Audit log

Every state-changing event for Kamino Finance: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-30 17:46:13Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 423,204,507

   sig

   4QKhCUfEQcWE…6GUjTRyncopyexplorer ↗

   hash

   4WxuPg5LUyyQ…HCsuZP2jcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (29211 B) ▸

   {"actor":"system:backfill","investigation_id":"ab3d3985-33e5-4c9a-b90b-049937ac7f10","kind":"publish","page_slug":"kamino-finance","published_at":"2026-05-30T17:46:13.346Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Kamino Finance","sections":[{"content":"Kamino Finance is a multi-product DeFi protocol deployed on the Solana blockchain. It was launched on August 30, 2022, by the team behind Hubble Protocol — a Solana-based stablecoin project founded by Marius Ciubotariu, a former software engineer at Morgan Stanley and Bloomberg LP with a background in fixed income and derivatives. The initial product was a concentrated liquidity market maker (CLMM) optimizer that automated yield strategies for liquidity providers on the Orca decentralized exchange. In 2023 the protocol expanded into lending and borrowing through K-Lend, and subsequently added leveraged yield strategies ('Multiply'). By early 2026, Kamino held the top TVL position among all Solana DeFi protocols on DeFiLlama, with multi-billion-dollar deposits across SOL, USDC, USDT, JLP, and jitoSOL markets. Reports from December 2025 cited TVL at approximately $3.5 billion. Gauntlet, a risk management firm, manages approximately $140 million across Kamino protocols as of 2025. The Kamino Foundation issued the KMNO governance token in April 2024. Core contributors include Marius Ciubotariu (founder) and Mark Hull, who previously spent seven years at Credit Suisse and eight years as a Vice President at Swiss Re before joining the Hubble/Kamino team.","heading":"What It Is","severity":"low","sources":[{"credibility":2,"name":"Hubble Protocol Launches Kamino Finance — Bitcoin News press release","type":"news_article","url":"https://news.bitcoin.com/hubble-protocol-launches-kamino-finance-to-optimize-yields-for-liquidity-providers-on-solana/"},{"credibility":2,"name":"Kamino Finance 2.0 — Marius Ciubotariu and Mark Hull interview, Solana Compass","type":"other","url":"https://solanacompass.com/learn/Lightspeed/kamino-20-building-solanas-economic-hub-marius-ciubotariu-mark-hull"},{"credibility":2,"name":"Solana Lending Markets Report 2025 — RedStone blog","type":"research","url":"https://blog.redstone.finance/2025/12/11/solana-lending-markets/"},{"credibility":3,"name":"Marius George Ciubotariu — IQ.wiki profile","type":"other","url":"https://iq.wiki/wiki/marius-george-ciubotariu"}]},{"content":"Kamino Finance has undergone more than ten independent security audits across its core product lines. The public audit repository at github.com/Kamino-Finance/audits lists completed reviews by OtterSec, Offside Labs, Sec3, Ackee Blockchain, Open Security (OSEC), and Certora. Certora performed formal verification of critical lending invariants across multiple versioned releases of K-Lend (versions 1.13.0 through 1.17.0) and its vault products. During the Certora engagement, a precision-loss issue was identified in the exchange rate calculation — a rounding bug that could, in theory, allow an attacker to redeem more collateral than originally deposited. Certora and Kamino have stated publicly that this vulnerability was not exploitable at the time of discovery because no Solana token had a total supply large enough to trigger it; it was nonetheless patched proactively. No actual exploits or losses of user funds have been publicly attributed to Kamino Finance since its August 2022 launch. The protocol reported zero bad debt following the SOL price drawdown of November 2025, during which $183 million in liquidations were processed without a protocol shortfall. Supply during that event contracted approximately 19% to $3.6 billion and debt fell approximately 18% to $1.3 billion. In October 2025, Kamino launched what it described as Solana's largest bug bounty program through Immunefi, with a maximum reward of $1.5 million for critical smart contract vulnerabilities (minimum $150,000 for critical reports), up to $100,000 for high-severity bugs, and a $10,000 flat rate for medium-severity issues. The program covers 19 in-scope assets across lending, liquidity, and leverage protocols. Protocol-level withdrawal caps are implemented as a safety measure to limit fund drainage in the event of an