Kamino made a lot of smart decisions that were (very) controversial at the time but turned out to be correct.
- Distribute linearly
I want everyone in crypto to get rich, not just the whales, but $JTO ruined it for us 😁. Solving the sybil problem -- especially in this market -- is very hard. Linear is a good idea and probably ends up netting smaller users more.
- Announce in advance
SO MANY people were whining that Kamino was fucking over their early users and inviting "mercenary capital". Who are you trying to fool? You are just as mercenary. The Kamino team prevented points fatigue by announcing a clear end date of Season 1, while keeping users sticky by announcing that Kamino points would continue for Season 2 and beyond.
- Mix it up
Moving boosts and multipliers around was brilliant: Kamino kept users engaged, and incentivised capital to move to where it was needed most.
- Don't show all your cards
Goodhart's law: assume any metric you use will be mercilessly farmed. Smart protocols can and will track user behaviour on the back end and adjust their distributions accordingly.🧐