# Kamino Risk Event Analysis: Feb 5-6, 2026 **URL:** \ **Category:** Governance\ **Created:** [February 9, 2026, 10:23pm UTC](https://gov.kamino.finance/t/kamino-risk-event-analysis-feb-5-6-2026/868 "2026-02-09T22:23:43Z")\ **Posts on this page:** 1\ **Page:** 1
**Author:** ![AllezLabs](https://yyz1.discourse-cdn.com/flex003/user_avatar/gov.kamino.finance/allezlabs/32/64_2.png) [@AllezLabs](https://gov.kamino.finance/u/AllezLabs)\ **Post date:** [February 9, 2026, 10:23pm UTC](https://gov.kamino.finance/t/kamino-risk-event-analysis-feb-5-6-2026/868/1 "2026-02-09T22:23:43Z")
![Kamino Risk Event Analysis: Feb 5-6, 2026](https://canada1.discourse-cdn.com/flex003/uploads/kamino/original/1X/0997d070c70a08687a6bd45b49f076afe796bba2.jpeg) > A significant market correction hit crypto on February 5-6, 2026. SOL dropped 18% (from $92 to $76), ETH fell 15%, and JLP declined 10%. This triggered a cascade of 55,649 liquidations across Kamino Finance markets, liquidating $19.36M in collateral from 30,030 wallets. > The protocol handled this volatility event cleanly: no bad debt was generated, and all liquidations processed efficiently. ![Event Summary Dashboard](https://canada1.discourse-cdn.com/flex003/uploads/kamino/original/1X/84d0311edd2521acb5063929d6dff84f150c46f5.jpeg) # Event Timeline The sell-off unfolded over 48 hours. SOL fell from $92 to a low of $76 (-18.0%), ETH from $2,148 to $1,832 (-14.7%), and JLP from $3.83 to $3.43 (-10.4%). Start/End prices are the first and last hourly observations within the event period (Feb 5, 00:00 to Feb 6, 23:00 UTC). ![Price and Liquidation Timeline](https://canada1.discourse-cdn.com/flex003/uploads/kamino/original/1X/0382daca5b3b03307ceb54db7b7654d49960c9c1.png) # Liquidation Timeline The liquidation cascade followed the price decline closely: - **Feb 5:** Initial volatility with 29,185 liquidations and $8.77M seized as SOL broke below $85 - **Feb 6:** Peak activity with 26,464 liquidations and $10.59M seized as SOL crashed to $76 **Peak Activity:** February 6, 00:00 UTC saw **26,456 liquidations** with **$10.59M** in collateral seized as SOL crashed through $80. ![Daily Liquidation Summary](https://canada1.discourse-cdn.com/flex003/uploads/kamino/original/1X/60cfe317dcbe91c8853f86d23ac6175f574308d1.png) * * * # Liquidation Analysis ## By Market | Market | Liquidations | Collateral Seized | | --- | --- | --- | | Main | 44,665 | $12.79M | | JLP | 10,560 | $6.47M | | Fartcoin | 67 | $47.0K | | Bitcoin | 214 | $20.0K | | JTO | 4 | $12.6K | The **Main market** saw the highest count of liquidations (44,665), while the **JLP market** had significant dollar value seized ($6.47M) despite fewer events. ![Liquidations by Market](https://canada1.discourse-cdn.com/flex003/uploads/kamino/original/1X/51a020593c69173fcc6c19944ee3ebb9c125d4bc.png) ## By Collateral Type | Collateral | Amount Seized | | --- | --- | | SOL | $6.89M | | JLP | $6.58M | | JITOSOL | $2.14M | | cbBTC | $1.67M | | xBTC | $825K | ![Liquidations by Collateral](https://canada1.discourse-cdn.com/flex003/uploads/kamino/original/1X/de2c3ba51d253099be28abb30eeafc81edbacd55.png) ## By Correlation Type Nearly all liquidation volume came from **uncorrelated** positions (volatile collateral against stablecoin debt), while correlated pairs (LST/SOL, SOL/LST, LST/LST, RWA/stablecoin) saw minimal liquidation activity. | Correlation | Events | Collateral Seized | % of Total | | --- | --- | --- | --- | | Uncorrelated | 54,775 | $19.29M | 99.6% | | Correlated | 874 | $68K | 0.4% | ![Liquidations by Correlation](https://canada1.discourse-cdn.com/flex003/uploads/kamino/original/1X/7dd47aff74775b03a87698b55f416f482dcdab59.png) ## By Collateral/Debt Pair ![Liquidations by Pair](https://canada1.discourse-cdn.com/flex003/uploads/kamino/original/1X/9cd564d04b6a878d6f504288995d6d611e93b5da.png) | Pair | Events | Collateral Seized | | --- | --- | --- | | JLP/USDC | 7,193 | $5.19M | | SOL/USDC | 27,845 | $4.67M | | JITOSOL/USDC | 949 | $1.83M | | cbBTC/USDC | 1,155 | $1.53M | | SOL/USDT | 5,092 | $892K | | JLP/PYUSD | 1,353 | $743K | | SOL/PYUSD | 1,518 | $578K | | xBTC/USDC | 101 | $546K | | JLP/USDG | 858 | $331K | | JLP/USDT | 1,172 | $319K | USDC was the dominant debt token across all pairs. JLP/USDC and SOL/USDC alone accounted for $9.86M (51%) of total collateral seized. * * * # Post-Event Position Risk After the event, **19,794 active obligations** with debt remain (11,249 uncorrelated, 8,545 correlated). This is the total number of borrowing positions on Kamino with $\ge$ $100 in debt. **DTL (Distance to Liquidation)** measures how far each position is from its liquidation threshold. When DTL = 0%, the position gets liquidated. ## Distance to Liquidation (DTL) ![DTL Risk Distribution](https://canada1.discourse-cdn.com/flex003/uploads/kamino/original/1X/e0c8292fed6d353feeff36c240593b04b043584f.png) ## Uncorrelated Positions (11,249) | Risk Tier | DTL Range | Volume | % of Total | # Positions | | --- | --- | --- | --- | --- | | **Critical** | \<5% | $336K | 0.1% | 17 | | **Warning** | 5-10% | $3.3M | 0.9% | 89 | | **Elevated** | 10-15% | $18.9M | 5.3% | 1,259 | | **Monitor** | 15-25% | $43.8M | 12.4% | 3,336 | | **Safe** | \>25% | $287.6M | 81.2% | 6,548 | ## Correlated Positions (8,545) | Risk Tier | DTL Range | Volume | % of Total | # Positions | | --- | --- | --- | --- | --- | | **Critical** | \<1.5% | $85K | 0.0% | 19 | | **Warning** | 1.5-4% | $102.6M | 15.8% | 250 | | **Elevated** | 4-7% | $273.9M | 42.1% | 1,474 | | **Monitor** | 7-10% | $106.5M | 16.4% | 816 | | **Safe** | \>10% | $166.9M | 25.7% | 5,986 | ## Top Critical Positions (by DTL) | Market | Debt | DTL | Pair | Correlation | | --- | --- | --- | --- | --- | | Main | $213K | 2.6% | SOL/USDT | uncorrelated | | Main | $77K | 1.1% | SOL/bSOL | correlated | | Main | $72K | 4.5% | cbBTC/PYUSD | uncorrelated | | Maple | $30K | 4.8% | syrupUSDC/USD1 | uncorrelated | | Main | $5.0K | 2.1% | SOL/PYUSD | uncorrelated | ![Critical Positions by Market](https://canada1.discourse-cdn.com/flex003/uploads/kamino/original/1X/435a90b8ff347b33d58b8f0ac7f7ff827d5caea2.png) * * * # Protocol Health | Metric | Value | | --- | --- | | Total Supply | $2.70B | | Total Borrow | $1.00B | | Active Obligations | 19,794 | | Bad Debt | **$0** | The protocol remains healthy. No bad debt was generated during this event, demonstrating effective liquidation mechanisms. ## Market Supply & Debt Changes During Event | Market | Supply Start | Supply End | Supply Chg | Borrow Start | Borrow End | Borrow Chg | | --- | --- | --- | --- | --- | --- | --- | | Main | $1,683M | $1,543M | -8.3% | $658M | $545M | -17.1% | | Prime | $408M | $463M | **+13.5%** | $164M | $207M | **+25.8%** | | Maple | $298M | $242M | -18.5% | $119M | $90M | -23.9% | | JLP | $275M | $239M | -13.1% | $95M | $81M | -15.1% | | Jito | $69M | $66M | -4.0% | $33M | $31M | -5.6% | | OnRe | $46M | $45M | -1.6% | $13M | $13M | +1.4% | | Superstate | $16M | $25M | **+56.0%** | $4M | $8M | **+88.8%** | **Flight to quality:** While most markets contracted during the sell-off, **Prime grew by +$55M in supply (+13.5%)** and **+$42M in borrow (+25.8%)**. Depositors moved capital from Main and other volatile markets into Prime, which has tighter risk parameters and more conservative collateral. **Superstate** also grew significantly, reflecting demand for real-world-asset-backed markets during crypto volatility. Main’s supply trough hit $1,385M (-17.7% from start) before recovering to $1,543M by end of period. Maple saw the steepest sustained decline at -18.5% supply / -23.9% borrow, with limited recovery. * * * # Outlook 1. **Monitor JLP market:** Significant liquidation exposure ($6.47M seized) 2. **Watch SOL price:** Further decline below $70 could trigger additional liquidations from positions in Warning/Elevated DTL tiers 3. **No immediate action required:** Protocol mechanisms functioned correctly, no bad debt generated * * * **Analysis Date:** February 7, 2026 **Event Period:** February 5-6, 2026 **Prepared by:** Allez Labs