DeFi is the most open financial infrastructure ever built. Tokenized assets are the most programmable financial instruments ever created. Kamino will be the bridge between them.
TL;DR
Kamino is evolving from a lending protocol into the infrastructure layer for institutional finance and tokenized assets on Solana. Today we’re announcing six products:
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Fixed Rates — Lock in your borrowing cost for a fixed term. The foundation for institutional credit onchain. Launching soon with FalconX as pilot borrower.
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Borrow Intents — Post your desired loan terms onchain. Lenders fill your order. Real price discovery for credit markets.
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Off-Chain Collateral — Borrow onchain with assets in qualified custody, built with Chainlink. Integrated with Anchorage Digital, powering borrows for the Solana Company on day one.
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Private Credit — Access BTC-backed institutional demand. USDC Vault launching soon.
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RWA DEX — Oracle-priced liquidity for tokenized assets. Deep liquidity at fair value, always.
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BuildKit — API and SDK for embedding Kamino yield into any application. Revenue share included. Get Started - Developer Docs.
Three years ago, we set out to build Solana-native lending infrastructure that would come to be recognized as one of the most battle-tested products in DeFi - we wanted to build credit infrastructure that users and institutions could trust. Kamino has since grown to over $4B AUM, has issued over $16 billion in loans, and safely processed $183 million liquidations along the way, without a single dollar of bad debt to lenders.
Kamino is verifiably built, open source, and has undergone eighteen audits and three formal verifications. All-in-all, we can now confidently assert that our original vision for building resilient, industry-standard credit infrastructure has been realized.
Now it’s time for the next chapter.
Kamino is becoming the infrastructure layer for institutional finance and tokenized assets on Solana. A comprehensive platform - comprising 6 core products alongside our existing infrastructure - that will service the next generation of assets and institutions moving onchain.
This platform shift fundamentally changes how Kamino is able to address the evolving infrastructure requirements arising from the rapid tokenization and institutional onboarding we are seeing in DeFi today.
The opportunity
We are in the midst of the largest shift in financial systems in a generation. As per RWA.xyz Real-world asset issuance has seen ~350% year-over-year growth, with over $18B now circulating, including tokenized T-bills, money-market funds, private credit, and receivables.
Alongside the tokenization wave, the past year of sitting across the table with some of the largest institutions in the industry has made it abundantly clear: institutional players are, now more than ever, ready to start shifting their business onto DeFi rails.
Yet, despite the seismic shift in asset issuance and institutional interest, DeFi still lacks some of the core infrastructure needed to support these new use cases. Simply put, the tech stack is lagging the demand - and where the infrastructure does exist, each piece of the stack is distributed across numerous venues, or even blockchains.
Kamino is evolving into an integrated infrastructure layer that handles everything from liquidity bootstrapping, to fixed-rate credit, to institutional custody integration.
The problems we’re solving
1. Unpredictable Cost of Capital
Almost all of DeFi credit markets operate on floating rate infrastructure - rates are determined by pool utilization, and as a consequence can swing from 3% to 10% overnight.
Traditional finance, in contrast, runs on fixed rates. Repo markets, credit lines, structured products - all built on predictable cost of capital.
Institutions need fixed rates for predictable funding costs, cleaner risk management, and financing structures that align with their quarterly/ annual planning cycles. Similarly, fixed-income onchain strategies powered by RWAs require predictable cost of capital.
Simply put, fixed rates are table stakes for institutional adoption and RWA growth onchain.
Today, Kamino is announcing Fixed Rate Borrows, the single most important piece of credit infrastructure for the growth of RWAs and institutions in DeFi.
2. The On & Off-Chain Divide
Institutions require their funds to remain in regulated custody - be it for risk management policies, bankruptcy protection, KYC/AML compliance processes, or simply to reduce reputational risk. As of today, hundreds of billions in assets sit in qualified custody. Coinbase reported $300 billion in assets under custody in Q3 2025. BitGo disclosed approximately $90 billion.
These assets have been unable to meaningfully interface with onchain markets - until now.
Kamino is introducing an off-chain collateral solution that enables custodied funds to tap into onchain infrastructure and liquidity.
3. High-Friction Asset Issuance
Today, an asset issuer launching a tokenized product onchain faces an overwhelming fragmentation problem.
To bring a single asset to market, they must navigate:
- Liquidity bootstrapping via AMMs or market makers
- Oracle setup and price feed integration
- Viable credit infrastructure for RWA strategies
- KYC and permissioning layer implementation
- Custody infrastructure
- Rewards and incentive management
Each requires separate vendor relationships, technical integrations, legal agreements, and ongoing maintenance. We believe this fragmentation is a significant inhibitor for RWA growth.
Kamino is solving it, becoming a single, integrated platform for managing the entire lifecycle of tokenized asset issuance, liquidity management, and DeFi growth.
Kamino’s Next Chapter: 6 Core Products
Today, we’re announcing six interconnected products that, alongside Kamino’s existing credit infrastructure, will underpin the next generation of asset and institutional onboarding.
1. Fixed Rates
Predictable borrowing is coming to DeFi.
With Kamino Fixed Rates, borrowers will be able to lock in a fixed interest rate for a fixed period, selecting between available rates & durations. Once executed, your cost of capital is fixed for the entire duration. The rate you see is the rate you pay, from day one through expiry, regardless of market conditions or pool utilizations.
Instant Liquidity. Fixed Rates taps into existing liquidity on Kamino, which means from day one, borrowers will have access to highly liquid fixed rate borrowing.
Auto-Rollover. Borrowers can opt to have their fixed rate loans rollover automatically. If conditions don’t allow it, loans move to the floating-rate pool. Lenders will always receive their funds. Borrowers can always continue borrowing.
