Kamino Finance cemented its position as Solana’s dominant lending protocol in 2025, growing total supply from $2.95B to $3.34B (+13.1% YoY) despite a 35% SOL price decline.
The year’s defining trend: stablecoin and RWA supply grew from minority to parity with SOL/LST assets - both now at 45.9% of supply. This deliberate diversification, and the ongoing momentum of the Prime & Maple Markets, signal Kamino’s evolution from a SOL-native lending protocol into Solana’s credit coordination layer. Kamino enters 2026 focused on institutional products including fixed-rate lending and in custody borrowing.
1. The Year in Context
2025 tested Kamino’s infrastructure through three distinct phases:
- Q1 (Growth → Stress Test): SOL traded around $192, pushing supply above $3.8B before February’s correction triggered $35M in liquidations - the year’s largest stress event.
- Q2-Q3 (Expansion): V2 isolated markets and vaults launched, enabling risk-segregated lending. New LSTs (dSOL, cgntSOL, fwdSOL), new RWAs (Maple, Huma) diversified the collateral base while stablecoin strategies gained traction.
- Q4 (Volatility + Breakthrough): October/November’s $52M in combined liquidations tested the system again, while the Prime Market’s launch marked a strategic breakthrough into RWA-backed lending.
This price sensitivity drove the year’s strategic priority: diversification. Through deliberate expansion into RWA and stablecoin markets, these assets grew from a minority position to reach parity with SOL/LST assets - both now at 45.9% each. The result: liquidity flows and yield that are increasingly insulated from crypto market cycles.
Kamino remains Solana’s dominant lending protocol. Its differentiation is clear: unmatched asset breadth (20+ LSTs, multiple RWAs), deeper liquidity, complex risk engine and curated institutional-grade vault infrastructure. The 2026 roadmap targets fixed-rate lending and custody-integrated borrowing to extend this lead.
2. Liquidity Dynamics
This section examines how protocol liquidity evolved throughout 2025 -its correlation to SOL price, the year’s supply swings, and the deliberate rebalancing toward stablecoin and RWA assets.
The dashboard below captures the year’s liquidity trajectory. While crypto markets saw significant volatility throughout 2025 - with SOL declining from January highs to year-end levels around $134 - Kamino’s total supply grew in dollar-denominated terms across more than half of the year’s months, ending 13% higher than January 1st levels. The protocol demonstrated resilience through market drawdowns, with diversification beyond SOL-denominated assets helping buffer against price volatility.
The chart above shows liquidity flows by category throughout 2025. Note the steady growth of stablecoin supply even as SOL-denominated assets fluctuated with price.
Year-End Composition
The pie chart below shows the year-end composition breakdown -the result of deliberate diversification efforts
| Category | Supply | Share |
|---|---|---|
| Stablecoins | $1.31B | 37.1% |
| RWAs | $0.31B | 8.8% |
| LSTs | $1.09B | 30.8% |
| SOL | $0.53B | 15.1% |
| Other | $0.29B | 8.2% |
The Strategic Split: The year’s most significant structural shift is visible in these numbers: stablecoin-denominated assets (Stablecoins + RWAs) and SOL-denominated assets (SOL + LSTs) each represent 45.9% of supply -a parity that did not exist at the start of 2025.
This balance emerged through deliberate diversification. RWAs grew from near-zero to $307M, PYUSD expanded to $530M, and specialized stablecoins (CASH, USDG) gained traction in yield strategies.
The result: Kamino’s liquidity base is now equally split between stable, USD-denominated assets and its native SOL/LST engine -providing resilience against crypto market cycles while preserving the leverage strategies that drive interest generation.
Pillar 1: Stablecoin & RWA Growth - The Strategic Focus
The year’s most deliberate strategic shift was the expansion into stablecoins and real-world assets. These USD-denominated assets now match SOL/LST in total supply, providing yield streams that don’t depend on crypto market cycles. Below we break down the stablecoin and RWA composition.
Stablecoin Markets
USDC remains the dominant stablecoin at $711M, but the year’s story is diversification. PYUSD grew to $530M as PayPal’s stablecoin found traction in yield strategies, while newer entrants like CASH ($40M) and USDG ($14M) established footholds.
| Token | Supply | Utilization |
|---|---|---|
| USDC | $581.5M (44%) | 69.6% |
| PYUSD | $530.5M (40%) | 36.7% |
| CASH | $100.3M (8%) | 91.7% |
| USDG | $40.4M (3%) | 86.2% |
| Other | $59.4M (5%) | varies |
Total stablecoin supply: $1.31B | Utilization: 57.9%
USDC and PYUSD together account for 84.7% of stablecoin supply. PYUSD’s rise to 40% reflects PayPal’s aggressive Solana expansion and attractive lending rates boosted by incentives. High utilization on CASH (91.7%), USX (89.7%), and USDG (86.2%) indicates these specialized stablecoins serve specific yield strategies with strong borrowing demand. This diversification beyond USDC reduces single-asset dependency while expanding Kamino’s addressable market.
