kamino

On November 3, Veda, an on-chain treasury infrastructure provider, announced that Veda, Aave Labs, and Kamino Foundation released a public summary of a legal framework discussing how U.S. federal securities laws apply to decentralized lending protocols and non-custodial treasuries. Veda stated that the framework addresses how securities laws should apply when financial activities traditionally performed by intermediaries are executed by smart contracts, and ownership, control, and decision-making are decentralized among different participants. The three parties submitted a more detailed version to the U.S. Securities and Exchange Commission (SEC) on October 26 and requested to communicate with the commission's staff. Aave Labs clarified that the detailed version was submitted to the SEC's crypto working group and corporate finance department, and requested a meeting with the staff, with the complete submitted documents remaining confidential.Veda stated: Securities regulation should follow the rights, obligations, and powers that are actually formed by arrangements, including who owns the assets, who bears the obligations, who exercises the authority, and whose economic outcomes are affected. Common infrastructure, receipt tokens, or discretionary service providers cannot unilaterally decide the above issues. The document analyzes against the Howey investment contract standard, Reves note standard, the Investment Company Act of 1940, and the Investment Advisers Act of 1940, and concludes that the analyzed agreements and treasury arrangements do not constitute investment contracts or notes, and the described treasury does not constitute an investment company, nor does the discretionary investment compensation necessarily constitute custody of client assets.Veda also stated that these conclusions depend on the specific structure, contractual arrangements, and distribution of rights and powers described in the document; if the ownership structure, repayment commitments, discretionary powers, or redemption restrictions differ, the legal analysis may also change. This submission did not request the SEC to establish exemptions, safe harbors, or specialized regulatory regimes for decentralized finance, but rather to apply existing securities laws and ask the commission to confirm that the law has distinguished between activities such as issuance, investment management, and custody. The blog post noted that the content is for informational reference only and does not constitute legal advice, and the SEC has not endorsed the conclusions of the document. According to publicly available information from RootData and Veda, Veda was established in 2024 and completed an $18 million financing round led by CoinFund in June 2025.

According to a community letter disclosed by Kamino CEO Michael Weisz, the Kamino Foundation owns the project's intellectual property and receives all income, including institutional collaboration revenue. KMNO is the project's only token, and the earnings of the founders, investors, and team members are all linked to this token, with no separate equity distribution.Weisz stated that Kamino is committed to investing at least $20 million over the next two years to expand the range of assets supported by the platform and to introduce its credit and liquidity infrastructure to more platforms. He also mentioned that most of his personal KMNO allocation will only vest after achieving and maintaining a series of valuation milestones.

The DeFi lending protocol Kamino announced the launch of a USDC loan service using Backpack tokenized stocks as collateral. Borrowers can receive up to 40% of the collateral's value.The market will maintain its last stock price outside of U.S. trading hours, which means that during U.S. stock market closures, the collateral valuation of the tokenized stocks will be based on their last transaction price, allowing borrowers to continue lending operations during non-trading hours.

NEAR Protocol announced support for users to earn SOL rewards through confidential accounts. After users deposit funds into the vault, the vault cannot know their address, and there are no lock-up requirements, allowing for redemption or withdrawal at any time. The related vaults are deployed by Gauntlet on Kamino.

The Solana ecosystem lending protocol Kamino has launched the sUSDai collateral market. This market is planned and operated by Allez Labs, and sUSDai is an asset linked to GPU loans.In this market, sUSDai holders can collateralize assets to borrow USDC, with a maximum loan-to-value ratio of 80%. Liquidation will be triggered when the collateralization ratio rises to 85%.

The Solana lending protocol Kamino announced the appointment of Michael Weisz (@WeiszM) as the new CEO.Kamino stated that Weisz has over twenty years of experience in fintech and private markets, and will lead the company into the next phase of institutional growth while expanding into the U.S. market.

