Kamino
KMNOThe full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
Research, not financial advice. Read the terms.
About Kamino
Analysis of 6 Jun 2026Kamino maintains dominance in Solana's lending ecosystem with $2.33B TVL as of March 22, 2026, generating $55M-$67M in annualized fees and operating as the network's largest DeFi protocol. The V2 modular lending platform, launched May 2025, features institutional-grade infrastructure with a two-layer architecture: a permissionless Market Layer for isolated lending markets and a Vault Layer with Curated Earn Vaults managed by Steakhouse Financial, Gauntlet, Allez Labs, MEV Capital, and Sentora.
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With 4.2B KMNO tokens circulating from a 10B total supply (42% unlocked), the token trades at $0.0228 with a $95M market cap. Season 4 staking, live since April 30, 2025, features 0.5% daily boost accumulation with 6-month vesting periods and forfeiture penalties for early claims.
The March 9, 2026 Solstice partnership announcement introduced RWA looping strategies using tokenized bonds for yield optimization. Apollo Global's ACRED tokenized credit fund ($785B AUM via Securitize) remains pending final audit before Solana DeFi integration, representing a key institutional RWA catalyst.
A critical 229.17M KMNO token unlock (2.3% supply) releases March 30, 2026, just 8 days away, creating near-term selling pressure expectations.