Kamino V2: A New Growth Lever

Introduction

In May 2024, we initiated coverage on Kamino as “The Kingmaker of Solana Money Markets.” We doubled-down on that thesis in October, emphasizing that Kamino’s shift toward a modular architecture (Kamino Lend V2) would enable the protocol to scale aggressively and tap into institutional and RWA markets.

With V2 now live, Kamino is entering its next leg of growth: unlocking new markets, improving capital efficiency, and catering to various risk profiles. We believe Kamino is uniquely positioned to benefit from the maturation of Solana DeFi. Moreover, the team has introduced highly-complementary products that have quietly turned the protocol into a full-stack asset scaling suite.

KMNO remains our highest-conviction bet in the Solana ecosystem. Despite its rapid growth, the token trades at a discount compared to its peers on a P/S basis, in part due to current lack of utility and value accrual. While we are confident in the team aligning protocol growth around KMNO, we recognize that it remains a key risk going forward.

Market Growth

Kamino Lend V2 went live on May 22, 2025. Since then, key figures include:

• 12 new markets: Kamino Lend now supports 49 assets across 17 lending markets. Kamino V2 has tapped into new growth avenues, including PT-tokens (Exponent Market) and private credit (Maple and Apollo Markets). New markets have seen rapid adoption, adding $230M in deposits and $90M in active loans in less than 1 month.