RWA Expansion
The year’s breakthrough came from real-world assets and yield-bearing instruments that bring off-chain credit markets on-chain. RWAs grew from near-zero to $307M, representing the fastest-growing asset category on the platform.
| Subcategory | Supply | Share |
|---|---|---|
| Lending (PRIME $148.4M, syrupUSDC $118.2M, PST $8.1M) | $274.8M | 89.5% |
| Insurance (ONyc) | $19.8M | 6.5% |
| Trading Strategies (eUSX $5.0M, PT-eUSX $3.5M) | $8.5M | 2.7% |
| Tokenized Stocks (TSLAx $1.1M, NVDAx $0.9M, SPYx $0.8M) | $3.9M | 1.3% |
Total RWA supply: $307M - a category that barely existed in Kamino at the start of 2025.
Prime Market: Launched in December, Prime became Kamino’s second-largest market, crossing @$280M within weeks of launch. Backed by U.S. real-estate-secured HELOCs (Figure/Hastra), it offers 8%+ APY on tokenized credit with <0.1% historical defaults. This immediate adoption validates institutional demand for RWA-backed yield on Solana.
Why This Matters: Combined stablecoins ($1.31B) and RWAs ($0.31B) now total $1.62B - exactly matching SOL/LST assets. This parity represents Kamino’s strategic evolution from a SOL-native protocol to a diversified credit platform with liquidity flows independent of crypto market cycles.
Pillar 2: SOL & LST Leverage - The Native Liquidity Engine
SOL and liquid staking tokens remain Kamino’s original foundation -the engine that powers leveraged yield strategies and generates protocol interest. While stablecoins and RWAs grew to parity in 2025, the LST ecosystem continued expanding with new tokens and deeper liquidity. This section examines the composition of SOL-denominated assets.
LST Ecosystem
| Token | Supply | Share |
|---|---|---|
| JitoSOL | $358.3M | 32.9% |
| JupSOL | $196.3M | 18.0% |
| dSOL | $166.0M | 15.3% |
| mSOL | $109.4M | 10.1% |
| vSOL | $58.3M | 5.4% |
| Other LSTs | $100.1M | 9.2% |
Total LST supply: $1.09B | Utilization: 0.38%
The top 5 LSTs (JitoSOL, JupSOL, dSOL, mSOL, vSOL) account for 81.6% of all LST supply. Near-zero utilization reflects LSTs’ role as collateral, not borrowed assets. Users deposit LSTs to borrow SOL or stablecoins for leverage strategies. The 0.38% utilization represents the small portion borrowed for arbitrage or market-making.
Concentration Risk: JitoSOL alone represents 33% of all LST supply. While Jito is Solana’s leading liquid staking protocol with deep liquidity, this concentration means JitoSOL-specific issues (depeg, validator problems) could impact a third of Kamino’s LST collateral base - most is however contained to the isolated Jito Market.
SOL as Core Collateral & Debt Asset
Beyond LSTs, native SOL remains a cornerstone of protocol activity. While LSTs are primarily deposited as collateral, native SOL sees significant borrowing demand -users borrow SOL to stake into LSTs or to take leveraged long positions. SOL represents $0.53B (15.1%) of supply with high utilization for leverage strategies.
Combined with LSTs ($1.09B), the native SOL ecosystem totals $1.62B - the engine that drives 52% of all interest generation through “SOL multiply” strategies where users deposit LSTs and borrow SOL to create leveraged staking positions.
This pillar is directly correlated to SOL price. The 35% SOL decline from $192 to $125 compressed these assets in USD terms, masking significant underlying adoption growth.
3. Utilization & Interest
Utilization tells the story of how capital actually moves through Kamino. This section examines borrowing patterns, utilization trends across markets, and how interest rates respond to demand.
