Kamino Cracks $3.6B in Net Deposits

Kamino Finance has amassed over $3.6B in net deposits, cementing its position as the chain's largest lending application.

With tokenized equities and RWAs touted to launch on Solana in the coming months, inflows of TradFi capital could spearhead Kamino’s push to challenge EVM heavyweights like AAVE.

Despite the excitement surrounding Kamino, $KMNO holders are still in the dark regarding whether the token will share in the application’s success.

Kamino Breaks $3.6B in AUM

Kamino is rising through the ranks and challenging household names in the industry. With around 2.38B in TVL (Net Deposits - Borrows), Kamino has become crypto’s third-largest lending protocol in terms of both active loans and total deposits, challenging OGs like AAVE and Morpho. 

While AAVE still boasts a considerable lead over Kamino, it’s worth mentioning that the EVM giant serves 17 different blockchains. Kamino, meanwhile, only services Solana.

Incoming RWAs to Boost Kamino TVL Further?

Alongside the prevailing SEC’s commitment to regulatory clarity and progressive crypto policy, TradFi players are more eager than ever to bring their funds onchain. 

In May, Apollo Global Management, a fund boasting over $785B in AUM, announced its intention to integrate its ACRED fund into Kamino’s money markets. 

Apollo’s seal of approval could herald the start of a larger TradFi migration into the onchain economy, with Kamino serving as the first port of call for DeFi borrowing and lending services.

Beyond TradFi funds and products, Solana DeFi is expected to welcome a wealth of tokenized equities in the near future. With platforms like Remora Markets expected to begin deploying tokenized stocks onchain in the coming months, applications like Kamino stand to witness large inflows of capital as a more diverse range of asset classes find a home in Solana DeFi.

Disclaimer: SolanaFloor and Remora Markets are owned and operated by Step Finance

$KMNO Holders Concerned by Lack of Utility

Despite Kamino’s dominance of Solana’s onchain lending markets, market participants have expressed frustration with the platform’s native token, $KMNO.

Detractors argue that $KMNO lacks meaningful utility. Aside from offering boosted rewards for stakers in previous airdrop seasons, $KMNO is solely used as a governance token, for which no proposals have ever been created.

With ecosystem giants like Jupiter stepping into lending markets and emerging protocols like Loopscale proposing new ways of managing DeFi capital, the pressure is mounting on Kamino to provide some fresh utility to its native asset.

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