JUST IN: Kamino ranked #9 in DeFi on Fortune’s Crypto 100 list.

Potential LP: I have a 15% hurdle rate Me: That’s about what a bond for Zambia yields. Seems high. LP: Fine. 13% because I always enjoy your tweets. Me: So you’re saying that LPing into this overcollateralized vault with instant liquidations is as risky as holding a Pakistani bond? LP: You’re busting my balls here! 12% is best I can do. And I keep any interest earned. Me: My own credit card is only 11.5%… LP: Yes, and an unsecured loan to you is safer than LPing into an overcollateralized vault with instant liquidations! Me: … LP: … Me: Are you serious? LP: Absolutely. Everyone knows you’re not a degen. Me: …can you lend me $10m, then? LP: … Me: … LP: I was not actually serious. My hurdle rate is 20%. People in crypto often have a really weird sense of pricing risk, I think.

$STRCx is now live on Kamino. STRC, Strategy's Stretch perpetual preferred stock, can now be supplied and used as collateral. The STRCx Market is the first lending market for $STRCx on Solana, expanding access to institutional-grade yield assets onchain.

ONyc loops are one of the most capital-efficient ways to scale exposure to reinsurance-backed yield on Solana. Double-digit uncorrelated returns, powered by regulated underwriting.

The era of blind signing on @Solana is over. We’re bringing institutional-grade clarity to Porto by using Visual Sign Protocol (VSP) to decode complex transactions into plain English, starting with a curated group of dApps like @kamino.

An additional $50M in USDG borrow capacity is now live in the Ethena Market. Leveraged USDe Multiply positions on Kamino are currently generating 25% APY, with additional liquidity now available to support further looping demand on Solana.

The Ethena Market: Part 1 This is undoubtedly the most advanced market we have ever designed. It layers exciting new features on top of the battle tested lending and oracle engines in a design that is simply miles ahead of anywhere else. The trade is simple: loop USDe with USDG, pocket the spread for as long as possible and minimise all the other costs: * Bad liquidations due to secondary market volatility * Bad trade economics: high entry costs due to slippage and price impact, interest rate spikes eating up yield * Adverse selection: lending against hacked double/minted tokens, rehypothecation Each of them have layers of measures (some of many): ✅ Liquidations are permissioned ✅ Oracles: USDE is capped at 1, anchored to USDT, floored at 0.98 with circuit breaker when secondary market diverges (hacks, depeg trigger), USDG is capped at 1, floored at 0.97 ✅ Curve is flat and actively managed: rate spikes will not appear in normal course of daily operations. It's critical to understand: **the market setup has to fit the trade**, especially when trade is so custom Bad tooling and you end up overpaying, risk managers cannot operate, users worry. More to come.

we like yield

I don’t want the OGs to go elsewhere. Something is sub-optimal if they do. The OGs should be at the core of Solana DeFi

1/ RWAs are transforming @kamino : "Real-world asset (RWA) deposits more than doubled from $570.7M to $1.23B, contributing 28.7% of protocol revenue versus 5.9% in Q4 2025; March alone ran at 40.2%. Crypto-native deposits contracted 44.4% over the same window." This divergence in flows confirms our vision for where onchain capital markets are heading with RWAs

bullish 👌

v solid article about why choose Kamino, and what strategies can be a solid choice

Coming soon to Kamino.

The idea that all software stocks are going to zero because of AI is, in 2026, the most consensus-driven, most emotionally satisfying, most intellectually lazy thesis in public markets, and it is wrong in exactly the way every "this time is different" thesis has been wrong for the last 200 years of capitalism. Software is not going to zero. Software is going to bifurcate, the way every technology category has always bifurcated, into the companies that adapt and the companies that do not, and the market, in its panic, is currently pricing both groups as if they were the same group, which means you can buy the survivors at the price of the losers, which is the single most profitable setup an opportunistic investor will ever encounter in his lifetime. The losers will go to zero. They were going to zero anyway. AI did not kill them. AI just sped up the timeline by 24 months. The survivors, which is the larger group, are sitting on $400 billion in collective free cash flow, growing at 11% a year, with renewal rates above 92%, with switching costs that no language model can dissolve, and they are trading at single-digit multiples because the people who used to own them have decided, as a class, that the entire category is over. The category is not over. The category is being handed to you, at a discount, by people who have never lived through a real cycle and who are confusing a narrative shock with a fundamental break. This is what every opportunity of this size has always looked like from the inside. It looks like consensus. It looks like obvious. It looks like the kind of trade that, ten years from now, every podcast will pretend to have called. Almost none of them will have called it. They will be too busy, in 2026, explaining to you why software is dead, while the people who are actually building wealth are quietly buying baskets of 30 of these companies, holding them for 5 years, and watching the math do what the math has always done, which is reward the people who buy fear and punish the people who buy comfort. You can buy fear right now. It is on sale. It will not be on sale for long.

