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Ultimate Guide to Kamino’s $CASH Growth Initiative: Earn Up to $540K in Monthly Rewards on Solana
Earn up to $540K in rewards monthly by farming Kamino’s new $CASH Growth Initiative on Solana through lending, borrowing, Multiply loops, and liquidity pools.
Kamino just launched the $CASH Growth Initiative (Oct 3, 2025), teaming up with Phantom, Maple Finance, and Orca to push $540K in monthly incentives into the Solana ecosystem. The goal is to drive adoption of $CASH, a USD-pegged stablecoin integrated into Phantom’s new Cash product.
Kamino is already one of Solana’s leading DeFi protocols, handling lending, borrowing, Multiply (looping leverage), and liquidity provision. No fresh airdrop here—$KMNO is live and rewards are already vesting—but active participation builds Kamino Points for Season 4 multipliers, which could mean boosted $KMNO rewards down the line.
Rewards flow across borrowing, Multiply, lending, and liquidity, paid in $CASH, $SyrupUSDC, $KMNO, and $ORCA. Current TVL sits at ~$4.7B deposits and ~$1.6B borrows, so liquidity is deep.
⚡ Quick Start (5-10 Minutes)
- Wallet Setup → Use Phantom. Download at phantom.app.
- Get $CASH → Swap USDC for $CASH in Phantom or via Jupiter. Start small.
- Connect to Kamino → Go to app.kamino.finance, connect wallet, approve.
- Explore Dashboard → Tabs for Borrow/Lend, Multiply, and Liquidity. Rewards auto-accrue and claim monthly.
- Track Activity → Enable reward notifications. Monitor APYs, health factors, and vault stats.
Requirements: SOL in wallet for gas (~0.001 SOL/tx). No KYC. Risks: Smart contract exploits (low risk but possible), liquidation if over-leveraged, IL on LPs.
💰 How Rewards Work
Rewards are distributed pro-rata by participation—the bigger your position, the larger your share of each monthly pool.
1. Borrowing Rewards — $150K/month
Borrow $CASH against collateral (USDC or pSOL).
Steps:
- Deposit collateral → enable as collateral.
- Borrow $CASH (stay above 1.2 health factor).
- Rewards in $CASH, weekly/monthly.
| Collateral | Pool | Est. APY |
|---|---|---|
| USDC | $100K | ~5–10% |
| pSOL | $50K | ~8–12% |
Example: Borrow $1K $CASH vs. $1.25K USDC = $8–16/month rewards.
2. Multiply Rewards — $150K/month (Maple)
Loop SyrupUSDC exposure using borrowed $CASH.
Steps:
- Go to Multiply tab → pick SyrupUSDC/CASH.
- Deposit SyrupUSDC → auto-borrow $CASH.
- Choose leverage (2–5x). Monitor health factor.
| Pool | Monthly Pool | Est. Boost |
|---|---|---|
| SyrupUSDC/CASH | $100K $CASH + $50K SyrupUSDC | 10–20% |
Example: $1K SyrupUSDC @ 3x leverage = $15–30/month + base APY (~15%).
3. Lending Rewards — 1.24M $KMNO/month (~$90K)
Deposit $CASH into earn vaults for passive yields + vested $KMNO.
Steps:
- Lend $CASH in Earn Vaults.
- Stake LPs for points boost.
- Claim $KMNO monthly.
| Vault | Monthly Pool | Est. APY |
|---|---|---|
| CASH Earn | 1.24M $KMNO | 4–7% + KMNO |
Example: $1K = $4–7 base + $7–14 KMNO.
4. Liquidity Rewards — $150K $CASH + 5.1K $ORCA/month
Provide liquidity for $CASH-USDC pools via Orca vaults.
Steps:
- Deposit equal parts $CASH + USDC.
- Auto-ranged LP.
- Stake LPs for dual incentives.
| Pool | Monthly Pool | Est. APY |
|---|---|---|
| CASH-USDC | $150K + ORCA | 6–15% |
Example: $1K LP = ~$6–15/month. IL minimal since stable pair.
🔑 Strategy Playbook
High-Yield Aggressive (Risk-Tolerant)
- Multiply Loop + LP Split → Use SyrupUSDC to loop at 3x leverage, then LP half in CASH-USDC.
- Captures a share of both Multiply + LP pools.
- Est. return: 20–30% APR.
- Watch health factor carefully (liquidation risk if SOL dips).
Low-Risk Passive (Steady Earners)
- CASH Earn Vault Focus → Go heavy into lending for vested $KMNO + multipliers.
- Est. return: 8–12% blended APR with minimal risk.
- Best for points farming and long-term KMNO exposure.
🧭 Final Thoughts
Kamino’s $CASH initiative is a major DeFi incentive wave on Solana, designed to bootstrap adoption quickly. Whether you’re chasing yield aggressively through Multiply/LP loops or stacking points in passive vaults, the program is structured to reward both sides.
- Aggressive users → Mix Multiply and LP for the highest APR.
- Passive users → Stick to Earn vaults and rack up KMNO + points.
Either way, participation now = better multipliers in Kamino Season 4.
