Kamino Finance

9.2/10

Verdict: Best Solana lending and yield protocol — highest TVL, best LST collateral support, strongest Multiply feature.

Best for
Lending, LST collateral, leveraged staking
TVL
$2.19B TVL
APY
15–30%
Founded
2022
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Overview

Kamino Finance is the largest lending protocol on Solana with $2.19B in TVL. It offers three core products: lending/borrowing markets for SOL, USDC, and LSTs; Multiply for leveraged staking that amplifies LST yield up to 3x; and auto-managed CLMM vaults that provide liquidity on Raydium and Orca with automated rebalancing. Kamino's dominance in Solana lending makes it the default choice for most users, though its Multiply product carries meaningful liquidation risk that users must understand before depositing.

Kamino Finance Key Features

Lending/Borrowing

Supply SOL, USDC, LSTs to earn interest. Borrow against collateral at up to 75% LTV.

Multiply

Leveraged staking: loop JitoSOL/mSOL/2ZSOL to amplify staking APY up to 3x.

Auto-managed CLMM vaults

Automated liquidity provisioning on Raydium/Orca with auto-compounding and rebalancing.

LST collateral support

Accept JitoSOL, mSOL, 2ZSOL, and other LSTs as lending collateral.

Kamino Finance Fees & Pricing

FeeValueNotes
Lending spread~0.5-1%Difference between supply and borrow rates is Kamino's revenue.
Multiply fee0.1%One-time fee when creating a leveraged staking position.
Vault management fee10% of yieldsTaken from auto-compounded vault profits.
Withdrawal feeNoneNo fee to withdraw supplied assets.

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How to Get Started with Kamino Finance

  1. 1

    Connect wallet

    Visit kamino.finance and connect your Solana wallet.
  2. 2

    Supply assets

    Choose Lend tab, select asset (SOL, USDC, JitoSOL), enter amount, and deposit.
  3. 3

    Borrow (optional)

    After supplying collateral, go to Borrow tab to take a loan against your position.
  4. 4

    Try Multiply

    Navigate to Multiply, select your LST, choose leverage (1.5-3x), and confirm the looping transaction.

Kamino Finance Risk Assessment

  • Liquidation risk

    high

    Multiply positions and borrowing positions can be liquidated if collateral value drops below the minimum health factor.

  • Smart contract

    medium

    Multiple audits, $2.19B TVL. Largest Solana lending protocol — a Kamino exploit would have cascading effects across the ecosystem.

  • LST de-peg risk

    medium

    If an LST used as collateral de-pegs (e.g., JitoSOL trades below SOL value), health factors drop and liquidations can cascade.

  • Oracle risk

    low

    Kamino relies on price oracles (Pyth, Switchboard). Oracle manipulation or stale prices could cause incorrect liquidations.

What Can You Do with Kamino Finance?

  • Passive lending yield

    Supply USDC or SOL to earn interest with no active management.

  • Leveraged staking

    Use Multiply to amplify JitoSOL/mSOL staking APY from 6% to 15-30%.

  • Auto-managed LP

    Deposit into CLMM vaults for automated yield farming with rebalancing.

Kamino Finance: Pros & Cons

Pros

  • #1 Solana lending protocol by TVL ($2.19B)
  • Multiply: leverage JitoSOL/mSOL up to 3x
  • Auto-managed CLMM vaults with auto-compounding

Cons

  • Complex product surface area
  • Multiply positions carry liquidation risk
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