Canton is misleading the public & investors with lies & fake metrics! It is a centralized money printer with a built-in tax, tiered fees, KYC & censorship built in That is not "blockchain"! It is instead a nightmare of centralization worthy of a dystopian cyberpunk novel: 🧵 The definition of permissionless is that we do not need permission to participate in consensus. That is not at all the case for Canton! There is a literal invitation-only application proccess, where the pre-existing validator set decides who is allowed to join, determining consensus! The fact that there even is an application proccess is the perfect litmus test for permissionlessness that Canton clearly fails That makes it a totally permissioned system & by extension, also makes it totally centralized. It can never achieve credible neutrality, despite their claims to the contrary Centralized Money Printer: Canton has an insane net inflation rate of 21.8%! To add insult to injury, centralized designs do not actually need a token... Yet, Canton still does There is no application proccess in any truly decentralized system. Consensus instead relies on incentives, either in the form of a stake or work. That is why a token of value is needed to award participants However, in Canton, these rewards still go to validators who did not put up any stake! Along with a select group of applications chosen by this centralized authority... This makes it essentially "free money," from the perspective of these validators & applications. This helps to explain, to a large extent, the motive behind many of these partnerships A board for a for-profit company has a fiduciary duty to agree to a deal where they are offered millions of dollars to simply run a node & say they have a partnership, which also looks good for their company's evaluation... That does not mean it is not all BS, it only "works" due to the magic of a crypto money-printer scheme, which has a lot in common with a Ponzi scheme This is a playbook we have seen time & time again in crypto; it is nothing new Extractive Economics: Talking about there being nothing new under the sun: Canton has a literal tax system in which holders have a portion of their tokens taken directly from their wallets & burned! There is also a tiered fee system, where a higher fee is paid for smaller users & a lower fee for larger users. Making it an inherently unequal system, another reason why it is more like the old banking system than crypto The centralized authority decides which applications are "featured," significantly increasing their rewards & visibility. This obviously also opens up countless opportunities for favoritism & even corruption! Fake TVL Metrics: Canton claims to have an RWA TVL of over $326 billion! That would put it ahead of all other blockchains by an extremely large margin This claim is entirely false; it is instead an accounting trick that they achieved through their partnerships Certain companies, such as Broadridge, are simply mirroring their balance sheets within their private networks on Canton. This is then counted as "on-chain" TVL... Despite that, nothing would change if the Canton network disappeared tomorrow! That is why some sites report that full amount, but more reputable sites, such as DeFiLama, report a total TVL as $0! That is the very definition of a fake metric. It is all smoke & mirrors Preying On Ignorance: There is a continuous cycle of centralized "crypto" that exploits people's ignorance The main innovation of crypto is decentralization: The ability to do finance in a permissionless, credible neutral, & censorship ressistant manner is the real breakthrough of this technology This requires a major paradigm shift in thinking. Something many people are simply not ready for, especially such large institutions So, in the meantime, we see countless attempts to present them with a more palatable form of "crypto" However, much like the history of the early internet, where large institutions resisted the public internet & pushed for private internets. The public internet won & helped create the brave new world we live in today The history of crypto is surely going to play out in the same way, as the type of centralized authority we see in Canton has become outdated Conclusion: It is a free market & people can build whatever they want. However, we must draw a line once misleading claims are made That is where it went from live & let live to us needing to take action against Canton. Cryptocurrency is special, & we cannot allow anyone to falsely invoke the values & principles we hold so dear. Only to sell a token that is antithetical to that very movement That free market only works if we can self-police against bad actors. Something that has to be done in the free marketplace of ideas. That is why I implore you today to reject Canton & all that it represents Canton is regressive, as it goes against everything crypto stands for. While pretending to have the same attributes of crypto, when nothing could be further from the truth. It is, frankly speaking, significantly worse than the current banking system The crypto movement was born as a protest against such arbitrary centralized power. As the Bitcoin genesis block so clearly stated It would be tragic if crypto ends up birthing a monster that turns out worse than what it was trying to fight. Help us fight this monster by spreading this message far & wide. As crypto deserves better, we deserve better That is why we must push back against all pretenders to the throne, as crypto is meant to be a liberating force. Canton has no business being in that exclusive club As ultimately, crypto is here to make the world a better place through economic freedom, privacy, censorship resistance & individual sovereignty! 🔥

time to short the market?

Kamino can confirm that it is unaffected by the ongoing situation with rsETH on Ethereum. Out of an abundance of caution, Kamino has paused all interactions with LayerZero tokens across all core markets: USDS, LBTC, FBTC. These reserves are now in reduce-only mode — users are able to withdraw their assets and repay debt, but any deposits and borrows are currently disabled. Kamino is in contact with the LayerZero team, and users will be notified once normal operations resume across these reserves. To reiterate, Kamino and its users have not been affected. All actions taken are preemptive.