Wormhole‘s issuance of W tokens for staking Solana-based tokens on Jito, and subsequently staking them in Kamino’s liquidity pool with JitoSOL, is yielding users weekly returns of over 999%. With these rates, participants are earning daily rewards exceeding 3,300 W tokens and 666 JTOs, valued at $7,000 at current prices, in addition to profits from transaction fees.
Opportunity for Over 999% Returns
The newly launched W token from staking bridge application Wormhole is offering investors weekly returns exceeding 999% as long as the capacity on the decentralized finance (DeFi) platform Kamino on Solana is not surpassed.
The gains are generated by pairing W with JitoSOL (JTO) and locking both tokens in a liquidity pool on Kamino. The rewards offered are more than 3,300 W tokens and 666 JTOs per day, cumulatively worth $7,000 based on current exchange rates. Additionally, a portion of the transaction fees generated in the W and JitoSOL pool is distributed to users.
Data shows that the pool’s capacity limit is $7.5 million, and current figures indicate that just under $5 million in assets are locked in the pool. Furthermore, data from the last 24 hours shows that $6 million in transaction volume has generated $17,000 in fee revenue.
JitoSOL is a token given in exchange for a user’s staking of SOL tokens on Jito, a separate protocol based on Solana. A liquidity pool is a smart contract where two or more tokens are locked to facilitate trading between these specific assets on a decentralized exchange.
Wormhole’s W Token Takes Its Place in the Market
As known, Wormhole’s governance token W was launched on April 3rd with a market value of $3 billion. The token was distributed to thousands of users via AirDrop based on their past activities in the bridging protocol.
Wormhole enables users to transfer tokens between different Blockchains such as Ethereum, Solana, Terra, and others. The token was among the most anticipated this year as Wormhole continued to be one of the few major protocols not offering its token. According to CoinGecko, the price of W has dropped nearly 30% since its launch.
