXs) to execute trades within the last year. Unlike the traditional CEX, DEXs rely on users to provide liquidity to facilitate token swaps in a decentralized manner.

The introduction of concentrated liquidity market makers (CLMMs) has significantly improved the capital efficiency of decentralized token swaps, but their increased complexity has introduced new difficulties for market makers providing liquidity. The addition of SAMO to Kamino Finance’s automated market-making vaults will lower the barrier to entry for users to provide concentrated liquidity for SAMO on the Orca DEX.

Kamino’s vaults are designed to manage concentrated liquidity positions on behalf of market makers by setting price ranges, rebalancing positions, and auto-compounding fees. Users who provide SOL-SAMO and USDH-SAMO liquidity through Kamino vaults can bypass the complexity of managing their own positions while earning fees from traders on Orca.

Kamino Finance, which was launched in September 2022, currently holds a total value locked (TVL) of $5M in assets provided as concentrated liquidity. The protocol supports liquidity provisions for multiple Solana assets, including SOL, stablecoins, and liquid staking tokens.

Akeel Qureshi
Hubble Protocol
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