Who’s Borrowing What
The chart below reveals which assets generate the most borrowing demand - and therefore the most interest income for suppliers.
| Asset | Interest | Share |
|---|---|---|
| SOL | $53.4M | 52.2% |
| USDC | $36.8M | 36.0% |
| PYUSD | $3.0M | 2.9% |
| USDG | $3.0M | 2.9% |
| USDT | $1.9M | 1.9% |
| USDS | $1.9M | 1.9% |
| Other | $2.3M | 2.2% |
Total 2025 interest: $102.2M
SOL dominates interest generation because it’s the most borrowed asset - users deposit LSTs and borrow SOL to create leveraged staking positions. This “SOL multiply” strategy drives 80-90% SOL utilization and explains why SOL borrow rates anchored by staking rates often exceed stablecoin rates.
USDC & SOL Utilization Trends
The chart below tracks how utilization evolved throughout 2025 for the two core assets. Note how SOL utilization consistently runs higher than USDC - reflecting the leverage demand described above.
Both USDC (~60-80%) and SOL (~80-90%) maintained high utilization throughout 2025, demonstrating sustained borrowing demand across market conditions.
Market Utilization Patterns
Beyond the core USDC/SOL pair, utilization varies significantly across Kamino’s different markets - each serving distinct user segments and risk profiles.
Isolated markets with correlated collateral/debt pairs show high utilization by design - the optimal utilization borrow rate is tuned for leverage profitability. This high utilization is justified by lower volatility risk: when collateral and debt move together (LST/SOL, RWA/stablecoin), liquidation risk decreases significantly.
LST-focused markets (SolBlaze 92.5%, Marinade 91.7%) show very high SOL utilization, while RWA markets (OnRe 91.0%, Huma 88.7%, Prime 86.2%) show high stablecoin utilization from users borrowing against yield-bearing collateral. The main Kamino market shows 83.3% SOL utilization vs 52.4% stablecoin utilization, confirming SOL/LST leverage as the dominant use case.
Rate Dynamics
Utilization drives rates. The chart below shows how borrow and supply APYs evolved throughout the year - spiking during high-demand periods and compressing when utilization dropped.
Borrow APYs fluctuated with utilization - USDC ranged from ~5% to 15%, while SOL often exceeded USDC due to intense leverage demand. December’s rate compression (SOL borrow from 6.2% to 4.7%) reflects curve optimizations for looping strategies, it follows global reduced demand.
4. Vaults: The Institutional Layer
Vaults represent Kamino’s managed yield layer - automated strategies that optimize returns across lending markets. This section examines vault performance, their share of protocol liquidity, and curator activity.
Top Vaults
The chart below shows the largest vaults by TVL. USD-denominated vaults dominate, reflecting preference for passive stablecoin yield strategies.
| Vault | Supply | Curator |
|---|---|---|
| Sentora PYUSD | $289.1M | Sentora |
| Steakhouse USDC Prime | $177.2M | Steakhouse |
| Gauntlet CASH Earn | $66.6M | Gauntlet |
| Allez USDC | $34.8M | Allez Labs |
| USDC Prime | $23.1M | Gauntlet |
Vault liquidity reached $620M+, growing against the broader protocol consolidation trend. The vault ecosystem now represents curated institutional-grade capital management infrastructure - 9 curators operating 23 strategies across stablecoins and SOL
While formally the only way for lent capital to ender a market was through direct deposits, vaults now can dynamically facilitate deposits across markets. While some assets such as USDT have low vault adoption (18%), others such as PYUSD and USDC (66% and 43% respectively) have much higher rates.
PYUSD leads vault penetration with Sentora’s $289M vault capturing ~54% of total PYUSD supply ($530M) - users strongly prefer managed yield optimization for this asset. USDC vaults collectively hold $235M+ across multiple curators (Steakhouse, Allez, Gauntlet), representing ~40% of USDC supply. SOL vault penetration remains lowest at ~3% ($14.6M in vaults vs $530M supply), presenting significant growth opportunity as the vault ecosystem matures beyond stablecoins.
Curator Activity
Behind every vault is a curator - risk managers who design strategies, set parameters, and actively rebalance positions. The table below shows reallocation volume by vault, a measure of curator engagement.
| Curator | Volume | Share |
|---|---|---|
| Allez | $109.6B | 65% |
| Steakhouse | $33.7B | 20% |
| Elemental | $13.6B | 8% |
| Other | $12.7B | 7% |
Total reallocation volume (Aug-Dec): $169.6B
Monthly volumes show clear patterns: October’s peak coincided with market volatility - curators rapidly rebalancing to capture yield opportunities, while the Q4 wind-down suggests curators finding stable allocations as markets calmed.