According to The Defiant, Kraken has launched three xStocks vaults, allowing eligible customers to deposit SPYx, QQQx, and NVDAx into the vaults while earning floating returns while retaining exposure to tokenized stocks or ETFs. The vault initially shows an estimated net APY of 2% for SPYx and QQQx, and 1.8% for NVDAx. Kraken charges a 25% performance fee on vault earnings, and the displayed interest rate has already deducted this fee; rewards will be converted into the same type of xStock and automatically reinvested into the customer's balance.The strategy is designed by Sentora and is responsible for risk management, while Veda provides the vault infrastructure. After customers deposit xStock, Kraken transfers it to an embedded self-custody wallet on Ink, packages it, and deposits it into the Veda vault; Sentora then cross-chain transfers the packaged xStock to Solana and deposits it as collateral in the Kamino lending market. After borrowing stablecoins, it is deployed into selected DeFi strategies, and the returns are ultimately converted back into the deposited xStock. Customers do not need an external wallet or mnemonic phrase but can export the private key; redemption requires a three-day wait for funds to arrive.Kraken's documentation shows that the strategy uses leverage to generate returns by borrowing stablecoins and lists risks such as smart contracts, liquidity, bad debts, liquidation, cross-chain execution, and downstream assets, with losses shared proportionally among vault users. xStock holders do not have voting rights, dividend rights, or legal claims to the underlying stocks. The vault is currently available to the European Economic Area and other supported markets, while users from the United States, United Kingdom, Canada, Australia, the United Arab Emirates, and sanctioned countries cannot use it.

According to official news, the on-chain risk protection platform OpenCover has announced the expansion of institutional-level risk protection to the Solana network. Eligible related positions can now obtain risk protection, with the first batch covering Kamino, Raydium, Orca, and Jupiter. The specific coverage scope, limits, and terms vary by protocol and position. OpenCover primarily provides on-chain risk protection for DeFi users and connects users with underwriters such as Nexus Mutual.After this expansion, Solana ecosystem users can also purchase related protection against risks such as smart contract vulnerabilities, oracle failures or manipulations, liquidation failures, and governance attacks. According to a previous announcement from Nexus Mutual, it has currently launched four protection projects on Solana: Kamino, Raydium, Orca, and Jupiter, covering nearly 90% of the funds in the Solana lending market. Among them, Kamino and Jupiter have over $1 billion and $925 million in lending deposits, respectively.OpenCover stated that this launch marks the starting point for its further expansion of risk transfer infrastructure on Solana. In the future, it will collaborate with protocols, asset management institutions, and liquidity providers to expand the range of positions eligible for protection.

MoonPay has integrated the Solana lending protocol Kamino into its AI payment vault PayBox, allowing eligible users to execute token lending or collateralized borrowing on Solana through conversations with ChatGPT or Claude. According to DefiLlama data, Kamino has a locked value of approximately $1.3 billion, with an active loan scale of about $1 billion.This integration does not create new loan products but replaces Kamino's original interface with natural language commands. Users can request that each transaction requires passkey approval or allow the AI to operate autonomously within preset limits. MoonPay launched PayBox in July, initially supporting payments, token swaps, cross-chain bridging, and earning through Aave. The integration of Kamino marks its expansion from AI payment tools into the credit management field.Currently, AI-based crypto applications are mainly focused on small, high-frequency payment scenarios. The x402 protocol developed by Coinbase has processed approximately $50 million and 165 million payments. This integration allows AI to manage user funds, with a single command capable of creating leveraged positions. If the value of the collateral falls and triggers Kamino's liquidation threshold, the position may be liquidated. This service is not currently available to users in the United States, United Kingdom, European Union, and Australia, with specific availability varying by asset and jurisdiction.

The Solana ecosystem DeFi protocol Kamino announced the launch of Kamino Fixed Rates, positioned as an on-chain fixed-term, fixed-rate credit architecture solution. The product is now live in a private testing version, with a public version planned for release in the third quarter of 2026.According to the introduction, Kamino Fixed Rates aims to provide a lending framework for the on-chain credit market with both the term and interest rate locked in advance. Kamino also released a related light paper for the market to review the product design and mechanism description.