Battle-Tested Infrastructure. Fixed Rates runs on the same Kamino Lend smart contracts that have been battle-tested for over two years. Open source, verifiably built, 18 audits, 3 formal verifications, zero incidents.
This changes everything, for institutions and asset issuers alike. Institutions can now model their cost of capital with confidence. RWA issuers can now build fixed-income strategies that deliver a more predictable return profile for users.
Fixed Rates will launch in the coming weeks, with FalconX being our pilot borrower.
2. Borrow Intents
Fixed Rates gives borrowers predictability. Borrow Intents gives them agency.
In DeFi today, borrowers are takers. They can choose only to accept or reject the floating rate in a given pool. With Kamino’s Borrow Intents, borrowers can become makers.
Borrowers can post onchain instructions with their desired loan parameters - collateral, borrow amount, rate, and term - and lenders can scan and fill orders.
Ultimately, this will allow for real price discovery in onchain borrow rates, where pricing emerges as a direct consequence of supply and demand matching, instead of algorithmic interest rate curves.
Intents will be rolled out to the Fixed Rates product suite over time.
3. Off-Chain Collateral
Borrow onchain with your assets kept in qualified custody.
Kamino has developed an off-chain collateral infrastructure in collaboration with Chainlink. This solves the custody constraint that has been the barrier to entry for hundreds of billions in institutional assets to access DeFi.
Using Kamino’s Off-Chain Collateral product, any user with funds held in qualified custody can borrow against their custodied assets, directly onchain via Kamino.
Kamino will launch its first collateral-management integration with Anchorage Digital. For each Custody-Mirrored Credit loan, Kamino will create a white-glove borrow experience, with custom markets, loan parameters, and liquidity provisions. Collateral values are attested on an ongoing basis by Chainlink.
Upon the pilot launch, our first borrower will be the Solana Company, a publicly listed Solana DAT managed by Pantera Capital and Summer Capital.
4. Private Credit
For the first time ever, DeFi liquidity on Solana can access BTC-backed institutional demand.
By 2031, the global BTC-backed loan market is projected to reach $60 billion - by far the single largest market in crypto. The vast majority of this activity, however, lives outside of DeFi rails.
Kamino has spent the better part of a year working alongside leading regulated financial institutions to bring this market to Solana, enabling users to generate permissionless returns via BTC-backed, off-chain lending operations.
Today, we are unveiling Kamino Private Credit. Users deploy their funds into Kamino’s Private Credit Vaults, from where they will be routed to off-chain lending operations. Collateral is posted with Qualifed Custodians, with reporting transparency, and 3rd party audits available to Kamino users.
USDC Private Credit Vault launching soon.
5. RWA DEX
Oracle-priced liquidity for tokenized assets.
Kamino’s RWA DEX is, we believe, the definitive solution for RWA pricing on Solana. Liquidity deployment will update in real-time, with asset-specific modeling to ensure that liquidity is always deployed around real-world prices.
The RWA DEX will ensure that any tokenized asset - be it tokenized t-bills, tokenized stocks, commodities, or receivables - has deep onchain liquidity around its live real-world price, at all times.
For asset issuers, this means far less liquidity management, eliminating the need for 3rd party market maker agreements just to ensure their assets trade at acceptable prices with acceptable liquidity
For users, this means any RWA onboarded to Kamino’s RWA DEX can be purchased onchain, at fair value, always.
Coming soon.
6. Kamino Buildkit
Plug-and-play DeFi infrastructure for any consumer business.
Every wallet, neobank, and fintech wants to offer yield to their users, and many want even deeper functionality like borrowing against collateral. Via the Kamino BuildKit, any business can embed Kamino into their product via a seamless integration.
Kamino BuildKit consists of comprehensive API documentation and SDK for integration with Kamino’s yield and credit infrastructure. Deposit, withdraw, check rates, monitor positions, BuildKit contains everything you need to embed institutional-grade yield products into your application.
Revenue share built in. Integrators can share in the yield Kamino generates for their platform users. Your users, your revenue; Kamino provides the battle-tested credit infrastructure.
Powered by Privy. With Privy embedded wallets, users can deposit into Kamino without managing their own private keys - and even more frictionless route to integrating Kamino into your applications.
This week, Altitude has announced its Kamino integration, enabling businesses to earn yield via Kamino.
Why Kamino is the Right Platform
Institutions choose track record and security first. Kamino delivers:
| Metric | Value |
|---|---|
| Live in Production | >2 years |
| Loans Originated | $16B+ |
| Liquidations Processed | $183M |
| Bad Debt | $0 |
| Security Audits | 18 |
| Formal Verifications | 3 |
| Codebase | Open Source & Verifiably Built |
For over 2 years, Kamino’s lending stack has evolved to be transparent, secure, and versatile. With the rollout of our institutional and RWA product suite, Kamino can accommodate highly customizable credit workflows - while retaining the battle-tested smart contract infrastructure at the protocol’s foundation since launch.
The Next Chapter, A New Kamino
Today, we’re excited to unveil the refreshed Kamino brand - designed for the new era of global open finance, onchain.
The original Kamino branding has brought us to where we are today, from less than $1M in AUM to over $4B. Though we feel a deep affection for the brand as we all know it, we also know that the Kamino brand needs to reflect the journey of Kamino itself.
As a project, Kamino has grown immensely over the past 3 years and, as we have announced today, the vision for Kamino is taking on ever-greater proportions.
Kamino is evolving, and the Kamino brand needs to evolve with it. Kamino needs to be accessible, while staying true to its DeFi roots. To inspire confidence, without overcomplication.
Just like Kamino itself, the brand as we are unveiling it today will undoubtedly evolve and expand over time, but we are excited to be moving into a new, exciting direction, and growing the Kamino brand for a global audience.