Monad is a **high-performance EVM-compatible L1** that launched mainnet in **November 2025**, becoming the fastest L1 in recent years to cross the $300M TVL mark (~4 months). The ecosystem is anchored by lending, RWA, and liquid staking — with $378M TVL, $92M+ daily DEX volume, and growing app-level fee activity.

The central tension: **TVL is up +58% in 30 days** while chain-level fees remain ultra-low (~$7K/day). App-level fees (~$101K/day) tell a more optimistic story. Key partnerships include **NYSE & Securitize** (tokenized securities platform), AWS, Alchemy, Band Protocol (oracle), and a MiCA-compliant euro stablecoin integration.

🟣 Monad Ecosystem — The Fastest L1 to $300M TVL

Top Protocols on Monad — TVL Composition

Top Protocols on Monad — Fee Generation

**Chain fees (~$7K/day)** vs **app-level fees (~$101K/day)** — the 14x gap tells two stories. Protocol-level activity is real, but Monad's base layer is not yet the fee-generating engine investors expected. If this gap narrows (app fees pulling chain fees up), the bull case strengthens. If TVL stagnates while fees don't scale, Monad risks joining the incentive-farming tier of L1s with idle capital.

**MON token headwinds:** The token sits ~50% below its post-launch FDV peak of $4.7B. More critically, **50%+ of the 100B MON supply remains locked**, with significant unlocks scheduled throughout 2026 — a structural overhang that historically pressures price. The team (27%) + investors (19.7%) allocations begin unlocking this year.

⚡ The Fee-to-TVL Paradox & MON Tokenomics

Liquid Staking Protocols on Monad

Kamino is the **largest lending protocol on Solana** and the **#1 RWA lending platform across all blockchains**, surpassing Aave and Morpho in RWA deposit volume. The protocol runs two products: **Kamino Lend** (~$1.64B TVL, $1.09B borrowed, 66% utilization) — a peer-to-pool money market across five specialized markets — and **Kamino Liquidity** (~$181M TVL) — an automated CLMM vault manager for concentrated positions on Orca and Raydium.

Institutional curators including **Steakhouse, Re7 Capital, MEV Capital, and Allez Labs** manage the Earn Vault Layer, offering structured yield strategies backed by RWA collateral (syrupUSDC, HUMA PST, xStocks tokenized equities, cbBTC). Kamino has grown to become the 2nd-largest protocol on Solana by TVL and a cornerstone of Solana's institutional DeFi infrastructure. TVL dipped 14% over 30 days amid market conditions but recovered +8% in the last 7 days — watch this rebound.

Kamino Finance — Solana's #1 Money Market

Kamino Lend's **66% borrow utilization** (borrowed $1.09B / supplied $1.64B) is well above the DeFi lending average, driven by leveraged SOL-LST loop strategies and persistent stablecoin demand. The **Main Market** holds the bulk of liquidity ($2.1B+ in supply), with **JLP** and **Jito** specialty markets serving yield-focused borrowers. Kamino Liquidity manages CLMM vault positions, auto-compounding LP fees across Orca and Raydium pools.

Supply & Borrow

TVL — Lend vs Liquidity

At current run-rate, Kamino Lend generates **$54M+ in annualized fees** and **$8.4M in annualized revenue** — a ~15% revenue margin capturing the borrower-lender interest spread plus origination and liquidation fees. Revenue is up +4.4% MoM. Fees compound across three sources: borrow interest (primary), swap volume on K-Liquidity, and liquidation premiums. Kamino Liquidity adds ~$184K/month in additional fees from LP management.

Fees & Revenue

Kamino Lend's collateral base spans Solana-native LSTs (jitoSOL, mSOL, bSOL), stablecoins (USDC, USDT), wrapped Bitcoin (cbBTC), and a rapidly expanding RWA sleeve. Kamino became the first major DeFi money market to accept **tokenized stocks** (NVDAx, AAPLx via xStocks) as collateral. By March 2026, **RWA deposits crossed $1.2B** — the largest RWA lending book on any chain, ahead of Aave and Morpho.

