The Ethena Market has just become the fastest ever market on Kamino to surpass $400M in size. 24 hours since launch: • $200M borrow cap reached • $225M+ USDe supplied • $420M+ deployed USDe scales with Kamino.

New incentives campaign for the xStocks Market is live. $50,000 in USDC borrow rewards across SPYx, TSLAx, QQQx, NVDAx, GOOGLx, STRx, AAPLx, and HOODx, distributed over 3 months with campaign optimization and deployment supported by @gauntlet_xyz. Supply xStocks or USDC to earn xPoints, or borrow against tokenized equity collateral to loop and farm on Kamino’s isolated market infrastructure, built to scale tokenized equities on Solana.

USDG-USDe is live on Kamino Liquidity in just 24 hours: - $10K fees - $112M volume @Ethena’s USDe is a synthetic dollar backed by crypto collateral, kept stable with short perp hedges, and earns yield from funding and staking Both assets are 1:1 dollar pegged, with minimal IL

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.

$100M in 1 day is actually insane Solana is also nearly at Stablecoin supply ATH, thanks to a $700M USDG mint There is a ton of demand from DeFi, and lots of cash on the sidelines waiting for the right opportunity We need more isolated markets like USDe/USDG, so that investors have no shared exposure to anyone else.

Introducing the USDe Growth Initiative on Kamino. Users can now loop USDe on Kamino's dedicated @ethena Multiply vault to earn over 20% Net APY at launch, with auto-compounded yield, and liquidation protection. It’s USDe season on @solana, powered by Kamino.

A new exciting release from @SentoraHQ . Thrilled to be launching this dedicated market with @ethena and @kamino @ethena scaling USDe on Solana is not just a “new asset comes to a new chain” story. It is more interesting than that. What is being assembled is a three-part credit stack: @ethena brings the synthetic dollar. @kamino provides the Solana-native lending infrastructure. @SentoraHQ powers the risk management, curation, and institutional deployment layer. The new @SentoraHQ USDG Earn vault on @kamino is a good example of this architecture in practice. The vault is focused on @ethena-related assets and deploys into a dedicated @ethena market on @kamino: USDG as the supplied liquidity asset, and yield-bearing USDe as collateral inside an isolated lending market. Users deposit USDG into the vault; borrowers access that liquidity against USDe collateral; @SentoraHQ configures the risk parameters that define how the market operates. Simple on the surface. Quite dense underneath. USDe is not a normal fiat-backed stablecoin. It is a synthetic dollar built from collateral, hedging, basis, funding, and market structure. This makes it powerful, because it can turn crypto-native balance sheets into dollar-like liquidity. It also means scaling it responsibly requires more than listing it everywhere and hoping the blended risk is fine. The right primitive is dedicated, parameterized credit. That is where the @SentoraHQ / @ethena / @kamino partnership becomes important. @kamino supplies the venue: lending markets, Earn vaults, risk isolation, analytics, and Solana-native execution. @ethena supplies the asset and the demand side of the ecosystem: USDe as collateral, distribution, and synthetic-dollar growth. @SentoraHQ sits between capital and protocol risk, with risk management powered by the @SentoraHQ platform: evaluating collateral liquidity, oracle coverage, market structure, LTVs, caps, and the conditions under which the vault should deploy capital. This is the clean separation of concerns that DeFi has been slowly converging toward. @ethena manufactures the synthetic dollar exposure. @kamino makes that exposure usable inside high-throughput Solana credit markets. @SentoraHQ decides how the risk is admitted, sized, monitored, and contained. The key word is contained. In older DeFi designs, risk often leaked everywhere. Assets were pooled together, markets shared assumptions, and a bad parameter in one corner could become everyone’s problem. Here, the USDe exposure is intentionally isolated inside a dedicated @ethena market. The vault is for users who want this specific @ethena-focused risk/reward profile. The market has its own collateral configuration and lending parameters. Risk lives where it is supposed to live. That is what institutional-scale DeFi should look like: composable, but not careless. For Solana, this matters because the chain already has the execution properties credit markets need: low-cost transactions, fast liquidations, efficient rebalancing, and usable UX. What it needs is more high-quality collateral, more stablecoin depth, and more professional risk curation. This partnership touches all three. The headline is a USDG vault on @kamino. The deeper story is that @ethena is becoming part of Solana’s credit layer, with @SentoraHQ providing the risk-managed vault infrastructure that makes the expansion legible to larger capital pools. Less yield farm, more balance-sheet infrastructure. Much more to come.

