Introducing Kamino Season 4, a complete overhaul of the Kamino rewards system. Season 4 will give real-time KMNO rewards for product usage, directly reflected in the APYs of products. By staking KMNO, users can directly boost their Season 4 rewards earnings, and a Daily Boost Multiplier will lead to increased impact for users who remain staked over time.
Throughout Season 4, users will be able to track their accrued KMNO via the Season 4 Hub. At the end of Season 4, rewards will become claimable, with a vesting structure that heavily benefits long-term alignment.
Season 4 is now live: app.kamino.finance/season-4
In this post, we provide an overview of Season 4, the rewards structure, and the KMNO staking structure.
Let’s dive in.
Kamino Season 4
Since the launch of Kamino Points in January 2023, Kamino has grown to dominate Solana Lending, with Kamino Points and KMNO staking playing a key part in this growth. Now, over 2 years later, it’s time to revamp the rewards system, and most notably, to move on from Points as the sole rewards mechanism.
Kamino Season 4 will have a fixed duration, and fixed KMNO allocation:
Duration: 3 Months
Allocation: Up to 100,000,000 KMNO (>$5M at current rate)
How Rewards Work
- Rewards in Season 4 are real-time, awarded directly in locked KMNO—providing full transparency for users to see how much they are earning
- Season 4 KMNO rewards are reflected in product APYs
For example, if rewards worth 10% APY are active on an Earn Vault with 10% lending APY, the user will see 20% APY in the UI.
- In the Season 4 Hub, users can see their real-time rewards accruing to their final Season 4 allocation.
For the launch of Season 4, rewards are allocated exclusively to Earn Vaults, with the goal of directing the bulk of lending activity on Kamino into the Earn layer. As Season 4 evolves, rewards will be dynamically adjusted to ensure consistent product growth.
KMNO Staking
As with previous seasons, Season 4 will continue to benefit users who stake their KMNO while using Kamino’s products. The structure will work as follows:
Season 4 KMNO Staking Structure
KMNO Staking in Season 4 will act as a USD value multiplier, with your staking boost determining how much your position value is multiplied.
We’ll cover in-depth examples below, but here’s a summary of how it works:
How to Earn Staking Boost
- New users start with a default 3% staking boost on their position
- Accrued staking boosts from previous seasons automatically carry over for Season 4, at an order of magnitude lower (eg. 300% staking boost becomes a 30% staking boost in Season 4)
- For each day you remain staked, you accrue an additional 0.1% staking boost
How Staking Boosts Work
- Your boost % applies to the Rewards APY value in your position
- For each 1 KMNO you have staked, your boost % applies to $1 of your funds
- For example, if you have 100,000 KMNO staked, your boost % will apply to the Rewards APY for $100,000 of your positions earning Season 4 Rewards
Brief Examples:
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If you have $100,000 deposited with a staking boost of 50%, and 100,000 KMNO staked, your entire $100,000 earns a 50% higher rewards APY
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However, if you have $100,000 deposited with a staking boost of 50%, but only 25,000 KMNO staked, only 25% of your position receives a boosted APY
Simple way of calculating this: KMNO Staked (Amount) / Active Positions (USD Value) = 25,000 / 100,000 = 25%.
Thus, effectively, your staking boost is only worth 25% of its actual value due to insufficient KMNO staking. So a 50% staking boost becomes a 12.5% staking boost.
We cover various scenarios in depth below:
Staking Boost Scenarios
Scenario #1 - Maximized KMNO Staking
- You have $100,000 in Kamino
- You have 100,000 KMNO staked
- Your entire $100,000 is deployed into one or various Earn Vaults with active KMNO rewards
- You have a 50% staking boost
- Base Rewards APY = 10%
- Boosted Rewards APY = 10% APY * (1 + 50%) = 15%
In this scenario, you earn the boosted, 15% Rewards APY on your total $100K, thus a 50% increase in your total rewards.
Scenario #2 - Partial KMNO Staking, Single Position
- You have $100,000 in Kamino
- You have 25,000 KMNO staked
- Your entire $100,000 is deployed into a single Earn Vault with active KMNO rewards
- You have a 50% staking boost
- Rewards APY = 10%
- Effective Staking Boost = 25% * 50% = 12.5%
In this case, instead of being boosted by 50%, your 10% Rewards APY is boosted by 12.5%
- Boosted Rewards APY = 10% APY * (1 + 12.5%) = 11.25%
This equates to an 11.25% boosted APY.
Scenario #3 - Partial KMNO Staking, Multiple Positions
The calculation in Scenario #2 holds true across any number of positions, but we’ll cover one example here:
- You have $100,000 in Kamino
- You have 25,000 KMNO staked
- Your entire $100,000 is deployed into 3 different Earn Vaults with active KMNO rewards
- You have a 50% staking boost
- Rewards APY = 10%
- Effective Staking Boost = 25% * 50% = 12.5%
Positions:
- Position #1: $10,000 earning 10% Rewards APY
- Position #2: $40,000 earning 5% Rewards APY
- Position #3: $50,000 earning 20% Rewards APY
You can repeat the calculation from Scenario #2 uniformly across all positions, so:
Boosted APYs:
- Position #1 = 10% APY * (1 + 12.5%) = 11.25% APY
- Position #2 = 5% APY * (1 + 12.5%) = 5.5625% APY
- Position #3 = 20% APY * (1 + 12.5%) = 22.5% APY
Season 4 Rewards Claim
Season 4 will conclude in 3 months, on November 6th, 2025. At the end of the season, rewards will begin to unlock for users. Users can choose to:
- Instantly claim a portion of their rewards while forfeiting their remaining allocation
- Choose to wait until vesting is completed
All forfeited allocations will go towards a vesting bonus pool. Vesting will span across 6 months. Users who claim their rewards at the conclusion of the 6 month period will be entitled to their full claim amount, as well as a bonus paid out from the vesting bonus pool, distributed proportionally across all users who claim at the end date, based on their accumulated Season 4 rewards.
Thus, any users claiming before the vesting end date are not entitled to any vesting bonuses, and will forfeit a portion of their claim amount to the vesting bonus pool. This early claim penalty will decay exponentially, thus, the earlier a user claims, the larger the amount they will forfeit to the bonus pool.
Note that any Kamino rewards programs are not available to US or UK users, nor users from restricted jurisdictions, as per Kamino’s Terms & Conditions.