exploit.","heading":"Security and Audit History","severity":"low","sources":[{"credibility":1,"name":"Kamino Finance audits repository — GitHub","type":"official","url":"https://github.com/Kamino-Finance/audits"},{"credibility":2,"name":"Certora blog — Securing Kamino Lending (formal verification and precision-loss bug)","type":"research","url":"https://www.certora.com/blog/securing-kamino-lending"},{"credibility":1,"name":"Kamino Bug Bounties — Immunefi (program details, last updated May 28 2026)","type":"official","url":"https://immunefi.com/bug-bounty/kamino/"},{"credibility":2,"name":"DeFi Kamino Launches Solana's Largest Bug Bounty, Up to $1.5M — Yahoo Finance / Coinspeaker","type":"news_article","url":"https://finance.yahoo.com/news/defi-kamino-launches-solana-largest-175651851.html"},{"credibility":2,"name":"Kamino Lend Monthly Risk Insights — October 2025, Kamino Governance Forum","type":"official","url":"https://gov.kamino.finance/t/kamino-lend-monthly-risk-insights-october-2025/853"},{"credibility":2,"name":"Kamino Lend Monthly Risk Insights — November 2025, Kamino Governance Forum","type":"official","url":"https://gov.kamino.finance/t/kamino-lend-monthly-risk-insights-november-2025/859"}]},{"content":"Kamino Lend's pricing infrastructure cross-references oracle feeds from both Pyth Network and Switchboard, supplemented by the protocol's own open-source oracle aggregator called Scope (available at github.com/Kamino-Finance/scope). The protocol applies Time-Weighted Average Prices (TWAP) and Exponentially Weighted Moving Average (EWMA) to resist short-term price manipulation and flash-crash scenarios. The layered approach — multiple independent oracle providers combined with smoothing algorithms and price bands — is documented in the protocol's public risk documentation. Oracle pricing risk remains an inherent concern for any on-chain lending protocol: an inaccurate, stale, or manipulated price feed could trigger incorrect liquidations or allow under-collateralized borrowing. Kamino acknowledges this risk explicitly in its documentation, noting that assets with single or low-frequency price feeds carry fundamentally higher oracle risk. No oracle manipulation incident has been publicly reported against Kamino since launch.","heading":"Oracle Risk","severity":"medium","sources":[{"credibility":2,"name":"Oracle Pricing Risk — Kamino developer documentation","type":"official","url":"https://docs.kamino.finance/risk/insolvency-risk/asset-risk-framework/oracle-pricing"},{"credibility":2,"name":"Scope oracle aggregator — Kamino-Finance GitHub","type":"official","url":"https://github.com/Kamino-Finance/scope"},{"credibility":2,"name":"Oracles — Kamino Docs (risk and technical overview)","type":"official","url":"https://docs.kamino.finance/risk/oracles"}]},{"content":"Kamino's published terms of service acknowledge that smart contracts deployed to Solana may be upgradable by holders of designated private keys or multisig arrangements serving as the upgrade authority. The document states that such authority may be held by a single key, a multisig, or any other governance mechanism, and that this structure may change over time without notice to users. The terms enumerate specific risks from upgrade authority: inadvertent introduction of bugs via authorized upgrades, compromise of upgrade authority keys through hacking or social engineering, malicious or negligent use of the authority, and changes to economic terms or risk parameters that adversely affect users. On-chain verification of the current multisig configuration and key holder composition was not confirmed in the sources reviewed for this investigation; users and researchers should verify the current upgrade authority structure independently. Separately, a centralization concern at the token level has been reported by third-party analytics: the top 10 wallets were reported to hold over 70% of KMNO supply. This is partly explained by the tokenomics structure — 35% of total supply is allocated to key stakeholders and advisors, and 20% to core contributors, both subject to 12-month cliffs followed by 24-month linear vesting. The Kamino DAO and on-chain governance mechanisms remain in early implementation stages as of mid-2026, limiting meaningful decentralization of protocol control at present.","heading":"Centralization and Upgrade-Authority Risk","severity":"medium","sources":[{"credibility":2,"name":"Kamino Finance Terms of Service — upgrade authority and centralization risk disclosures","type":"official","url":"https://app.kamino.finance/terms"},{"credibility":3,"name":"Is