Kamino Finance
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anchored·4QKhCU…TRynSummary
Kamino Finance is a Solana-based DeFi protocol that combines automated concentrated-liquidity vaults, a lending and borrowing market (K-Lend), and leveraged yield strategies. Launched in August 2022 as a spin-off from Hubble Protocol, it has grown to become the largest DeFi protocol by total value locked on Solana, with multi-billion-dollar deposits as of 2026. The protocol has maintained a zero-bad-debt record since launch, completed more than ten independent security audits, and operates a $1.5 million bug bounty program, though centralization risks around upgrade authority keys and token distribution remain publicly documented concerns.
Connected Entities
1 entities · 10 linked investigations- + 3 more
Timeline(13 events)
2021
Hubble Protocol founded by Marius Ciubotariu on Solana, focused on a USDH stablecoin system.
IQ.wiki — Marius George Ciubotariu profile15 March 2022
Kamino Finance raised approximately $6.1 million in a seed funding round from Clocktower Technology Ventures, Inspired Capital, Global Founders Capital, Picus Capital, Flourish Ventures, Propel Venture Partners, Norte Ventures, and Gilgamesh Ventures.
Crunchbase / LatamRepublic funding reports30 August 2022
Kamino Finance officially launched as a concentrated liquidity market maker (CLMM) optimizer on Solana, initially deployed on the Orca DEX. Positioned as the first CLMM auto-rebalancer of its kind on Solana.
Bitcoin News / Hubble Protocol press release2023
Kamino expanded into lending and borrowing with the launch of K-Lend, adding a money market layer to its existing liquidity vault product.
Gate.io Learn — Kamino Finance overview7 March 2024
Kamino announced the KMNO token and an upcoming airdrop, setting an April snapshot date and a linear points-based distribution model. The announcement triggered a 69% TVL surge in five days as users rushed to accumulate points.
CoinDesk — KMNO airdrop announcement11 March 2024
Following user backlash over airdrop fairness, Kamino adjusted its points program: removed high multiplier boosters on most pools and committed to additional KMNO allocation for long-term users, though specific eligibility criteria were not defined.
CoinDesk — Kamino responded to KMNO airdrop outrage4 April 2024
KMNO token airdrop went live. Governance and staking utilities enabled at launch. Total supply set at 10 billion KMNO.
Phantom Wallet — Kamino airdrop guideMay 2025
K-Lend V2 launched. Within three weeks of launch, deposits exceeded $200 million and over $80 million in loans were originated.
Eco Support — Kamino Lending: Solana's Money Market Explained29 April 2025
Binance Wallet publicly stated on X that the 'failure rate of the KMNO token is relatively high' following complaints from multiple users about failed transactions and alleged missing balances when using Kamino Finance through the Binance Wallet interface.
Cryptopolitan — Binance directs complaints to Kamino Finance6 October 2025
Kamino and Immunefi launched what was described as Solana's largest bug bounty program, offering up to $1.5 million for critical smart contract vulnerabilities with a $150,000 minimum for critical reports.
Yahoo Finance / Coinspeaker — Kamino bug bounty launchNovember 2025
During a SOL price drawdown from $188 to $134 (approximately -29%), Kamino processed $183 million in liquidations while maintaining zero protocol bad debt. Protocol supply contracted 19% and debt contracted 18%.
Kamino Lend Monthly Risk Insights — November 20252 December 2025
Kamino blocked Jupiter Lend's one-click loan migration tool, publicly accusing Jupiter Lend of misleading users about its risk model. Social media allegations of 'falsified liquidation data' emerged from a single account but lacked on-chain corroboration. Kamino's TVL declined approximately 12.7% over the following week.
Followin — Kamino liquidation scandal and migration tool suspension11 December 2025
RedStone blog published a Solana Lending Markets Report citing Kamino as the dominant lending protocol with $3.5 billion TVL, leading all Solana DeFi protocols.
RedStone blog — Solana Lending Markets Report 2025Decision Log
- hash: EscA6ohBuoHi5JngYxC55UXuHjAJqe7rBskjyKbZvCKS
- hash: 9ZvTfZwPNFb9iZbeN9mdCrQHHxGJ7gWDudkA37rpuJzS
- hash: 4WxuPg5LUyyQCnYkKcjMDVKiYNxRu98Qt7TJHCsuZP2j
This investigation is cryptographically anchored to the Solana blockchain (3 events). 21 of 22 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/30/2026, 5:45:23 PM
last updated: 8/14/2026, 1:13:03 AM
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