Marius | Kamino
@y2kappa
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cofounder @kamino | @solana bear market survivor | prev @Bloomberg | views are my own
Joined October 2014
The context here is that market makers reported big exchanges having delays and outages around midnight CET > Meaning market makers could not place and cancel orders > Meaning liquidity got thin > Meaning the down momentum from tariff news turned into a falling knife >
My main takeaway from this crash is that Binance prices are the equivalent of tradfi Libor rates. Everything trickles down from that and everything is derived from that. All market making, all lending and all perps use Binance prices in one way or another.
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My main takeaway from this crash is that Binance prices are the equivalent of tradfi Libor rates. Everything trickles down from that and everything is derived from that. All market making, all lending and all perps use Binance prices in one way or another.
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My one prevailing thought atm is that, even when you model these worst case scenarios, you still hope, deep down, that they won’t happen. Glad we kept our risk management strict.
Despite the unprecedented price action, we’re happy to confirm that Kamino users incurred a total of $0 bad debt, and that the liquidation engine performed exactly as expected. Kamino’s risk and liquidation systems are designed to weather the worst. Though it’s a silver lining
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Despite the unprecedented price action, we’re happy to confirm that Kamino users incurred a total of $0 bad debt, and that the liquidation engine performed exactly as expected. Kamino’s risk and liquidation systems are designed to weather the worst. Though it’s a silver lining
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1/ Devs just shipped a release — adding 3 of the most requested user features: • Claim all rewards • Multiply simulation • USD/SOL toggles across Kamino Let’s break it down. 🧵
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Gmino 🚀 Stablecoin supply on @Kamino is up 30%+ this month, with over $500M in stable liquidity ready to borrow USDC is leading, with PYUSD growing fast
💵 Stablecoins are in the driver’s seat: → Kamino Dollar supply $973M (+14.7%) → Debt $746M (+19%) → Utilization 76.6% → USDC and PYUSD led new debt → PUSD +$169M in supply inflow 📈 BTCFi heating up: cbBTC supply jumped +$139M 📉 SOL meanwhile contracted: –$101M supply,
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Kamino Swap welcomes @lifiprotocol to our growing set of route builders! LIFI is a DEX aggregator, connecting liquidity from multiple DEXs and bridges, bringing more routes and even better execution Kamino Swap now aggregates a total of 11 route builders on @solana
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This is our second formal verification for Kamino Lend, but an extremely critical one. A completely different methodology, same results (solvency), therefore validating the outcome of the first verification. No need to preach the virtues of formal verification again. This is
1/ Excited to announce that Kamino Lend has been formally verified by @osec_io — bringing our total formal verifications to 4 This further establishes Kamino as the gold standard for safety and security in @solana DeFi Open source. 18x audits. 4x formal verifications.
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🚨 ALPHA ALERT Solsticefi is live on Kamino With its own market and multiply product You can earn bigger YIELD (20%) and more POINTS: > Now if you need USDC or USX then supply eUSX and borrow against it up to 80% LTV (no need to swap and sell anymore) > Supplying eUSX earns
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Solstice is live on Kamino Swap • $USX - is a fully collateralized synthetic stablecoin pegged to USD • $eUSX - a yield bearing token generating returns from Solstice's delta-neutral strategies Swap with zero fees, at the best price possible, on Kamino Swap
1/ Welcoming @solsticefi to Kamino. $eUSX is now available as collateral, powered by Solstice’s delta-neutral strategies yielding around 8% APY. Earn Flares across $USX and $eUSX positions—exclusively on Kamino 🧵
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Kamino Swap is the most advanced swap aggregator on Solana. 10 routes aggregated, RFQ, active price simulations. And, of course, zero fees, hidden or otherwise.
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🔥🔥🔥
1/ Significant updates to $PYUSD on Kamino As deposits neared the $400M limit, caps in Kamino’s Main Market has been raised to $1B — opening up $600M in deposit capacity. Additionally, incentives have once again been increased, now surpassing $3M per month. ⤵️
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What an incredible report from Allez. Growth across the spectrum, liquidations handled swiftly, interest generated for lenders. Risk profile looks solid, large drawdowns contained within acceptable limits (30% insta drop results in only $10m bad debt). Kamino had a good
📊 Kamino Lend September 2025 Monthly Report 🧵 It's stablecoin season on @Kamino, as stable liquidity hit $1B, powered by 2x vault growth and rising BTCFi traction Let’s dive in 👇
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How is $CASH Earn on @kamino maintaining high yields for 4+ days? The lend vault supplies the fuel of an insatiably bullish demand for margin, allocating across 3 leverage loops • SyrupUSDC Multiply • PSOL/CASH • USDC/CASH Getting paid by degens, without the degen risks
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What a thread. Seen this movie before.
The pattern is clear. Open protocols beat closed systems. Email killed postal monopolies. TCP/IP killed telco cartels. HTTP killed CompuServe. Now: stablecoins kill banking rails. Same movie, different industry.
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September was a month of milestones for Kamino, with record lending growth, major integrations, and important security milestones: • Kamino Lending Vaults reached a new ATH at $600M in deposits, generating $3M in pure interest since inception. • Active loans hit $1.7B, with
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New $1,500,000 bug bounty!! 💰🤑 @kamino is a first-of-its-kind DeFi protocol that unifies Lending, Liquidity, and Leverage into a single, secure DeFi product suite. Start hunting now: https://t.co/k6hgxux0Ku
immunefi.com
Find bugs and vulnerabilities on Kamino and get paid up to $1,500,000.
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