5. Risk & Liquidations
Risk management is the invisible infrastructure behind every lending protocol. This section examines Kamino’s current risk profile, the year’s liquidation events, and improvements to the risk engine.
Current Risk Profile
One barometer of risk in the market is understanding how close borrowers are to liquidation.
The Distance to Liquidation (DTL) chart reveals the protocol’s year-end risk distribution. The debt histogram shows $951M (68.9%) of debt in higher-risk tiers (0-20% DTL) - but context matters. Many “risky” positions are yield-bearing tokens paired with correlated assets: LSTs (JitoSOL, mSOL) borrowing SOL, and RWAs (PRIME, syrupUSDC) borrowing stablecoins. This correlation significantly reduces volatility-driven liquidation risk since both collateral and debt move together. The low DTL is intentional to maximize yield leverage rather than indicating dangerous positions.
Top Collaterals by Debt Backed (with average DTL):
- SOL: DTL 34% - moderate buffer, high utilization for leverage
- JitoSOL: DTL 31% - largest LST, primarily borrowing correlated SOL
- cbBTC: DTL 34% - BTC collateral with healthy margins
- USDC: DTL varies - stablecoin positions across multiple strategies
The protocol safely supports $1.38B in total tracked debt with zero bad debt despite processing $156.9M in liquidations throughout 2025.
2025 Liquidation Performance
Kamino’s liquidation engine performed reliably throughout 2025. Three periods tested Kamino’s liquidation infrastructure:
February 2025: SOL crashed from $200+ to $160, triggering 12,676 liquidations and $35M in collateral seized - the year’s largest event. The risk engine processed cascading liquidations without bad debt, validating parameter settings.
October 2025: The “largest deleveraging event in crypto’s history” hit Solana. 9,372 liquidations processed $25.5M in collateral as SOL dropped from $160 to $140 over days.
November 2025: Continued volatility drove 16,228 events (the year’s highest count) and $26.5M in seized collateral as SOL fell further to $134.
December marked Kamino’s first ADL (auto-deleveraging) event on the Adrena market -when onchain liquidity degraded as Adrena entered maintenance mode. ADL progressively lowered LTV thresholds to force orderly deleveraging. The event cleared just over $100K in debt with no bad debt and 0.47% median liquidation bonus - validating this last-resort risk mechanism at low stakes.
Key Risk Considerations
While the protocol performed well in 2025, several concentration risks warrant monitoring.
Concentration Risks:
- JitoSOL represents 33% of all LST collateral - a single-asset concentration
- Prime Market became #2 market in weeks - rapid growth requires monitoring
Market/Liquidity Risks:
- 90% correlation between SOL price and protocol liquidity
- LST depeg scenarios could cascade through collateral positions
- RWA assets (PRIME, syrupUSDC) have different liquidity profiles than crypto-native assets
Operational Validation:
- Zero bad debt across $156.9M in liquidations
- ADL mechanism successfully tested on Adrena
- 208 active liquidators providing competitive execution
Risk Engine Efficiency Improvements
Beyond handling liquidations, the risk engine became more efficient throughout the year. The most striking trend: liquidation efficiency improved nearly 5x by Q4. The average liquidation bonus (cost to borrowers) dropped from 0.8% at Q1 to just 0.14% in Q4 - a 82% reduction in user losses during liquidation events. This improvement reflects refined risk parameters, deeper liquidator competition (208 unique liquidators).
Key Efficiency Metrics:
- Q4 average liquidation bonus: 0.14% (vs 0.42% annual average)
- November achieved lowest-ever bonus at 0.11% despite; highest event count (16,228)
- Zero bad debt maintained across all stress events
6. User Activity
Beyond TVL and liquidity metrics, user activity reveals how the protocol is actually being used. This section examines transaction patterns and user base evolution.
Transaction Volume
Deposits and withdrawals dominate transactions, reflecting the protocol’s role as a liquidity hub. Transaction volume started rising in Q3, and through Q4 with monthly volume growing 4x.
Total 2025 volume excluding vault activity: $142.1B
- Deposits: $64.3B (45%)
- Withdrawals: $57.7B (41%)
- Borrows: $10.9B (8%)
- Repays: $9.2B (6%)
User Base Evolution
Behind these volumes are real users. The numbers below show how the user base evolved throughout the year.
