what's kamino?
Kamino Finance is a decentralized finance (DeFi) protocol built on the Solana blockchain, designed to optimize capital efficiency through integrated lending, borrowing, liquidity provision, and leverage tools. It serves as a concentrated liquidity layer, automating complex strategies like liquidity vaults and enabling users to earn yield on assets such as SOL, USDC, JUP, and stablecoins including PYUSD. Key features include K-Lend for peer-to-peer lending markets, automated market making for concentrated liquidity positions, and advanced trading options like long/short positions and looping integrations with partners such as Solstice Finance and Exponent Finance. The protocol has demonstrated resilience during market stress events and supports institutional-grade services with AI-powered risk management. Its native token, KMNO, facilitates governance and potential fee discounts, while recent growth shows active loans surpassing $1.8 billion and significant PYUSD adoption on Solana.
Kamino's NX8 pool shows 212% fees APY as of Feb 6, 2026.
contract
solana
Launched the Gauntlet USDC Frontier Vault, curated by Gauntlet, which allocates across PRIME, Maple, and Main Markets targeting elevated yield within Gauntlet's Frontier curation framework.
Has a large unlock exceeding $5 million scheduled within the next 7 days (February 23-March 2, 2026).
Featured in Solana Foundation's curated list of AI skills and tools for Solana development alongside other protocols like Drift, Raydium, and Meteora.
RWA market size crossed $1B since November 2025.
Operates a points program incentivizing critical pools.
Offers RWA loops with approximately 22% returns at 2.5x leverage using ONYC, generating double-digit APYs in 2025.
Integrated tokenized equities from Ondo Finance and xStocksFi as yield-bearing collateral, alongside Morpho and Euler.
Surpassed 145,000 STKESOL supplied in the Main Market.
Surpassed $500M in deposits in the PRIME Market powered by Hastra Finance.
OnRe Market crossed $65M in market size.
Kamino allocated $10,000 USDC in incentives for the OnRe Market.
Integrated Superstate-tokenized USCC and FWDI as tokenized fund shares and equities in its lending protocol.
Launched Stable Loops on Multiply for USDC/PYUSD and CASH/PYUSD, enabling one-click looping of stablecoin positions with up to 10x leverage. PYUSD is available in PRIME Market for borrowing against PRIME collateral.
Launched NX8 vault with diversified Layer-1 exposure.
Adds USDC incentives on xStocks market, distributing $4,000 USDC weekly and enabling borrowers to earn 9% APY.
Integrated xStocks tokenized equities (QQQx, SPYx) enabling leverage up to 3.7x through Multiply strategies. Launched market for xStocks with USDC as borrowable asset, showing 36% utilization and
The Kamino-managed NX8 pool is showing approximately 212% fees APY as of February 6, 2026.
Has a token unlock of $4.5M scheduled for February 9, 2026.
229.17M KMNO tokens unlock on January 30th, representing 3.55% of the total supply.
Added USD1 lending markets to the platform.
Reached $250 million in deposits from Maple Finance integration.
Integrated with Into.space, an ICO that raised over $14M, to provide yield on collateral held in prediction markets.
Three wallets withdrew 9.06M KMNO tokens worth $539K from exchanges over a 2-day period ending December 31, 2025.
Nominated for "Best In Yield" award with winner announcement scheduled for December 30th, 2025
Added PENGU token as available collateral on the platform.
Offers ONyc/USDC multiply market with approximately 10% APY and ONyc/USDG multiply market with 2x leverage yielding approximately 25% APY, supported by $7,500 weekly USDG incentives.
Completed 18 audits and three formal verifications.
Borrowing rates remain at approximately 4%, enabling leverage loop opportunities of up to 20% or more. SteakhouseFi announces hiring for a risk curation engineer position.
Kamino partners with Pendle to bring Principal Tokens and yield products to Solana users through its interface, powered by Chainlink CCIP.
Launches BTC-backed USDC vault targeting institutional demand, adds fixed-term borrowing costs, onchain limit orders for loan terms, and supports borrowing with off-chain collateral.
PRIME Multiply product reaches $30M in deployments, offering users amplified PRIME yield up to 24% APY.
The protocol competes directly with Jupiter Exchange to build an all-in-one financial services suite.
Kamino holds $2.33B in TVL with $1.342B borrowed and generates $66.91M in annualized fees, positioning it as the dominant capital router in Solana's lending stack.