Kamino (KMNO) Safe, and a Good Investment? — Bitrue","type":"other","url":"https://www.bitrue.com/blog/is-kamino-kmno-safe"},{"credibility":2,"name":"KMNO token tokenomics and vesting schedule — Tokenomist","type":"other","url":"https://tokenomist.ai/kamino"}]},{"content":"Kamino Finance grew out of Hubble Protocol, a Solana-based stablecoin project. Key contributor Marius Ciubotariu has a verifiable professional history as a C++ developer, Fixed Income and Derivatives specialist, and Senior Software Engineer at Morgan Stanley and Bloomberg LP before entering the Solana ecosystem. Mark Hull has a documented background spanning seven years at Credit Suisse and eight years as a Vice President at Swiss Re. The team publishes monthly risk reports through the Kamino governance forum (gov.kamino.finance), maintains public documentation of smart contract audits on GitHub, and operates a transparent bug bounty program through Immunefi. The team is not fully doxxed in the traditional sense — public profiles for core contributors exist on IQ.wiki and interview platforms, but Kamino does not publish a comprehensive team page with verified identities. Institutional risk manager Gauntlet's public involvement with the protocol (approximately $140 million under management across Kamino as of 2025) adds a layer of third-party risk oversight and reputational accountability.","heading":"Team Track Record and Transparency","severity":"low","sources":[{"credibility":3,"name":"Marius George Ciubotariu — IQ.wiki","type":"other","url":"https://iq.wiki/wiki/marius-george-ciubotariu"},{"credibility":2,"name":"Kamino Finance 2.0 — Solana Compass interview with Marius Ciubotariu and Mark Hull","type":"other","url":"https://solanacompass.com/learn/Lightspeed/kamino-20-building-solanas-economic-hub-marius-ciubotariu-mark-hull"},{"credibility":3,"name":"Solana Lending Ecosystem and Kamino's Dominance — Ainvest","type":"other","url":"https://www.ainvest.com/news/solana-lending-ecosystem-kamino-dominance-institutional-defi-2512/"},{"credibility":2,"name":"Kamino Lend Monthly Risk Insights — November 2025, Kamino Governance Forum","type":"official","url":"https://gov.kamino.finance/t/kamino-lend-monthly-risk-insights-november-2025/859"}]},{"content":"The KMNO governance token was launched on April 4, 2024, with a total supply of 10 billion tokens. The initial airdrop distributed 7% of total supply to the community ('genesis community allocation'). The distribution mechanism was criticized following Kamino's pre-announcement of the snapshot date and a 'linear' model based solely on accumulated points. CoinDesk reported in March 2024 that the announcement prompted a 69% surge in Kamino's TVL over five days as users rushed to maximize point accumulation before the snapshot, potentially diluting rewards for long-standing users. In response to backlash, Kamino eliminated high multiplier boosters on most deposit pools (previously offering up to 5x point bonuses) and committed to additional allocation for 'OG' users — though the definition of qualifying users and exact reward amounts were left unspecified at the time of the change. Token allocation: 35% to key stakeholders and advisors, 20% to core contributors (both with 12-month cliff, 24-month linear vest from the TGE), 10% to liquidity and treasury, and the remainder to community distributions across multiple seasons. The formal on-chain governance mechanism was described as 'upcoming' at token launch; as of mid-2026, full DAO governance remains in development. The combination of a high insider allocation (55% between contributors and stakeholders), vesting cliffs extending into 2027, and immature governance creates token-level centralization risk during the vesting period.","heading":"KMNO Token and Points Program Concerns","severity":"medium","sources":[{"credibility":1,"name":"Solana DeFi's KMNO Airdrop Sparked Outrage. Kamino Responded With Changes — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/03/11/solana-defis-kmno-airdrop-sparked-outrage-kamino-responded-with-changes"},{"credibility":1,"name":"Solana DeFi Protocol Kamino Sets KMNO Token Airdrop for April — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/03/07/solana-defi-protocol-kamino-sets-kmno-token-airdrop-for-april"},{"credibility":1,"name":"KMNO Token Info — Kamino Docs (official tokenomics)","type":"official","url":"https://docs.kamino.finance/kmno/token-info"},{"credibility":2,"name":"KMNO Token Unlocks and Vesting Schedule — CryptoRank","type":"other","url":"https://cryptorank.io/price/kamino/vesting"}]},{"content":"Two notable operational incidents have been reported. First, in April 2025, multiple Binance Wallet users reported failed transactions and alleged missing balances when interacting with Kamino Finance on Solana. Binance publicly stated on X that 'the failure rate of the KMNO token is relatively high and this problem needs to be solved by the underlying DEX,' and indicated it had communicated with Kamino about the issue. Some affected users disputed Binance's framing, arguing that the problem was disappearing balances rather than a token failure rate, and that Binance's customer service had given different guidance than its public statement. The scale and final resolution of this incident were not fully documented in publicly available sources reviewed for this investigation. Second, in December 2025, Kamino disabled a one-click loan migration tool that Jupiter Lend had introduced to attract Kamino users. Kamino publicly accused Jupiter Lend of misleadingly characterizing its risk model ('zero contagion risk' and 'isolated vaults'). A social media account alleged Kamino was engaged in 'falsified liquidation data,' but this accusation originated from a single X post with no corroborating on-chain evidence or coverage from major outlets, and no liquidation events were identified on-chain during the relevant period; this claim is treated as low confidence. The incident resulted in a reported 12.7% TVL decline for Kamino (from $2.51 billion to $2.19 billion) between December 1 and 7, 2025, as some users manually migrated positions. Kamino Lend V1 has maintained a publicly stated zero-bad-debt record since its launch, which has not been contradicted by any verifiable on-chain data reviewed for this investigation.","heading":"User Complaints and Operational Incidents","severity":"medium","sources":[{"credibility":2,"name":"Binance tells customers to direct complaints to Kamino Finance over failed transactions — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/binance-direct-complaints-to-kamino-finance/"},{"credibility":2,"name":"Binance tells customers to direct complaints to Kamino Finance — Mitrade","type":"news_article","url":"https://www.mitrade.com/insights/news/live-news/article-3-789701-20250430"},{"credibility":3,"name":"Kamino embroiled in a fake liquidation scandal, suspends one-click migration tool — Followin","type":"news_article","url":"https://followin.io/en/trendingTopic/3332"},{"credibility":2,"name":"Introducing Kamino Lend V2 — Kamino Foundation Medium blog","type":"official","url":"https://blog.kamino.finance/introducing-kamino-lend-v2-08ad8f52855c"}]},{"content":"No SEC enforcement actions, CFTC actions, DOJ investigations, or court filings against Kamino Finance or its principal contributors have been identified in publicly available records reviewed for this investigation. Kamino's terms of service acknowledge the general regulatory uncertainty affecting blockchain-based protocols and state that the protocol may be adversely impacted by regulatory inquiries, actions, or legal proceedings. The terms also state that the site operator reserves the right to bar sanctioned users or wallets and to cooperate with governmental authorities. Kamino Finance has not published a formal legal entity structure or jurisdiction of incorporation in the sources reviewed; the 'Kamino Foundation' is referenced in official blog posts. KMNO token holders outside the United States were primarily targeted in the initial airdrop, with US users excluded from the initial token claim — a common regulatory risk mitigation practice among DeFi protocols. No OFAC sanctions designations have been identified for Kamino Finance, its named contributors, or the KMNO token.","heading":"Regulatory Status","severity":"low","sources":[{"credibility":2,"name":"Kamino Finance Terms of Service — regulatory risk disclosures","type":"official","url":"https://kamino.com/terms"},{"credibility":2,"name":"Kamino airdrop guide — Phantom Wallet (US exclusion noted)","type":"other","url":"https://phantom.com/learn/crypto-101/kamino-airdrop"}]},{"content":"Based on the available evidence, Kamino Finance presents as an established, operationally mature Solana DeFi protocol with a verifiable multi-year track record, a clean exploit history, extensive third-party auditing, and meaningful institutional risk oversight. The protocol's zero-bad-debt record through multiple Solana market drawdowns is a materially positive indicator. The