Credit · KMNO
Kamino Finance is a major Solana lending and liquidity protocol where markets and vaults are separated by asset, risk profile and strategy.
Solana-native lending with isolated/curated markets.
KMNO price
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Kamino is Solana's leading lending and liquidity protocol, combining K-Lend money markets with automated liquidity vault strategies. Markets are isolated and curated by asset, risk profile and strategy, and the protocol's Scope oracle layer aggregates price feeds such as Pyth and Switchboard. Kamino Multiply and Lend products support leveraged staking and structured borrowing on Solana-native collateral, including LP and liquid-staking tokens. It is a major cross-ecosystem competitor to EVM lenders, with metrics sourced from Solana programs rather than EVM contracts.
Solana-native isolated/curated lending, a major cross-chain competitor, but metrics come from Solana programs/accounts rather than EVM contracts.
Kamino's core money market on Solana, letting users supply yield-bearing and blue-chip assets as collateral and borrow against them in non-custodial, over-collateralized markets. It is the largest lending protocol on Solana. The open-source klend smart contract underpins all borrow/lend activity, and V2 (launched May 2025) added modular market creation with customizable risk parameters, permissioned/KYC markets and fixed-rate borrowing.
Kamino's original product (launched August 2022), providing automated concentrated-liquidity management on Solana AMMs (e.g. Orca, Raydium). Vaults auto-rebalance LP positions and compound fees so users can earn liquidity-provider yield without actively managing ranges. Kamino Earn Vaults extend this to curated lending strategies with conservative/balanced/aggressive risk tiers managed by firms such as Steakhouse Financial and Re7 Labs.
Products built on top of K-Lend that let users take leveraged, looped positions in a single click. Multiply loops a collateral asset (e.g. staked SOL, or the ACRED tokenized credit fund) to amplify yield exposure, while Long/Short margin leverage offers spot leverage trading with liquidation protections and typically lower fees than perpetual futures.
Kamino's native governance and rewards token on Solana, launched 30 April 2024 with a fixed maximum supply of 10 billion. KMNO governs the protocol (incentive programs, revenue disbursement, risk parameters) and is distributed to active lenders, borrowers and liquidity providers through seasonal reward campaigns and an initial Genesis airdrop.
10,000,000,000 KMNO (fixed), token launched 2024-04-30
SolanaFloor: KMNO TGE & tokenomics~20 external security reviews across all major components; auditors include OtterSec, Sec3, Offside Labs, Certora, Ackee Blockchain, RX Security; zero critical vulnerabilities reported to date
Kamino Docs: Security AuditsSolana-native (klend, kfarms, scope oracle, vaults, LIMO all run on Solana)
Kamino-Finance GitHub orgHow Kamino maps onto established TradFi structures, and where it diverges.
Secured lending / money-market desk
Kamino
Like a collateralized lending desk, Kamino Lend lets depositors earn yield on supplied assets while borrowers post collateral and pay floating (or, in V2, fixed) interest on loans.
TradFi analogue
It is fully on-chain, non-custodial and permissionless (aside from optional KYC markets), with liquidations executed automatically by smart contracts and no central credit officer, balance sheet or deposit insurance.
Private-credit fund access (Apollo ACRED)
Kamino
Via the ACRED integration, Kamino gives users exposure to Apollo Global's private credit strategy, similar to buying into an institutional credit fund.
TradFi analogue
Access is tokenized under Securitize's regulated sToken framework on Solana and can be leveraged/looped or used as collateral through Kamino Multiply, whereas a traditional fund is illiquid and gated to accredited/institutional investors.
Kamino Labs (Hubble Protocol team)
Core development team The team that builds and maintains the Kamino protocol, evolved from Hubble Protocol (founded 2021). Marius Ciubotariu is co-founder of Hubble and project lead of Kamino. The team is associated with a London base / British Virgin Islands entity.
Kamino Foundation
Token issuer & DAO steward The Kamino Foundation issued the KMNO governance token (announced March 2024, launched 30 April 2024) and stewards decentralized governance. KMNO holders vote on incentive programs, revenue disbursement, risk parameters and protocol operations via the Kamino governance forum (gov.kamino.finance).
Key milestones: launches, upgrades, exploits and governance events.
Automated liquidity vaults
ExecutedFirst Kamino product: automated concentrated-liquidity management (August 2022; day approximated).
SourceKamino Lend V1
ExecutedLaunch of the K-Lend money market on Solana (November 2023; day approximated).
SourceKMNO governance token
ExecutedTGE of the KMNO token, introducing on-chain governance to the protocol.
SourceKamino Lend V2 (modular credit)
ExecutedModular lending infrastructure: instant market creation with custom risk parameters, curated Earn Vaults, margin leverage, fixed-rate borrowing, KYC/permissioned markets and RWA collateral.
SourceKamino is a Solana-native DeFi protocol that combines a lending/borrowing money market (Kamino Lend), automated concentrated-liquidity vaults, and one-click leverage/Multiply products. It grew out of Hubble Protocol, launched its liquidity product in August 2022 and its lend/borrow product in November 2023, and is the largest lending protocol on Solana.
Users deposit supported assets (including yield-bearing tokens like staked SOL) as collateral and borrow other assets against them in an over-collateralized position. Interest rates are set algorithmically by . If a position's loan-to-value exceeds the , it can be liquidated. Kamino Lend V2 also supports isolated modular markets and fixed-rate borrowing.
KMNO is Kamino's governance and rewards token, launched 30 April 2024 with a 10 billion max supply. Holders can govern protocol parameters, incentive programs and revenue, and KMNO is distributed via seasonal reward campaigns to active users.
Kamino is Solana-native. All of its smart contracts (klend, kfarms, scope oracle, vaults, LIMO limit orders) run on the Solana blockchain, so users benefit from Solana's low fees and fast finality but are also exposed to Solana network risk.
Yes. Kamino states it has completed roughly 20 external security reviews across its components, with audits from OtterSec, Sec3, Offside Labs, Certora, Ackee Blockchain and RX Security. All audit reports are public in the Kamino-Finance/audits GitHub repository, and the team reports zero critical vulnerabilities to date.
In 2025 Kamino began integrating tokenized RWAs, starting with ACRED, a tokenized feeder into Apollo Global's private credit fund issued via Securitize. Through Kamino's Multiply product users can loop ACRED for yield and borrow against tokenized exposure to real-world credit.