- 111,016 unique wallets with positions
- 58,984 wallets with active borrows (53% of total)
- Positions peaked in January (35K depositing, ~12K borrowing) before normalizing to ~9K depositing by December
The Whale Signal: Wallet count remained essentially flat throughout 2025 while transaction volume more than doubled. The data show larger players are driving increased activity - institutional and whale participation growing while retail count stabilizes. Smaller transactions dominate by count (retail), but large transactions ($100K+) contribute the majority of volume (institutional).
Conclusions & 2026 Outlook
What 2025 Proved
Kamino achieved 13.1% supply growth despite a 35% SOL price decline.
- Stablecoin & RWA diversification achieved parity. Through strategic expansion of RWA markets (Prime, syrupUSDC) and stablecoin listings (PYUSD, CASH, USDG), these assets grew from minority position to match SOL/LST at 45.9% each - a fundamental shift in protocol composition that reduces crypto market cycle dependence.
- SOL/LST leverage remains the native liquidity engine, growing nominally through 20+ LST listings even as SOL’s price decline compressed USD metrics. The SOL multiply strategy continues driving high utilization and 52% of all interest generation.
- Risk systems held and matured. $156.9M in liquidations processed without bad debt. Liquidation efficiency reduced users’ loss by 5x. 208 liquidators ensuring competitive execution.
2026: The Credit Coordination Layer
At Solana Breakpoint, Kamino unveiled its “Next Chapter” vision: evolving from lending protocol to Solana’s credit coordination layer. Six new products target institutional adoption:
- Fixed Rates & Fixed Terms: Predictable borrowing costs for professional strategies
- Borrow Intents: Limit-order-style price discovery for onchain credit
- Custody-Integrated Borrowing: Borrow against assets in qualified custodians (Anchorage, FalconX)
- Private Credit Vaults: Connecting DeFi liquidity to institutional credit
- RWA DEX: Liquidity for tokenized real-world assets
- BuildKit: Plug-and-play DeFi infrastructure for consumer apps
The strategic priority is clear: stablecoin and RWA growth combined with institutional products that bring non-DeFi collateral onchain. Kamino aims to be where TradFi credit meets Solana execution.
Appendix
Appendix 1: Reference Data
This appendix provides detailed breakdowns supporting the analysis above. Monthly tables track protocol metrics throughout 2025, while asset breakdowns show December 2025 snapshots. Vault data includes both TVL rankings and reallocation activity by individual vault. Category definitions document how assets are classified for reporting purposes.
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Monthly Supply & Borrows
Month Supply Borrows Utilization Supply MoM Borrows MoM Dec 2024 $2.95B $1.12B 38.0% - - Jan 2025 $3.82B $1.53B 40.2% +30.4% +37.5% Feb 2025 $2.85B $1.11B 38.9% -25.4% -27.8% Mar 2025 $2.66B $1.07B 40.4% -6.5% -3.0% Apr 2025 $3.39B $1.39B 40.9% +27.4% +29.2% May 2025 $3.59B $1.50B 41.8% +5.8% +8.1% Jun 2025 $3.74B $1.55B 41.4% +4.1% +3.1% Jul 2025 $4.14B $1.68B 40.5% +10.8% +8.3% Aug 2025 $4.22B $1.61B 38.2% +1.9% -4.0% Sep 2025 $4.51B $1.58B 35.1% +6.9% -1.7% Oct 2025 $4.45B $1.58B 35.5% -1.3% -0.2% Nov 2025 $3.58B $1.28B 35.8% -19.5% -18.8% Dec 2025 $3.34B $1.21B 36.2% -6.5% -5.5% -
Monthly Liquidations
Month Events Collateral Seized Avg LB (% of Position) Jan 2025 3,044 $7.18M 0.95% Feb 2025 12,676 $35.06M 0.79% Mar 2025 7,429 $17.69M 0.68% Apr 2025 15,517 $17.16M 0.61% May 2025 1,009 $1.99M 0.93% Jun 2025 2,699 $8.96M 0.92% Jul 2025 898 $1.85M 0.93% Aug 2025 1,295 $4.96M 0.91% Sep 2025 2,289 $6.26M 0.25% Oct 2025 9,372 $25.47M 0.17% Nov 2025 16,228 $26.47M 0.11% Dec 2025 3,387 $3.86M 0.14% Total 75,843 $156.90M - -
