Kamino (KMNO)

GM from GMT 7 @kamino’s KMNO goes live on Upbit today, CEX rails will stress test liquidity, vintage repricing and insurance fund flows. Watch bid depth, primary and secondary spread and sudden offchain onramps. Who's scanning orderbooks? https://t.co/IXp8M2VsbQ

OGAudit Web3 Research: @kamino $KMNO - Solana’s Largest Lender Just Onboarded Tokenized Stocks as Collateral?

Kamino has been Solana’s dominant lending protocol since 2023 and today marking a historic first in DeFi with tokenized equity collateral:

- Kamino unifies Lending, Liquidity and Leverage into a single DeFi product suite with $2.33B TVL, zero bad debt across all markets and a $500M PYUSD vault serving institutional USDC liquidity needs. $66.91M in annualised fees at a 1x P/S ratio vs Morpho’s 4.2x with Kamino integrated with Chainlink and Anchorage for RWA compliance and institutional custody and a December 2025 launch of six institutional products including fixed rate loans, private credit vault and an RWA DEX.
- Kamino just became the first major borrow/lend protocol in DeFi to onboard tokenized equities as collateral as tokenized stock daily volume surpassed $100M for the first time. Jupiter integration enables leveraged tokenized equity positions with SPCX (SpaceX) among the first assets positioning Kamino at the centre of what could become the largest new DeFi collateral category.
- KMNO’s ATH was $0.248 in December 2024 and currently trading 92.2% below that peak. 229.16M KMNO unlocked April 30, 2026 worth $4.11M with 51% of the 10B max supply yet to enter circulation. Season 5 staking offered 100M KMNO rewards, incentivising lockup.

Is $2.33B TVL, $67M annualised fees at a 1x P/S, zero bad debt, today’s tokenized equity collateral milestone and institutional RWA integration the DeFi lending undervaluation story of 2026 or do 92.2% ATH decline, ongoing quarterly unlocks with 51% of supply yet to distribute and Solana specific USDC market stress confirm that Kamino’s fundamentals and KMNO price have structurally decoupled?

Category: Decentralized Finance (DeFi)
Coin Name: $KMNO
Circulating Supply: 4.854B
Market Cap: $87.34M
Market Cap Rank: #196
OG (Trust) Score: 33.97
OG Score Rank: #376/1351
Reviewed by 8 OG Auditors.

See the Social Audit with Reviews by crypto OG’s and more on the $KMNO Coin page: ogaudit(.)com/crypto/kamino-kmno
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