primary risk factors are structural rather than indicative of fraud or misconduct: upgrade-authority centralization (standard for current Solana programs but unverified in its current multisig form), high insider token allocation with unlock schedules extending into 2027, an immature on-chain governance process, and a December 2025 competitive dispute that produced unverified allegations from a single social media source. The April 2025 Binance transaction failure episode raised legitimate user experience concerns but was not shown to involve loss of funds attributable to protocol malfeasance. The KMNO airdrop controversy reflected a poorly designed points announcement rather than any systemic deception; Kamino adjusted its parameters in response to user feedback. No regulatory actions or fraud allegations from credible sources have been identified. A trust score of 84 reflects a well-audited, operationally proven protocol carrying the normal smart-contract and centralization risks of a mid-maturity DeFi application, with the governance decentralization gap representing the most significant open question for long-term trust.","heading":"Neutral Verdict","severity":"low","sources":[{"credibility":1,"name":"Kamino Finance audits repository — GitHub","type":"official","url":"https://github.com/Kamino-Finance/audits"},{"credibility":2,"name":"Kamino Lend Monthly Risk Insights — November 2025","type":"official","url":"https://gov.kamino.finance/t/kamino-lend-monthly-risk-insights-november-2025/859"},{"credibility":2,"name":"Solana Lending Markets Report 2025 — RedStone blog","type":"research","url":"https://blog.redstone.finance/2025/12/11/solana-lending-markets/"}]}],"sources_used":[{"credibility":1,"name":"Kamino Finance audits repository — GitHub","type":"official","url":"https://github.com/Kamino-Finance/audits"},{"credibility":2,"name":"Certora blog — Securing Kamino Lending","type":"research","url":"https://www.certora.com/blog/securing-kamino-lending"},{"credibility":1,"name":"Kamino Bug Bounties — Immunefi","type":"official","url":"https://immunefi.com/bug-bounty/kamino/"},{"credibility":1,"name":"CoinDesk — KMNO Airdrop Sparked Outrage","type":"news_article","url":"https://www.coindesk.com/business/2024/03/11/solana-defis-kmno-airdrop-sparked-outrage-kamino-responded-with-changes"},{"credibility":1,"name":"CoinDesk — Kamino Sets KMNO Token Airdrop for April","type":"news_article","url":"https://www.coindesk.com/business/2024/03/07/solana-defi-protocol-kamino-sets-kmno-token-airdrop-for-april"},{"credibility":2,"name":"Solana Lending Markets Report 2025 — RedStone blog","type":"research","url":"https://blog.redstone.finance/2025/12/11/solana-lending-markets/"},{"credibility":2,"name":"Hubble Protocol Launches Kamino Finance — Bitcoin News","type":"news_article","url":"https://news.bitcoin.com/hubble-protocol-launches-kamino-finance-to-optimize-yields-for-liquidity-providers-on-solana/"},{"credibility":2,"name":"Kamino Finance 2.0 Interview — Solana Compass","type":"other","url":"https://solanacompass.com/learn/Lightspeed/kamino-20-building-solanas-economic-hub-marius-ciubotariu-mark-hull"},{"credibility":3,"name":"Marius George Ciubotariu — IQ.wiki","type":"other","url":"https://iq.wiki/wiki/marius-george-ciubotariu"},{"credibility":2,"name":"Kamino Finance Terms of Service","type":"official","url":"https://app.kamino.finance/terms"},{"credibility":1,"name":"Kamino KMNO Token Info — Official Docs","type":"official","url":"https://docs.kamino.finance/kmno/token-info"},{"credibility":2,"name":"Cryptopolitan — Binance directs complaints to Kamino Finance","type":"news_article","url":"https://www.cryptopolitan.com/binance-direct-complaints-to-kamino-finance/"},{"credibility":3,"name":"Followin — Kamino liquidation scandal and migration tool suspension","type":"news_article","url":"https://followin.io/en/trendingTopic/3332"},{"credibility":2,"name":"Kamino Lend Monthly Risk Insights — November 2025, Governance Forum","type":"official","url":"https://gov.kamino.finance/t/kamino-lend-monthly-risk-insights-november-2025/859"},{"credibility":2,"name":"Kamino Lend Monthly Risk Insights — October 2025, Governance Forum","type":"official","url":"https://gov.kamino.finance/t/kamino-lend-monthly-risk-insights-october-2025/853"},{"credibility":2,"name":"Yahoo Finance / Coinspeaker — Kamino bug bounty launch","type":"news_article","url":"https://finance.yahoo.com/news/defi-kamino-launches-solana-largest-175651851.html"},{"credibility":2,"name":"Scope oracle aggregator — Kamino-Finance