Today, I’m sharing my first letter to the KMNO community as CEO Since joining @kamino , I’ve been asked a version of the same question by longtime KMNO holders and people getting to know us for the first time. As Kamino grows, where does the value we create go? It’s a fair question, particularly as we work to bring Kamino into banks, brokerages and wallets, through which our goal is to allow millions of people to earn on their capital or borrow against assets they already own. The answer starts with how Kamino was built. The Kamino Foundation owns the intellectual property and receives all revenue, including revenue from institutional partnerships. KMNO is the only token. The founders, our investors, the team and I have our upside tied to the same token our community holds. None of us has a separate equity allocation. What we do with the revenue matters, too. We’re committing at least $20 million over the next two years to expand the assets people can use on Kamino, and bring Kamino's credit and liquidity infrastructure to more of the platforms consumers already use today. I wrote my first letter to KMNO holders to put those decisions on the record. I also share why I chose to make most of my own KMNO allocation vest only when it reaches and sustains a series of valuation milestones. One Kamino. One KMNO.