Kamino Finance Analytics

Kamino Finance — Solana's #1 Money Market

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.

Supply & Borrow

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.

Fees & Revenue

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.

Asset Composition & Market Breakdown

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.

Income Statement

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.

$KMNO — Token & Emissions

$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.

Competitive Landscape — Solana Lending

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.

Lending Pools & Yield Rates (Solana)

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.