The hard part about fixed rates is not the match making of borrowers with lenders on rate/term. It’s the rollover. Without rollover, everyone gets expiry anxiety, liquidation fee and slippage on every expiry, which adds to the cost of borrowing.

Most important question for loopers: what happens upon expiry? In a nutshell: roll over if liquidity supports, otherwise unwind enough to satisfy lender requests, then roll over the remaining. Most loans will simply be rolled over - to same or better fixed rate, or to variable, if the borrower chose so. When liquidity is not available for a roll over, we unwind just enough to satisfy the queued withdrawals and then roll over the remaining of the debt. For a token like AUTO, unwind to YLDS is without slippage, so the expiry is painless. This the most elegant design we could think of. It feels open term.

Currently $15M in outstanding, rolling, fixed rate debt against AUTO. Borrowers get fixed cost for one month at a time, loans automatically roll if liquidity supports it. The most elegant fixed rate design out there. Only positive feedback so far.

Fixed Rates are now live in the @onrefinance Market. Launching with $1.5M in liquidity, users can borrow USDC against ONyc at a fixed 8% rate across rolling 30-day terms, with ONyc/USDC Fixed Rate Multiply. The future of onchain credit is fixed.

Just finished accumulating a bigger solana:KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS position on the open market. Very bullish on the overall trend of tokenized equities, and I genuinely believe the supply here grows another 100x from here, led by @solana. I've been thinking a lot about how to best position for this. I'm a big fan of what Backpack, Securitize and co are doing, but I'm still hesitant on the business model and monetizability of the issuers, especially at these valuations. Much more interesting to me are the businesses and protocols actually built on top of that layer, the ones that benefit massively from this secular trend. DEXs are the obvious play here, but what has excited me far more is @kamino. I'm usually not overly excited about lending businesses, but they made the move into tokenized equity lending early and have been dominating market share ever since. As I expect this market to grow orders of magnitude from here, there's a realistic path for Kamino to massively expand their business in a positive-sum way, and a real shot at rivaling Morpho. Especially since I expect tokenized equities to keep being led by Solana, which Kamino has already proven it can dominate. Beyond that, the recent hire of @WeiszM is massive, and in my opinion still overlooked. If you want to dominate the upcoming institutional adoption and the influx of trillions in capital as an onchain financial business, you need someone at the top who not only speaks the TradFi language, but has the background and network to actually get the right things moving and open the right doors. Let's see how this evolves, but definitely one of the more interestingly positioned DeFi protocols right ahead of a massive DeFi supercycle.

Fixed term without rollover is an extremely bad borrowing product. Worked a lot to make this be seamless - as long as there is liquidity in the market around expiry time - your loan will simply roll over. There's a sick new feature coming soon called "Keep Alive" which will simply proactively roll over loans and renew their expiries without waiting for the expiry. Extremely proud of this product.

You can now loop with a known cost of capital instead of taking variable-rate risk. This is a game changer for bringing more sophisticated credit and yield strategies onchain, now made possible on Kamino.

Fixed Rates Multiply live Borrow fixed at 5.30% against AUTO at 4.5x Rolling 1 month maturities Multiply out of the box with no slippage AUTO minting A long time in the making, UX is 🔥 had to get all details right Kamino 🤝 Figure

incredibly excited for @kamino to usher in a wave of new users and new assets that have longed for new infra enabling distribution, credit, and liquidity for all sorts of RWAs. Thinking way bigger than just crypto and stocks.

All growth since July is from @kamino. New CEO @WeiszM is incredible. Perhaps best new tradfi x defi crossover exec since last cycle. @6thManVentures recently put on a core position in KMNO, and we plan to fight for and support this protocol, team and brand with all our might.

Kamino has partnered with @galaxyhq, one of the largest digital asset firms in the world, to bring Galaxy Curation to @solana Introducing the Galaxy USDC and USDT Vaults, now live on Kamino

We are excited to welcome Galaxy Curation to Kamino. Galaxy is launching their first curated lending vaults on Solana, with USDC and USDT strategies built on Kamino. For users, this means direct access to a Galaxy-managed lending strategies on Solana: deposit USDC or USDT, and Galaxy manages how that capital is allocated across Kamino’s credit markets to target risk-adjusted yield from onchain borrowing demand. The opportunity goes well beyond bringing financial assets onchain; institutional capital needs the same core market functions that underpin traditional finance: capital allocation, credit risk management, liquidity, and distribution. Kamino has spent four years building that infrastructure on Solana, and Galaxy bringing its lending and risk framework onchain is a clear example of what that foundation enables.

Michael is an absolute beast - a seasoned, effective, hungry and ruthless visionary. He built an online marketplace for yield before you bought your first CryptoKitty. Now he has the tools to take the idea to its logical conclusion: the Internet Financial System of yield.