The protocol launches 6 new products this week focused on serving traditional institutions.
The protocol integrates CCIP from Chainlink, enabling cross-chain interoperability.
Launched RWA vaults with Rockaway_X, Exponent Finance, MidasRWA, Refinance, Huma, Figure, and Solstice. Rockaway_X's vault deploys USDC into strategies including PRIME, Huma, OnRe, and Solstice Markets.
Steakhouse builds on Kamino on Solana.
Phantom CASH vault allocates $5M to PRIME borrow market, delivering lending yield exposure backed by Figure's HELOC pools in partnership with HastraFi and curated by Gauntlet.
Team representatives from Kamino join RWA ecosystem discussions in Abu Dhabi focused on onchain credit, liquidity, and risk infrastructure to support RWAs at scale.
Pilots off-chain collateral borrowing with Anchorage Digital and Chainlink, using staked SOL as collateral from Solana Digital Asset Treasury Company (NYSE: HSDT) and Solana Foundation in qualified custody, preserving staking rewards while unlocking liquidity.
The protocol launches fixed rate borrowing, fixed term borrowing, and borrow intents that enable price discovery for interest rates onchain.
Kamino announces a brand refresh and the launch of six new products as part of a platform overhaul.
The protocol rebrands and launches six new products at Solana Breakpoint 2025, expanding beyond lending into a full-stack institutional and tokenized-asset infrastructure layer on Solana.
Platform integrates PT-sUSDe, a leading Ethereum yield asset from Pendle Finance, to Solana through Chainlink CCIP cross-chain protocol.
PT-sUSDe by Pendle integrates into Kamino through Chainlink CCIP, bringing Ethereum's flagship yield asset to Solana.
New dashboard goes live with tracking for deposits by token, borrows by token, interest fees, and stablecoin borrow/lend APY metrics.
TVL reaches $2.2 billion, positioning the protocol as the 6th largest lender in crypto.
Ranks #19 in DeFi TVL leaderboard for December 2025, marking entry into top 20 protocols after not appearing in December 2024 rankings.
PRIME becomes usable collateral within Kamino Lend, allowing users to scale yield up to 24% APY through the Multiply feature in one click.
Solstice farming platform lists Kamino as a partner (KMNO code) offering 1.3x reward multiplier alongside Raydium and Orca, with users earning Flares for lending and borrowing USX on Kamino.
Integrated with Squads Protocol's Altitude platform to provide DeFi yields with Gauntlet risk management for business accounts on Solana, enabling DAOs to deploy treasury assets into lending markets and earn onchain yield.
Altitude Earn integrates Kamino's credit engine and Gauntlet risk management, giving businesses on Altitude direct access to Kamino's infrastructure.
Jupiter's COO publicly admits their earlier "zero risk of contagion" claim for Jupiter Lend was inaccurate after Kamino and other builders identified rehypothecation issues, with Jupiter deleting posts and planning clearer documentation after Breakpoint.
PRIME Market deposits reached $25M on V2, with USDC and CASH utilization caps reached. Deposits of RWAs and stablecoins grow, with PRIME and USDC driving approximately half of these deposits.
Accusations surface of a fake liquidations data scandal, alleging the team either failed to understand liquidations or deliberately misrepresented this core risk parameter to users.
Aggregate lending market size between Kamino and Jupiter reaches approximately $5B, as parties attempt to de-escalate recent conflict.
The co-founder details why Kamino blocked Jupiter's migration tool this week, accusing Jupiter Lend of misleading users about vault isolation and cross-contamination risks, with collateral being rehypothecated to loopers. Fluid's co-founder confirms Jupiter Lend vaults use rehypothecation and are not completely isolated.
Users earn Flares rewards through Kamino loops via Solstice Finance partner integration.
PRIME Market surpasses $10M in deposits within 24 hours of launch. $75K in incentives go live for CASH borrows through a collaboration with Phantom.
A refinancing block sparks debate about open-source finance, becoming one of the biggest Solana news stories of the week.
Conflict with Jupiter generates discussion about potential mass user exodus from the platform.
Kamino is listed as a launch platform for Sanctum's new fwdSOL LST product, with the token now available for trading directly on the platform alongside Jupiter, Dflow, and Titan Exchange. Sanctum bootstrapped fwdSOL with approximately 1.7 million tokens from their SOL holdings and maintains $2B in TVL.
