Wormhole’s newly released cross-chain protocol W token is delivering traders 999% weekly returns as long as it is not maxed out on Kamino, a decentralized finance (DeFi) platform on Solana. Yield can be earned by pairing W with JitoSOL (JTO) and locking both tokens in the liquidity pool on Kamino. The rewards offered are over 3,300 W and 666 JTO per day, totaling $7,000 currently, plus a portion of the trading commissions generated in the W pool and JitoSOL.
JitoSOL is a token that is issued when a user stakes Solana (SOL) tokens on Jito, a separate protocol also based on Solana. A liquidity pool can be thought of as a smart contract in which two or more tokens are locked to facilitate trading between those specific assets on a decentralized exchange. W, Wormhole’s governance token, was released yesterday with a market capitalization of $3 billion. It was airdroped with thousands of users based on their previous activity on the bridge app.
Wormhole allows users to transfer tokens between different blockchains such as Ethereum, Solana, Terra and others. The token was one of the most anticipated this year, as Wormhole remained one of the few major protocols that did not offer a token. According to CoinGecko, the price of W has dropped almost 30% in the last 24 hours. The CoinDesk 20 Index, a measure of the broader cryptocurrency market, lost 1.24%.
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