Kamino Learn
@kamino_learn
Explore Kamino's products, strategies, & opportunities while learning how onchain lending and borrowing work. This account is for educational purposes only. NFA
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The Backpack Market supports cross-collateral borrowing, so several stocks can back one USDC loan.
- @AllezLabs, the market’s curator, gives each stock its own borrowing limit
- Your loan’s limit is the total across your stocks, so a price rise in any one of them adds to how much you can borrow.
- If the loan reaches its liquidation point, the stock with the lowest liquidation LTV is sold first
This means you can borrow against your @backpackonchain stocks together, in one loan with one borrowing limit
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A PT (principal token) from @ExponentFinance, like @onrefinance's PT-ONyc, redeems for $1 of ONyc on its maturity date.
Before maturity, a PT's market price moves with demand for fixed yield
Kamino values PT collateral from a set yearly discount that shrinks in a straight line to $1 at maturity, and is not valued by the market price
Market swings leave your borrowing limit unchanged, so you know exactly how your collateral value and LTV will move until maturity
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When a Backpack stock pays a dividend, your balance increases automatically
@BackpackOnchain reinvests each dividend into more of the stock by raising a multiplier on the token
- The multiplier is built into Token-2022, so supporting wallets show your balance times it
- Kamino Swap and Lend both read it, and every reinvested share counts as collateral in the new Backpack Market curated by @AllezLabs
This means you can borrow USDC against a Backpack stock and keep receiving its dividends, automatically as extra shares in your collateral balance without having to manually reinvest.
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Why does Kamino isolate its lending markets?
In a shared lending pool, one new listing changes the risk for every lender in the pool, because an issue with any single collateral asset can reach everyone's deposit.
On Kamino, each market is isolated, with its own collateral set, borrowing limits, price feeds and curator.
Today's new Backpack Market puts that into practice: @BackpackOnchain stock tokens list against USDC with borrowing limits of up to 40% set and monitored by @AllezLabs
New assets get rules built for how they behave, and as a lender on Kamino you only back the collateral in the market you choose
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Allez USDC, curated by @AllezLabs, has earned its depositors over $1.5M in interest since it opened on Kamino in April 2025
Borrowers across Kamino's markets pay that interest, against collateral from SOL and BTC to tokenised assets like ONyc and sUSDai
With the vault curator allocating for the best risk-adjusted yield
It goes into the price of every vault share, so each deposit grows as it comes in
Here’s how it works
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As the first AUTO Fixed Rate Multiply loans come into their rollover window, here’s a reminder of how it works
Each loan runs for a 30-day term at a fixed rate, and Auto Rollover keeps the position open from one term to the next
• The rollover window opens 3 days before your loan’s end date
• A keeper bot renews the loan into a new 30-day term at the same rate, when liquidity allows, with nothing for you to sign
• Rollover is on by default. To exit instead, you can close your position before the end date
The future of onchain credit is fixed.
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Where does the yield come from in Kamino's Institutional Commodity Yield vault?
Commodity traders borrow to buy goods and ship them to a buyer, then repay the loan with interest once the buyer has paid
That interest is the yield, and every loan is backed 1:1 by cash or by goods worth more than the loan
Trade finance has been reserved for banks and institutions until now, this vault opens it up to anyone on @Solana
Here’s how it works
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While DeFi rates sit near multi-year lows, PST-USDC has held 9%+ APY for over 90 days
PST tokenises real-world payment flows settled via @humafinance - generating durable yield uncorrelated to crypto and backed by real demand
Real world yield, liquid on Kamino
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USDG-USDe on Kamino Liquidity processed over $184M in volume in 5 days, with:
- $6M TVL
- 17.41% APY
- $17K fees
While Multiply users were looping, Kamino Liquidity was providing the vital infrastructure that assets need to scale on Solana ⤵️
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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
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