Kamino (KMNO)

Kamino has become one of the largest Solana dApps and offers a series of yield products involving their money market.

Basics

• Based in:
• Started in / Announced on: 2022
• Testnet release:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found here up to $500k.
• Ottersec and Offside Labs did audits (2-2024).

Governance

• All it says for now (5-2024) is:

"Should Kamino establish protocol governance, the KMNO token can be implemented as the primary token to engage in specific parts of the protocol’s decision-making."

Token

Launch

• Launched on 30-4-2024.

Token Allocation

• From their docs (5-2024):

1. "Total Supply: 10,000,000,000
2. Estimated Initial Circulating Supply: 1,000,000,000
3. Initial Community Distribution: 750,000,000
4. TGE: April 30th, 2024

35% Community grants, 7.5% Genesis Community Allocation, 10% Liquidity & Treasury, 20% Core Contributors and 35% Advisors and Stakeholders.

The contributor allocation will be locked up for 12 months, after which it will vest linearly over 24 months. Key stakeholders and advisors [their] allocation will be locked for 12 months, after which it will vest linearly over 24 months."

Utility

• From their docs (5-2024):

"Kamino holders will be able to stake their KMNO natively on Kamino — this can enable users to earn staking boosts, which will boost their current points earnings."

Technology

• Whitepaper or docs can be found here (2023).
• Code can be viewed [insert here].
• Built on Solana

How it works

• From a sponsored Onchain Times blog (10-2024):

"At the core of the Kamino protocol lies Kamino Lend which currently consists of four different markets: The 'main market', the 'JLP market', the 'Ethena market' and the 'altcoin market'. Within each of these markets, users can supply collateral and borrow against this up to a certain LTV threshold (loan-to-value).

Kamino launched 'isolated mode' in relation to borrowing assets. Up until recently, borrowing and lending on Kamino was only possible in 'cross mode' in which multiple collateral and borrowed assets are within the same position. With 'isolated mode', users can borrow just one asset against one type of collateral per position. This allows for specified risk parameters and higher LTV for certain assets.

Another core product of Kamino is the automatic looping of a borrow/lend position with up to 5x leverage. Examples of this include JitoSOL/SOL and works by using flashloans to borrow SOL against the collateral posted, e.g JitoSOL. This results in leveraged exposure to the yield of the underlying token."

Staking

• From their docs (5-2024):

"By staking your KMNO, you can boost your points earnings. Over time, your staking multiplier will increase, enabling you to boost your points up to 300%. KMNO staking is aimed at rewarding long-term users. Every day a user remains staked, their staking multiplier will increase by 0.5%. If a user keeps the same amount staked for a year, their Staking Multiplier will be at 182.5%.

The maximum staking multiplier is 270% - which can be achieved by keeping the same amount staked for exactly 540 days."

Oracle Method

• From their docs (2023):

"K-Lend’s oracle risk engine combines various risk practices such as heuristic and EWMA prices, while also maintaining its own oracles alongside those from other providers. K-Lend cross-references oracles from both Pyth and Switchboard, as well as its own Switchboard oracles that ingest feeds from various on-chain and off-chain sources."

Roadmap

• Can be found [Insert link here].

Revenue

• From a sponsored Onchain Times blog (10-2024):

"Throughout most of the year, Kamino has consistently generated ~$100k-$150k in fees daily which amounts to nearly $55m yearly."

Usage

• From a sponsored Onchain Times blog (10-2024):

"Kamino is the second largest Solana protocol with ~$2.4b in deposits and $850m borrowed on the platform which adds up to a TVL of nearly $1.6b."

Projects that use or built on it

Lulo

Team, Funding and Partners

Team

• Full team can be found [here].
• Has four co-founders (27-5-2024). Gonzalo Parejo, Rodrigo Perenha, Benjamin Gleason, and Guto Fragoso. Gonzalo Parejo is the project’s chief executive officer, while Rodrigo Perenha is its director and chief technology officer. Henrique Netzka is a management team member

Funding

• From Gate.io (27-5-2024):

"The project has conducted a single seed funding round to raise $6.1 million. The round was supported by Ariel Patschiki, Clocktower Technology Ventures, David Arana, Flourish Ventures, and Gilgamesh Ventures."

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