Today, we are immensely excited to introduce Kamino Meta-Swap — now live at swap.kamino.finance
Kamino Meta-Swap delivers the best price execution across all token swaps on Solana, aggregating all major on-chain routes, while integrating a new RFQ system in collaboration with Pyth, and introducing an Active Simulation Mechanism that pioneers a new pricing standard for swaps on Solana.
At launch, Kamino Swap aggregates prices across Pyth Express Relay, Jupiter, DFlow, Fluxbeam, Raydium, and Autobahn—making Kamino the largest aggregator of routes and searchers on Solana, with more to come
And, as always, Kamino Swap will continue to charge zero platform fees. Let’s dive in:
Introduction
Over the past year, Solana has grown into the dominant ecosystem for on-chain trading volume, regularly doing over $100B in monthly volume across all venues. Yet, despite the chain’s dominance, Solana users are still subject to various inefficiencies across all major swap venues.
In the development of Meta-Swap, we identified four core issues with Solana’s Swap landscape:
- Inaccurate price estimates
- Failed transactions
- Fragmentation across venues
- Centralized route building
We believe users should have access to extremely accurate pricing, and extremely reliable swap execution, sourced across all possible routes, and packaged into a single Swap product. This is what we’ve built with Kamino Meta-Swap.
Kamino Meta-Swap
Kamino Meta-Swap searches all integrated venues for the best possible pricing on any swap, Route builders and searchers compete to offer the best price to users, and Kamino sorts all prices, executing via the best available route.
Instead of taking quotes at face value, however, as is the standard for all Solana Swap platforms, Meta-Swap introduces a next-gen pricing algorithm: Active Simulations
Active Simulations: The Ultimate Pricing UX
Inaccurate price quotes and failed transactions are a recurring problem for swap platforms on Solana. Kamino’s Active Simulation Mechanism changes the game.
Problem #1: Inaccurate Price Quotes
Solana users simply do not receive realistic quotes for swaps. The current standard is to give users an optimistic price estimate that does not account for slippage or market conditions.
This means that the price a user receives when they execute a swap is often worse than shown in the UI. We believe this is a fundamentally flawed UX.
A side-effect of this inaccurate quoting standard is that platforms quoting at optimistic rates seem more competitive at face value. However, when quoting at the real rates (i.e. what users will actually receive):
- Comparisons between venues become absolutely fair
- Users receive far more accurate prices
Kamino’s Active Simulation Mechanism enables exactly that.
Problem #2: Failed Swaps
Inaccurate price quotes also result in Swaps often failing due to slippage. And a user only realizes this once they start the transaction, only to see it fail in their wallet pop-up.
Users should not have to attempt a transaction only to find out they have exceeded their slippage tolerance. Once again, this is simply bad UX—and is solved by Kamino’s Active Simulation Mechanism
How Active Simulations Work
To ensure users always receive the best route, Meta-Swap performs recurring simulations when finding quotes. This eliminates unavailable routes (eg. due to slippage), preventing failed transactions while ensuring user Swaps are executed at the best possible price.
Simulations take place in key parts of the Quoting process:
- Refresh Simulation
Each time a quote is refreshed, an instant simulation occurs to ensure accurate prices, while eliminating unavailable routes (eg. due to slippage tolerance or other errors).
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Mid-Quote Simulation
After 2.5 seconds, some quotes may already be outdated due to price/market movements. Thus, another simulation occurs at the 2.5-second mark to eliminate outdated routes. -
On-Swap Simulation
Any time a user clicks to execute a Swap, a final simulation ensures that the swap is executed through the best route at the exact time of their swap.
Activate Simulation Mode
Active Simulation Mode is the default on Kamino Swap. This means that, by default, all routes on Kamino are sorted according to the real value users will receive via that route. This allows for a true comparison between all swap venues, and enables swaps to be executed via the best route at all times.
Thus, users can choose whether they want routes to be sorted by:
- Max Prices: Current standard - prices do not account for slippage or market conditions
OR - Active Simulation: Accurate prices enabled by Kamino’s pricing algorithm
Kamino’s Active Simulation Mechanism is especially effective when incorporating new swap solutions like RFQ, which always guarantees an exact price to users—no slippage, no fees.
This brings us to the next significant piece of tech introduced by Kamino Meta-Swap:
Pyth Express Relay: Truly Zero-Fee and Zero-Slippage Swaps
Kamino Limit Orders has been powered by Pyth Express Relay, giving users the best Limit Order execution on Solana. Today, Kamino Meta-Swap pioneers a new RFQ system powered by Pyth Express Relay, bringing this best price execution to any swap on Solana.
Express Relay: How Best Execution Is Enabled
In simple terms, instead of plugging into a DEX or DEX aggregator—thus being subject to liquidity conditions, protocol fees, and MEV—Meta-Swap broadcasts every swap to a network of “searchers” via Pyth Express Relay.
Searchers are a network of sophisticated market participants that seek out arbitrage opportunities across the crypto landscape.
When a swap is broadcast via Meta-Swap, searchers compete to offer the best price for the swap. Significantly, the quotes provided by Pyth Express are absolutely precise:
- Zero Fees
- Zero Slippage
- Zero MEV
Pyth Express Relay will be especially efficient at larger volumes and swap amounts, where slippage and MEV can have a more severe impact.
Moving Forward
Kamino Meta-Swap is now live at swap.kamino.finance, with numerous updates and product features coming soon, including:
- Smart Swaps (with Zero Fees) - real-time transaction optimization mode, with automated slippage, automated priority, and more
- Include/Exclude Routes - Swap with the routes you want
- Exact Out Mode - Choose exactly how much you want to receive
- DCA - Buy at fixed intervals / with fixed amounts, with best-in-class price execution via Pyth Express Relay
As with the rest of Kamino’s product suite, the Meta-Swap product will be relentlessly optimized and improved over time. Ultimately, Kamino Swap—with Meta-Swap, Limit Orders, and eventually DCA—forms a key part of Kamino’s vision to become Solana’s all-in-one DeFi platform for every type of user. From degens and casual traders to whales and institutions.
Welcome to Kamino Meta-Swap.