Asset Composition & Market Breakdown

Kamino's quarterly P&L shows peak earnings in Q3–Q4 2024 (~$30M/quarter in gross fees) followed by a gradual step-down in early 2025. The protocol is currently tracking ~$14M in Q1 2026 gross revenue — with the V2 Vault Layer and RWA markets as the key levers for recovery growth.

Income Statement

$KMNO trades at ~$0.021 with a **$90M market cap** and **$206M FDV**, implying just **0.11x FDV/TVL** against $1.82B in protocol assets — a significant discount to peers. At $8.4M annualized revenue, the protocol P/S sits at ~**10.7x on market cap**. Season 4 incentives are distributing up to **100M $KMNO** over 3 months to lenders and Earn Vault depositors, incentivizing sticky TVL through direct token rewards rather than a points program.

$KMNO — Token & Emissions

KMNO

Kamino commands the majority of Solana's lending TVL but faces intensifying competition. **Jupiter Lend** launched in August 2025 and reached $1.65B TVL within months — offering up to 95% LTV and 0.1% liquidation penalties. In December 2025, Kamino blocked Jupiter position refinancing, signaling active rivalry. Despite this, Kamino's **institutional Vault Layer, RWA integrations, and established oracle infrastructure** remain durable moats. The Solana lending vertical reached $3.6B+ in TVL in late 2025 — growing 33% YoY.

Competitive Landscape — Solana Lending

Solana Lending — TVL Comparison

Solana Lending — Weekly Fees

Active supply and borrow rates across Kamino's markets and Earn Vaults. Earn Vaults managed by institutional curators have consistently outperformed direct supply rates by 2–5% APY via optimized CLMM position management. Stablecoin yields spiked to 10–15% during high-demand periods in late 2024, with more moderate rates now in the 4–8% range.

Lending Pools & Yield Rates (Solana)

Builder Fees

Cross-chain DEX enabling native asset swaps across BTC, ETH, BNB, AVAX, DOGE, LTC and more — no bridges, no wrapped tokens. RUNE is bonded 1:1 with every pool asset, making LP depth and validator bonds the twin security pillars of the network.

THORChain Ecosystem Dashboard

Network-level metrics: total liquidity locked, swap volume, fees collected by the chain layer vs app layer, and volume routed through aggregators on THORChain.

Chain Activity

THORChain DEX-level data: swap volume, protocol TVL, fee revenue, and LP incentive emissions. Holder revenue reflects RUNE buyback/burn from protocol surplus.

DEX Protocol Metrics

Pool asset breakdown by chain and token: what's locked, how token balances shift, and USD/token inflow trends — key signals for LP confidence and directional RUNE demand.

Liquidity Composition

P&L breakdown: gross revenue → supply-side LP payouts → protocol revenue → RUNE holder distributions. Tracks whether fee capture is growing relative to emission costs.

Protocol Financials

RUNE is required for all pool pairs at a 50/50 RUNE:Asset ratio — as TVL grows, RUNE demand grows proportionally. Valuation ratios (P/F and P/S) reflect the market's pricing of THORChain's fee-generating capacity. Token allocation, vesting schedule, and locked vs circulating supply are shown below. Emission rate and the LP:Bond ratio drive the Incentive Pendulum — the self-correcting mechanism balancing node operator and LP rewards.

Tokenomics

THORChain

# Solana Prop AMM DEX Volume Analysis
This dashboard provides a comprehensive overview of trading volumes for 'Prop AMM' (Proprietary Automated Market Maker) Decentralized Exchanges on the Solana blockchain, tracked over the entire available period. This category represents DEXs utilizing unique, often custom-built, AMM designs.

Solana Prop AMM DEX Volume Over Time

**Insight:** The chart above illustrates the historical trading volume generated by Prop AMM DEXs on Solana. Analyzing these trends can reveal periods of increased activity, market adoption, and the overall growth trajectory of these specialized liquidity providers within the Solana ecosystem.

**Protocol Breakdown:** This table lists individual Prop AMM protocols on Solana, providing their current volume metrics. This allows for a deeper dive into the performance of each specific protocol contributing to the overall category volume.

Llama

Monad Ecosystem

Public dashboard library

Kamino Finance Analytics

Hyperliquid Builders

THORChain Ecosystem Dashboard

Derivatives P/S

Solana Prop AMM

Top HL DEX Volume Dashboard

LST P/E Ratio