Kamino Finance змінює стандарти DeFi на Solana: шість нових запусків продуктів і пояснення програми стимулювання се

With the launch of Season 5 liquidity mining, up to 100 million KMNO tokens are being distributed as rewards to users participating in lending and staking.

As of December 23, according to Gate’s trading platform data, its governance token KMNO is priced at $0.04898, making it one of the most closely watched DeFi assets in the Solana ecosystem.

01 Protocol Foundation: Automated & Integrated DeFi Solutions

Kamino Finance is a core decentralized finance protocol built on the Solana blockchain. Its primary mission is to streamline and automate complex on-chain operations, integrating lending, liquidity provision, and leverage strategies into a unified product suite.

Unlike traditional DeFi protocols that require manual user adjustments, Kamino has changed the game with its Automated Liquidity Vaults.

Once users deposit assets, the protocol automatically handles liquidity provision, asset rebalancing, and fee compounding—significantly lowering the barrier to entry.

02 Core Engine: In-Depth Look at Lending, Vaults, and Growth Strategies

Kamino’s business model centers on two core products: Kamino Lend and its vault strategies.

As one of the largest lending protocols on Solana, Kamino boasts a market size of roughly $2 billion, earning the trust of core users with its focus on security and stability.

The protocol’s vault strategies are especially diverse, including:

• Concentrated Liquidity Vaults: Offer automated one-click compounding strategies, which initially brought Kamino to prominence on Solana.
• Multiplier Vaults & Long-Short Vaults: Allow users to employ leverage or hedge market risk.
• DIY Vault Creator: Provides advanced users with the flexibility to design custom strategies.

03 Recent Developments: New Product Suite and the V2 Roadmap

Kamino has been moving fast, demonstrating strong momentum for evolution. At the Solana Breakpoint conference in December 2025, its co-founders unveiled a fresh brand identity and six new products.

These six products mark Kamino’s key step from a retail-focused DeFi protocol to a mature financial infrastructure serving a broader institutional audience.

• Fixed-Rate Lending: Offers rate certainty, with FalconX already piloting as a borrower.
• Order Book Lending Model: Enables users to post lending intentions, fostering on-chain rate discovery.
• Off-Chain Collateralized Lending: In partnership with Chainlink and Anchorage Digital, institutions can keep collateral with compliant custodians while borrowing on-chain.
• Private Credit Products: Designed to meet institutional financing needs backed by Bitcoin.
• RWA DEX: A decentralized exchange for off-chain priced assets, such as fund shares based on net asset value.
• BuildKit Developer Suite: Provides APIs and SDKs for fintech firms and exchanges to easily integrate Kamino’s on-chain yield services as a backend.

Meanwhile, the highly anticipated Kamino Lend V2 is also in development. It will feature a modular design, supporting permissionless creation of diverse markets.

A key innovation is the introduction of the "Vault Layer," which creates a single asset lending vault for each major token, automatically aggregating liquidity across markets to optimize risk-adjusted returns for users.

V2 will also enhance the liquidation mechanism, introducing "Scam Wick Protection" and an auction-based liquidation system aimed at reducing unnecessary liquidations and minimizing user losses.

04 Tokenomics: KMNO Utility and Incentive Programs

KMNO is Kamino Finance’s native governance token, with a total supply of 10 billion. According to Gate’s data as of December 23, its circulating market cap is about $490 million.

Current market performance (data as of December 23, sourced from Gate):

• Current price: $0.04898
• 24-hour trading volume: approximately $17.24 million
• All-time high: $0.12165

The token’s core value is being strongly empowered by the Season 5 liquidity mining program. This three-month campaign will allocate up to 100 million KMNO as incentives.

The incentive mechanism covers both sides of the protocol’s marketplace:

• Depositors: Users who deposit stablecoins and other assets into vaults receive enhanced KMNO rewards. For example, the CASH Earn vault’s weekly reward has increased to about 1.68 million KMNO.
• Borrowers: For the first time, borrowing rewards have been introduced, with 4.5 million KMNO allocated weekly to eligible borrowing pairs (such as borrowing USDC against SOL collateral), driving lending demand and deepening market liquidity.

Users can also stake KMNO to earn a reward multiplier—the more KMNO staked and the longer the staking period, the higher the yield. This mechanism encourages long-term holding and helps reduce circulating token supply.

05 Outlook: Seizing Solana DeFi Opportunities on Gate

Kamino Finance’s roadmap is clear: to become the core financial layer of the Solana DeFi ecosystem. Its new products are actively attracting institutional capital, while the V2 blueprint aims to build a more flexible, efficient, and user-friendly foundational protocol.

For users seeking opportunities in Solana DeFi, participating in Kamino’s liquidity mining is a direct way to tap into its growth dividends. By engaging in lending or providing liquidity, users can earn KMNO rewards.

On the Gate trading platform, users can conveniently trade KMNO/USDT spot and perpetual contracts, and track its price trends in real time.

Kamino has evolved from an early automated liquidity protocol into a DeFi powerhouse with a vast lending market, innovative product suite, and ambitious upgrade plans—its trajectory closely intertwined with Solana’s rise.

As new products roll out and V2 advances, Kamino is poised to play an even more pivotal role in the next chapter of Solana DeFi’s growth.