Stablecoin Details (December 2025)
Token Supply Borrow Utilization USDC $581.5M $404.7M 69.6% PYUSD $530.5M $194.9M 36.7% CASH $100.3M $92.0M 91.7% USDG $40.4M $34.8M 86.2% USDS $27.3M $13.4M 48.8% USDT $18.9M $8.7M 46.0% USX $10.4M $9.3M 89.7% EURC $3.4M $2.8M 82.9% Total $1,312.8M $760.6M 57.9% -
LST Details (December 2025)
Token Supply Borrow Utilization JitoSOL $358.3M $2.4M 0.66% JupSOL $196.3M $382K 0.19% dSOL $166.0M $410 0.00% mSOL $109.4M $542K 0.50% vSOL $58.3M $10.9K 0.02% dfdvSOL $42.7M $132 0.00% cgntSOL $26.7M $690 0.00% bSOL $22.7M $719K 3.17% bonkSOL $20.4M $48 0.00% Other LSTs $87.6M $97K 0.11% Total $1,088.4M $4.2M 0.38% -
Vault Details (December 2025)
Vault Token TVL Curator Sentora PYUSD PYUSD $289.1M Sentora Steakhouse USDC Prime USDC $177.2M Steakhouse Kamino Vault CASH CASH $66.6M Kamino Allez USDC USDC $34.8M Allez Labs USDC Prime USDC $23.1M Gauntlet Allez SOL SOL $9.5M Allez Labs Elemental USDC Turbo USDC $5.4M Elemental MEV Capital SOL SOL $5.1M MEV Capital Steakhouse High Yield USDG USDG $4.3M Steakhouse Steakhouse USDG USDG $3.2M Steakhouse -
Vault Reallocation Volume by Vault (Aug-Dec 2025)
Vault Total Volume Share Allez USDC $107.1B 63.2% USDC Prime $33.1B 19.5% Elemental USDC Turbo $13.6B 8.0% Neutral Trade USDC Max Yield $4.3B 2.5% Steakhouse High Yield USDC $2.6B 1.5% Allez USDT $1.8B 1.1% Gauntlet Prime USDC $1.4B 0.8% Sentora PYUSD $1.3B 0.8% Other Vaults $4.4B 2.6% Total $169.6B 100% -
Asset Category Definitions
Category Assets Included SOL SOL LSTs All liquid staking tokens: JitoSOL, jupSOL, mSOL, bSOL, vSOL, dSOL, INF, cgntSOL, bonkSOL, laineSOL, bbSOL, pathSOL, hubSOL, fwdSOL, pSOL, dfdvSOL, compassSOL, jSOL, lanternSOL, strongSOL, ezSOL, cdcSOL, picoSOL, hSOL, kySOL, and all other *SOL tokens RWAs Yield-bearing (PRIME, USCC, syrupUSDC, ONyc, PST, eUSX), tokenized stocks (TSLAx, SPYx, NVDAx, MSTRx, QQQx, GOOGLx, AAPLx, HOODx, CRCLx, METAx), and related Pendle PT tokens Stablecoins USDC, PYUSD, USDT, CASH, UXD, EURC, USDG, USDS, USYC, sUSDe, USX Other BTC variants (cbBTC, xBTC, WBTC, LBTC, ZBTC, tBTC), ETH/wETH, LP tokens (JLP, FLP, ALP), memes & governance (WIF, GOAT, POPCAT, FARTCOIN, BONK, JTO, PENGU, JUP, ORCA, PYTH, RAY, MNDE, KMNO), kTokens Note: eUSX is categorized as RWA (not Stablecoins) as it represents yield-bearing tokenized exposure. Pendle PT tokens are categorized based on their underlying asset.
Appendix 2: Data Sources & Methodology
- Data Source: Kamino on-chain data
- Time Period: January 1, 2025 - December 31, 2025 (with Dec 2024 baseline)
- YE 2025 Metrics: December 31, 2025 daily average (all 24 hourly snapshots)
- YE 2024 Metrics: Last available snapshot of December 31, 2024 (historical baseline)
- Utilization: Total Borrows / Total Supply for each asset category
- Liquidation Bonus: Calculated as % of total position size using close_factor and liquidation_threshold methodology
- Vault Reallocation: Data available August-December 2025
- Fixed SOL Price Projections: Counterfactual metrics showing YE 2025 values if SOL maintained YE 2024 prices. Formula:
SOL/LST USD value × (YE24 SOL price / YE25 SOL price) + Other assets. This isolates real protocol growth from SOL price volatility (-35% YoY).
Why Daily Average? Using the average of all hourly snapshots on December 31, 2025 provides a more representative view of year-end metrics, smoothing out any hourly fluctuations that could skew results if a single timestamp was used.
Analysis by Allez Labs