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 hit $1.1B loans, $2.7B deposits, and is on Grayscale's Q2 list, competing on Solana.
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Reached $1.1 billion in outstanding loans on the platform.
Became live on Blockworks with 100+ charts covering lending markets, rates, RWAs, and vaults on Solana.
Reached $2.7 billion in total deposits, competing with Jupiter for TVL on Solana, with Jupiter leading as of April 11, 2026.
The Elemental USDC Optimizer vault has $11M+ USDC supplied, generating $197K+ in interest over the past 180 days with a 6.73% supply APY (90-day average).
Included on Grayscale's Q2 2026 "Assets Under Consideration" list.
Scheduled for appearance on Bell Curve podcast with Figure in a collaborative episode within the next three weeks from April 9, 2026.
Delivers stablecoin yields of up to 8.12% APY on USDG and 5.40% APY on USDC (30-day average) through its @onrefinance Market, sourced from reinsurance premiums, stablecoin markets, and T-bills.
Gained 17% in price over a week period, with commentary attributing attention to DeFi yield and Solana lending activity.
Trading for KMNO-PERP perpetual futures will be suspended on Coinbase Advanced and Coinbase International Exchange on 2026-04-21 at approximately 13:00 UTC, with remaining open positions to be settled automatically at suspension.
Powers Orca Vaults on Solana.
Included as one of the featured protocols (alongside Solflare, Dflow, and Quicknode) in the EitherwayAI and SuperteamEarn Solana builder hackathon, with participants building live dApps that integrate these protocols.
ORE-SOL liquidity pool on Kamino achieved approximately 80% 7-day APY.
KMNO token is down 93% from its all-time high as of April 2026.
Maintains zero exposure to Drift protocol compromise across Vaults, Markets, Multiply products. P0 program remains paused, affecting subset of users, with socializations with affected Drift lenders underway.
The xStocks market on Kamino crossed $25 million in total market size, with users borrowing against tokenized equities including SPYx, QQQx, TSLAx, NVDAx, GOOGLx, and MSTRx as collateral.
Integrated tokenized Galaxy Digital (GLXY) shares into Superstate Market in collaboration with Superstate as collateral for USDC and CASH borrowing on Solana.
Unlocks 3.37% of KMNO token supply worth $3.89M on 2026-03-30.
Kyle Samani deposited $10M worth of PRIME into Kamino Finance and borrowed $8.6M USDC against it.
The RockawayX RWA Vault on Kamino has surpassed $15 million in deposits.
CASH stablecoin earns 5.39% yield on PRIME Market (30-day average).
USDC earns 5.7% yield on PRIME Market (30-day average).
Pilots Atlas Collateral Management by Anchorage Digital on Solana for institutional crypto lending.
Integrated with Privy, routing deposits from idle app balances into Kamino lending strategies on Solana through Privy Earn.
Ranked in LunarCrush AltRank Top 10 for March 13, 2026 based on combined social and market movement.
Increased the ONyc deposit cap in the OnRe Market from $50M to $75M.
Launched weekly incentives in the Solstice Market totaling 1,000 USDC for supply and 4,700 USX for borrowing.
Launched lending market supporting Exponent PTs, USDC, USX with 80% max LTV on PT collateral; activated Whitelisted Reserves with smart contract-level controls, restricting vault funds to whitelisted markets.
Surpassed Jupiter by TVL on Solana as of March 9, 2026.
Sentora PYUSD Vault holds almost $500M in deposits as of March 9, 2026, generated $850K in interest with an 8.3% supply APY.
Maintains $0 bad debt across all credit markets.
Operates a $1.5M bug bounty program with Immunefi, including $100K for high-severity vulnerabilities, covering smart contracts and infrastructure.
Featured in Lightspeed podcast episode discussing RWAs on Kamino platform alongside topics of tokenized equities and onchain stock liquidity.
Hiring for an Institutional BD Lead position.
The Allez USDC Vault has generated over $1M in lifetime interest for depositors and has over $20M in supplied USDC.
A JUP-JITOSOL liquidity manager vault on Solana has a TVL of $339,409 with an APY of 20.72%.
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.
Reached over $1 billion RWA across Figure, OnRe, Superstate, Huma, and Apollo markets in November 2025.
Offers RWA loops with approximately 22% returns at 2.5x leverage using ONYC, generating double-digit APYs in 2025.
Runs points program incentivizing critical pools after Token Generation Event (TGE).
Integrated tokenized equities from Ondo Finance and xStocksFi as yield-bearing collateral, alongside Morpho and Euler, with users earning xPoints for supplying and utilizing xStocks.
Surpassed 145,000 STKESOL supplied in the Main Market.
PRIME market reached $570M market size, with $250M borrowed and 3,653 active loans, becoming the largest RWA market in DeFi, powered by Hastra Finance, with 500 million in RWA assets.
Crossed $100M in market size for OnRe Market and ONyc.
Kamino allocated $10,000 USDC in incentives for the OnRe Market.
Integrated Superstate's $CASH, joining USCC and FWDI as tokenized assets for collateralized stablecoin borrowing on Solana's 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.
Integrated xStocks tokenized equities (QQQx, SPYx) using Chainlink Data Streams for pricing, enabling leverage up to 3.7x. Provides xStocks lending with 4% yield and 4% borrowing incentive; USDC utilization sits at 36% as of April 2nd, 2026.
Launched xPoints rewards program for supplying xStocks as collateral, adding $4,000 weekly USDC incentives (9% APY for borrowers) on xStocks market, and featured in a strategy guide for earning Season 5 points.
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.
Integrated USD1 stablecoin lending markets from World Liberty Financial on Solana.
Reached $450M total market size for the Maple Finance market, setting a new all-time high.
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.
Holds $2.33B TVL, up 5.12% over 30 days, with $1.342B borrowed and generating $66.91M in annualized fees.
The protocol launches 6 new products this week focused on serving traditional institutions.
The protocol integrates CCIP from Chainlink, enabling cross-chain interoperability.
Launched 23 built-in RWA vaults with Rockaway_X and Exponent Finance as of March 9, 2026, and a USDC Vault in collaboration with Marinade, with strategies managed by RockawayX, embedding USDC lending yield natively in Marinade's app.
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.
Launched institutional borrowing service against staked SOL 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.
The protocol launches fixed rate borrowing, fixed term borrowing, and borrow intents that enable price discovery for interest rates onchain.
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.
Kamino announces a brand refresh and the launch of six new products as part of a platform overhaul.
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.
Aggregate lending market size between Kamino and Jupiter reaches approximately $5B, as parties attempt to de-escalate recent conflict.
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.
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 vaults launch powered by Chainlink Data Streams' sub-second data, part of Hastra Finance's PRIME expansion to Solana via CCIP.