The Solana lending protocol Kamino announced the launch of Kamino Institutional Yield, a set of on-chain treasury infrastructure designed to connect real-world institutional credit markets with on-chain users. The first treasury built on this infrastructure, Commodity Yield, has now gone live, with an initial deposit size of 25 million USDC.This treasury connects on-chain users with institutional commodity trade financing needs, targeting an annualized yield of approximately 7-8%. The treasury conducts off-chain lending operations through a fund structure regulated by the Cayman Islands Monetary Authority (CIMA), featuring strict lending standards and ongoing portfolio transparency. Users depositing USDC can receive kicUSDC, with funds deployed to short-term commodity loans, secured by physical commodities and/or cash fully collateralized by top-tier banks.

According to Onchain Lens monitoring, the whale address "FU76ac" has deposited approximately $2.76 million worth of USDC into the Kamino Finance lending pool.The funds were routed to the Kamino Lending Program through the Invest function of the Kvault Program for the purpose of participating in lending and earning returns.

The Solana ecosystem liquidity protocol Kamino stated on platform X that its platform and users have not been affected by the current Ethereum rsETH incident. However, out of caution, it has suspended all core market interactions related to LayerZero tokens (USDS, LBTC, FBTC). The related reserve assets have entered a "reduce-only mode," allowing users to withdraw and repay debts, but deposit and lending functions have been temporarily closed.Kamino added that it is in communication with the LayerZero team and will notify users as soon as the related reserves return to normal operations. These measures are all part of proactive risk control, and the platform and user funds have not been affected.

According to Arkham monitoring, Multicoin co-founder Kyle Samani has deposited $10 million worth of PRIME into Kamino Finance and borrowed 8.6 million USDC against it as collateral. The total annual yield of the USDC stablecoin he holds is 39.4%, but using PRIME can achieve an annual yield of 56.4%.

According to Arkham monitoring, former Multicoin co-founder Kyle Samani deposited a total value of $10 million in PRIME into Kamino Finance and used it as collateral to borrow $8,600,000 USDC.He pays an annualized yield of 39.4% on USDC, but earns an annualized yield of 56.4% on PRIME. Kyle Samani is an experienced user of Solana DeFi.

Digital asset platform Anchorage Digital, liquidity protocol Kamino from the Solana ecosystem, and Solana Labs announced a collaboration to launch a tri-party custody model, referred to as "pioneering," to help institutions stake SOL within a compliant custody framework. According to the introduction, this service allows institutions to achieve on-chain lending and liquidity acquisition without moving assets out of a regulated custody environment.Anchorage Digital will be responsible for collateral management and will put risk control and collateral management processes on-chain, while also expanding its Atlas collateral management system to integrate with Kamino and the Solana ecosystem.

The co-founder of the Solana ecosystem liquidity protocol Kamino, Mariu, stated at the Solana Breakpoint conference, "We are about to launch a fixed-rate, fixed-term lending product. Users will be able to choose the interest rate and term, and transact at that rate. This mechanism allows institutions that need to determine financing costs to enter the market, while also enabling asset rotation strategies to achieve lockable stable spreads.We are collaborating with Fal X (one of the largest brokers in our market), and one of the key subcomponents is lending intentions—this allows both borrowers and lenders to place orders at their desired interest rates, thereby achieving true interest rate price discovery on-chain and forming an on-chain yield curve."

The president of the Solana Foundation, Lily Liu, posted on social media, "Hey, Kamino and Jupiter. Overall, our lending market is about $5 billion. Ethereum is roughly 10 times that. The collateral market in traditional finance is countless times larger than both.We can poke fun at each other (like 'one-click conversion of lending positions', making jokes out of others' offhand comments, etc.), or we can choose to focus our energy on capturing more market share from the entire crypto industry and ultimately moving towards traditional finance."It is reported that Jupiter's Chief Operating Officer, Kash Dhanda, recently responded to community concerns, stating that the team's previous claim on social media that the Jupiter Lend treasury had "zero contagion risk" was inaccurate. Jupiter had earlier promoted its lending treasury as having a "risk-isolated" structure and claimed that there would be "no cross-contamination between trading pairs, thus eliminating any contagion risk." This content has since been removed.Last week, the Solana lending platform Kamino banned the migration tool for Jupiter Lend due to concerns that the related risk model misled users, and its co-founder publicly criticized Jupiter's risk statements.