PRIME launches on Solana with real estate-backed yield through Figure's US HELOC lending engine, offering 8% APY via tokenized warehouse credit facility issued by HastraFi.
Kamino responds controversially to competition from Jupiter, becoming a topic of discussion in crypto media.
PRIME launches on Kamino, offering real-estate-backed yield up to 8% APY, developed by Figure and issued by Hastra Finance as a major RWA integration on Solana.
PRIME vaults launch powered by Chainlink Data Streams' sub-second data, part of Hastra Finance's PRIME expansion to Solana via CCIP.
23% APY available on SOL through CGNTSOL LST staking and 15% APY available on stablecoins through syrupUSDC.
Kamino is the second-largest protocol by TVL on Solana behind Jupiter.
Total TVL reaches approximately $2.6B, as the Jupiter/Fluid joint venture's $1.3B represents 50% of this amount.
December features token unlocks for $KMNO with high insider emissions flagged as an area requiring closer attention.
fwdSOL, a new SOL liquid staking token from FWD, launches with composability across Kamino Lend and Multiply.
xStocks demonstrates tokenized stocks integration in DeFi through collaboration with Kamino and Raydium on Solana.
Refinancing block sparks debate about open-source finance within the crypto community.
Nonprofits can now receive Kamino as donations through a crypto giving platform for CryptoGivingTuesday.
Jupiter Exchange executes vampire attack against the protocol, prompting defensive blocking measures in response.
Kamino allegedly blocks users from migrating their funds to competitor Jupiter Lend on Solana, adding specific detail to earlier platform restriction allegations.
SyrupUSDC vault crosses $100M in total value, with capacity limits raised again to accommodate continued growth.
Competitive conflict between Kamino and Fluid intensifies in Solana DeFi, characterized as active "PvP" situation by traders.
Serious allegations surface about platform practices including misleading APRs with 9-month vested tokens, industry-highest fees across all chains, blocking users from leaving the platform, faking liquidation parameters, and pushing users into negative APYs to maintain profitability.
A 5/10 multisig controls user withdrawals and can block depositors from removing funds at any time, according to allegations from a protocol team. The team blocks refinancing functionality at the program level and faces accusations of scam behavior.
Kamino prevents users from migrating their loans to Jup Lend, blocking loan migration functionality that established DeFi protocols like Aave and Maker typically allow.
VanEck and Kamino Finance present together on Real World Assets (RWAs) at SmartCon 2025 conference.
SyrupUSDC/CASH Multiply returned 1.90% in the past month (~23% APY), verifiable through the platform's Backtesting tab across any timeframe or leverage.
$120 million borrowing capacity available at low APY rates.
Lending Vaults user earnings reach over $8M, growing from $7M in 8 days, while Season 5 distributes 6M+ locked KMNO tokens weekly to lenders.
A one-click migration tool enables users to transfer entire collateral and debt positions from the platform to Jupiter Lend for better rates.
Kamino Finance ranks as the 8th top weekly gainer with a +21.84% price increase.
A trader highlights Kamino's $3.5 billion FDV as offering superior value versus a competitor protocol valued at $1 billion with $150 million in AUM.
PYUSD offers the lowest borrow rate against SOL, LSTs, and BTC on Solana, with over $190M available to borrow below 5% APY.
PT-USX launches as a new yield product offering 15.91% APY, expanding the suite of principal token options alongside the existing PT-eUSX.
Binance Wallet Extension adds Kamino as an integrated dApp plugin for seamless access to lending, liquidity and swap features.
DefiLlama removes Kamino from their Solana TVL protocol listings in a recent platform ranking change.
A trader reports Kamino swap consistently provided superior pricing compared to Jupiter and Titan when acquiring a large Monad position.
xStocks RFQ trading goes live on the platform.
Token unlock event next week releases $11.22M worth of $KMNO tokens into circulation.
A third-party DeFi yield aggregation service launches US support with Kamino integrated alongside Morpho and Aave, enabling users to stake and lend stablecoins, ETH, and SOL with payouts up to 3 times weekly.
The platform's USDC oracle includes composability, resilience, and circuit breakers features accessible through the UI.
Purple Oracle integration with Pyth Network is completed and coded.
Kamino offers ~18.72% APY on $USX deposits and provides 5x Flares multiplier for Solstice protocol farming.
MPLX liquidity incentives remain active across both Kamino vaults as part of Metaplex Earn Season 3 Week 18.