Kamino Swap Makes Mark in Solana DEX Wars - Crosses $200M Volume

Kamino Finance, Solana’s leading money market by TVL, is making waves in Solana DeFi and issuing a challenge to the ecosystem’s most prominent DEXes.

The protocol’s emerging trading protocol, Kamino Swap, is witnessing prolific growth. Since launching in December 2024, Kamino Swap’s total volume has doubled in the last four weeks alone.

Can Kamino swap find a seat at the table amidst Solana’s fiercely competitive DEX wars?

Kamino Swap Enjoys Exponential Growth

When Kamino Swap originally launched in December 2024, the platform struggled to attract significant volume. Kamino Swap trade volumes remained relatively low following launch, with the beta app recording its first $100M in trading volume after three months of operation.

But despite a slow start, Kamino Swap trading activity is starting to ramp up. In the past four weeks alone, Kamino Swap volume has doubled, pushing the app’s cumulative volume to over $200M. 

Dune Analytics data collected over the last 28 days suggests that Kamino Swap witnesses ~$3.8M in daily volume.

According to the platform’s internal data, Kamino Swap has now processed over 64,000 orders and boasts over 6,900 unique users.

While this may sound inconsequential when compared to Solana DEX leaders like Raydium, Kamino Swap’s growing adoption carries a critical distinction—Kamino Swap is currently in beta, and only supports limit orders.

Almost $100k Returned to Kamino Swap Traders

Beyond Kamino Swap's growing mindshare and trading volume, users are also starting to take notice of the platform’s built-in additional benefits.

On top of slippage and MEV-free gasless swaps, Kamino Swap traders can also receive a kickback on their trades through swap tips and surplus. An intent-based protocol, Kamino Swap rewards users with tips paid by searcher bots who win the right to execute the user’s trade via onchain auctions.

Meanwhile, Kamino Swap Surplus refers to a trade event where the user receives more tokens than they’d asked for when placing a limit order.

Kamino Swap data indicates that over $98.5k has been paid out to traders through tips and swap surplus, effectively returning additional value to users.

Could Kamino Threaten Solana DEX Wars?

While Kamino Swap’s current trade volumes still fall significantly short of popular decentralized exchanges like Raydium, the protocol’s exponential growth suggests Kamino could soon challenge its rivals.

Witnessing over $100M volume in the last four weeks, Kamino’s limit orders are rapidly gaining ground on Jupiter. 

According to Flipside Data, Jupiter limit orders executed around $224M in trade volume in March. In a similar timespan, Kamino Swap processed roughly $104M, representing ~46% of Jupiter’s limit order volume, despite the app still being in its beta phase and boasting a considerably smaller user base. 

With the protocol expected to unveil additional features, including basic swaps, as its beta app evolves, Kamino is well-positioned to challenge Solana’s existing DEX rankings.

Read More on SolanaFloor

What can we expect from Orca’s proposed revenue model?
Exploring Orca’s Revenue Share Model: Can It Boost $ORCA's Value?

How to Swap Tokens on Solana