KAMINO
Solana's largest DeFi protocol, unifying money markets, automated concentrated liquidity, and one-click leverage.
Kamino Finance combines K-Lend (isolated lending markets), automated concentrated-liquidity vaults on Orca and Raydium, Multiply (one-click leveraged strategies), and Apex curator vaults into a single Solana-native super-app. Kamino 2.0 introduced permissionless market creation with rehypothecation, letting collateral earn yield elsewhere while backing loans. It is the default venue for institutional Solana borrowing and powers third-party products including Solflare Cards Borrow and Anchorage-custodied SOL lending.
- TVL around $2.4–2.8B through Q1–Q2 2026, historically the largest single DeFi protocol on Solana, per DeFiLlama.
- K-Lend runs isolated markets for SOL, USDC, USDT, JLP, JitoSOL, JUP, PYUSD, and other majors, with e-mode-style configurations that support LTVs up to ~95% on correlated pairs.
- Kamino Liquidity manages hundreds of millions in auto-rebalancing CLMM positions on Orca Whirlpools and Raydium.
- In February 2026 Kamino partnered with Anchorage Digital and Solana Company to let institutions borrow against natively staked SOL without leaving regulated custody.
- Audited by OtterSec, Halborn, Offside Labs, and Osec; the KMNO token uses vote-escrowed staking to capture protocol fees.
Frequently asked questions
What is the difference between K-Lend and Kamino Liquidity?
K-Lend is the money market: you supply an asset to earn interest, or post collateral to borrow another asset, across isolated markets with their own risk parameters. Kamino Liquidity is the CLMM automation layer: you deposit into a vault and the strategy auto-rebalances a concentrated Orca or Raydium LP position to keep it in-range. They can be composed, for example by borrowing on K-Lend to fund a leveraged Liquidity or Multiply position.
What are Apex Vaults?
Apex Vaults are Kamino's curator-managed lending products, where a professional risk manager (like Hyperithm or RockawayX) controls how depositor capital is deployed across underlying markets. They function similarly to Morpho Vaults on Ethereum, letting depositors delegate market selection and risk management to a curator with a public strategy and risk classification.
What are the main risks of using Kamino?
Concentrated-liquidity vaults carry impermanent loss that gets locked in when the strategy rebalances after a sharp price move. K-Lend supply concentration is real — a large share of stablecoin TVL comes from a small number of market-maker and treasury addresses, so utilization and rates can spike when they withdraw. And Kamino composes with Whirlpools, Pyth oracles, and external staking systems, so contagion risk extends beyond Kamino's own contracts.