Kamino Finance

About Kamino

Kamino Finance is Solana's largest lending and borrowing protocol by total value locked, combining lending, liquidity provision, and leverage into a single unified platform. Users can supply assets to earn yield, borrow against collateral, provide concentrated liquidity to DEXs, and access leveraged strategies all within the same interface. Its core innovation is the kToken system, which tokenises liquidity positions and makes them composable as collateral within Kamino Lend.

At its peak in March 2024, Kamino held over $1.5 billion in TVL, making it the dominant DeFi lending platform on Solana ahead of Marginfi. The KMNO token was designed as a governance token from day one, giving holders influence over incentive programs, revenue allocation, and risk management parameters.

Kamino allocated the largest share at 60% to the community, making it one of the most community-weighted distributions in the Solana DeFi ecosystem. Of that 60%, the initial 7.5% Genesis airdrop was distributed immediately, with the remaining 52.5% reserved for ongoing seasonal rewards, liquidity mining incentives, and governance-directed programs. The team and contributors hold 20% on a vesting schedule, and the ecosystem and treasury bucket at 12% covers grants, integrations, and protocol development. Investors take the smallest slice at 8%, reflecting a lean capital raise. The multi-season distribution model is the strongest aspect of the tokenomics, rather than a one-time airdrop, Kamino continues rewarding active users across subsequent seasons, giving long-term participants more total value than the disappointing Genesis drop initially suggested.