Huge one for the ecosystem. It's time for USDe to scale on @solana. Over 20% USD yields, built on @kamino's battle-tested rails, with auto-compounded yields, built-in liquidation protections, and a dedicated Multiply vault. It's Ethena season on Kamino.

How Kamino Turned xStocks Into a Lending Market Most DeFi lending markets spend months trying to hit 50% utilization. @kamino launched a market with xStocks as collateral and quickly hit 92%. That's not an accident. It's the result of a product structure that connects real yield to real demand, reinforced by the right incentives at the right time. Kamino had already built one of Solana's largest lending protocols before xStocks arrived. When tokenized equities went live onchain, the demand for lending and borrowing followed almost immediately. The xStocks market on Kamino Kamino started as a single, monolithic lending market on Solana and has since expanded into modular, asset-specific markets. The xStocks market is one of those: built specifically around xStocks as collateral. The mechanics are straightforward: > Deposit xStocks assets like $SPYx or $QQQx > Borrow USDC or other stablecoins against them > Deploy that capital however you want For traders who want leveraged long exposure to tokenized equities, it's a cheaper alternative to perpetual futures. @DeusNero, core contributor at Kamino, joined Tokenized Talks to walk through the mechanics. On a PerpDEX, funding rates get expensive over time. A position you plan to hold for weeks gets eaten by those rates. On Kamino, the borrow APY is more predictable and generally much lower. "You would prefer to go long or short with lower leverage on Kamino if you're looking to hold a position for a long time," @DeusNero said. As of April 2026, $6.3M USDC was supplied, and $5.75M was borrowed, resulting in a 92% utilization rate. At that level, lenders are generating meaningful yield just by depositing USDC into the market. How users are borrowing against tokenized stocks Most users are running straightforward leveraged longs. They deposit $SPYx or $QQQx, borrow USDC, and redeploy. Some use the structure for pair strategies, going long one tokenized asset while managing short exposure elsewhere. That activity picked up significantly after xPoints launched. Before the program, the market was live but not particularly deep. After, it doubled in size. Kamino's xStocks volume now exceeds what some centralized exchanges are doing with the same assets during an ongoing incentives campaign. The program changed behavior by giving users a reason to put xStocks to work rather than just holding them. Depositing as collateral, borrowing against it, maintaining utilization: all of that became rewarded activity. What this means for tokenized equities in DeFi The Kamino case shows a pattern worth paying attention to. xStocks usage grows when protocols build real products on top of the underlying access. That, paired with a $40,000 in onchain incentives, doubled a lending market that now outperforms two major CEXs on the same assets. At 92% utilization with $6.3M supplied, the market is already constrained. More suppliers means more borrowing capacity, which means more strategies available to traders. That's the next chapter: the same assets, more depth, more use cases built on top.

Introducing the USDe Growth Initiative on Kamino. Users can now loop USDe on Kamino's dedicated @ethena Multiply vault to earn over 20% Net APY at launch, with auto-compounded yield, and liquidation protection. It’s USDe season on @solana, powered by Kamino.

Season 2 Flares are live on the Solstice Market. Supply eUSX, USX, or USDG to earn Flares or borrow against Exponent PT collateral: PT-USX and PT-eUSX maturing June 2026 and eUSX. Onchain credit markets continue to scale on Kamino.

The @xStocksFi Market on Kamino has crossed $25M in total market size. Tokenized equities are becoming real collateral in DeFi, enabling users to actively borrow against SPYx, QQQx, TSLAx, NVDAx, GOOGLx, MSTRx, onchain, 24/7. Tokenized assets are scaling on Kamino.