GitHub","type":"official","url":"https://github.com/Kamino-Finance/scope"},{"credibility":2,"name":"Oracle Pricing Risk — Kamino developer docs","type":"official","url":"https://docs.kamino.finance/risk/insolvency-risk/asset-risk-framework/oracle-pricing"},{"credibility":2,"name":"Automated Deleverage — Kamino Docs","type":"official","url":"https://docs.kamino.finance/risk/protocol-mechanisms/automated-deleverage"},{"credibility":2,"name":"Phantom Wallet — Kamino airdrop guide","type":"other","url":"https://phantom.com/learn/crypto-101/kamino-airdrop"},{"credibility":2,"name":"KMNO Token Unlocks and Vesting — CryptoRank","type":"other","url":"https://cryptorank.io/price/kamino/vesting"},{"credibility":2,"name":"Gate.io Learn — Kamino Finance overview","type":"other","url":"https://www.gate.com/learn/articles/exploring-kamino-finance-a-leading-defi-protocol-on-the-solana-network/2966"}],"summary":"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.","timeline":[{"date":"2021-01-01","event":"Hubble Protocol founded by Marius Ciubotariu on Solana, focused on a USDH stablecoin system.","source":"IQ.wiki — Marius George Ciubotariu profile","source_url":"https://iq.wiki/wiki/marius-george-ciubotariu"},{"date":"2022-03-15","event":"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.","source":"Crunchbase / LatamRepublic funding reports","source_url":"https://www.latamrepublic.com/kamino-raises-10m-series-a-led-by-flourish-ventures-to-revolutionize-mid-market-finance/"},{"date":"2022-08-30","event":"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.","source":"Bitcoin News / Hubble Protocol press release","source_url":"https://news.bitcoin.com/hubble-protocol-launches-kamino-finance-to-optimize-yields-for-liquidity-providers-on-solana/"},{"date":"2023-01-01","event":"Kamino expanded into lending and borrowing with the launch of K-Lend, adding a money market layer to its existing liquidity vault product.","source":"Gate.io Learn — Kamino Finance overview","source_url":"https://www.gate.com/learn/articles/exploring-kamino-finance-a-leading-defi-protocol-on-the-solana-network/2966"},{"date":"2024-03-07","event":"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.","source":"CoinDesk — KMNO airdrop announcement","source_url":"https://www.coindesk.com/business/2024/03/07/solana-defi-protocol-kamino-sets-kmno-token-airdrop-for-april"},{"date":"2024-03-11","event":"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.","source":"CoinDesk — Kamino responded to KMNO airdrop outrage","source_url":"https://www.coindesk.com/business/2024/03/11/solana-defis-kmno-airdrop-sparked-outrage-kamino-responded-with-changes"},{"date":"2024-04-04","event":"KMNO token airdrop went live. Governance and staking utilities enabled at launch. Total supply set at 10 billion KMNO.","source":"Phantom Wallet — Kamino airdrop guide","source_url":"https://phantom.com/learn/crypto-101/kamino-airdrop"},{"date":"2025-05-01","event":"K-Lend V2 launched. Within three weeks of launch, deposits exceeded $200 million and over $80 million in loans were originated.","source":"Eco Support — Kamino Lending: Solana's Money Market Explained","source_url":"https://eco.com/support/en/articles/14801186-kamino-lending-solana-s-money-market-explained"},{"date":"2025-04-29","event":"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.","source":"Cryptopolitan — Binance directs complaints to Kamino Finance","source_url":"https://www.cryptopolitan.com/binance-direct-complaints-to-kamino-finance/"},{"date":"2025-10-06","event":"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.","source":"Yahoo Finance / Coinspeaker — Kamino bug bounty launch","source_url":"https://finance.yahoo.com/news/defi-kamino-launches-solana-largest-175651851.html"},{"date":"2025-11-01","event":"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%.","source":"Kamino Lend Monthly Risk Insights — November 2025","source_url":"https://gov.kamino.finance/t/kamino-lend-monthly-risk-insights-november-2025/859"},{"date":"2025-12-02","event":"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.","source":"Followin — Kamino liquidation scandal and migration tool suspension","source_url":"https://followin.io/en/trendingTopic/3332"},{"date":"2025-12-11","event":"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.","source":"RedStone blog — Solana Lending Markets Report 2025","source_url":"https://blog.redstone.finance/2025/12/11/solana-lending-markets/"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 557409b3-90fa-47dc-88d2-07d40522836ccopy