(a) Problem the project solves

Kamino frames the problem it solves as the core question facing any lending protocol: whether every lender can get their tokens back. Its documentation identifies two failure modes that prevent this, insolvency, meaning bad debt from loans that could not be liquidated and is then socialized among lenders, and illiquidity, meaning every token is borrowed and no one is repaying, and states that its risk framework is designed to prevent both. Kamino positions itself as Solana's core credit and liquidity venue. (Source: Kamino Risk: Framework & Track Record, Introducing: Kamino Season 5)

(b) Operational priorities

Kamino's disclosed operational priorities are risk management, security assurance and growth of its credit products. On risk, Kamino publishes a live risk assessment framework dashboard, runs a five-dimension asset risk assessment before onboarding any token, monitors market risk continuously, and operates protocol safeguards including a poly-linear interest rate curve, auto-deleverage and daily flow caps. On security, it maintains open-source code, formal verification, external audits, oracle redundancy, fuzzing and verifiable builds. On growth, it ran Season 4 and Season 5 reward programs to expand Lending Vault deposits and borrowing activity, and appointed a chief executive officer and established a New York headquarters in September 2026 to lead United States and institutional expansion. (Source: Kamino Risk: Framework & Track Record, Kamino Security, Introducing: Kamino Season 5, Kamino Names Yieldstreet Co-Founder Michael Weisz as CEO, Establishes New York Headquarters)

(c) High-level project overview

Kamino Finance is a decentralized credit and liquidity protocol on Solana. Its documented product suite comprises Earn, covering Lending Vaults and Liquidity; Institutional Yield, a family of vaults deploying stablecoin deposits through a single-purpose special purpose vehicle into regulated off-chain lending operations; Borrow, covering variable-rate borrowing, fixed-rate borrowing and borrow orders; Multiply, a leveraged looping product; and Swap, covering swaps and limit orders. The protocol's smart contracts are Kamino Lend, Kamino Vaults, Kamino Farms, the Limit Orders program and the Scope oracle aggregator, all of which are open source. Kamino launched on Solana in August 2022, having been created by Hubble Protocol as the first concentrated liquidity market maker optimizer on Solana. (Source: Kamino Products, Kamino Security, Hubble Protocol Launches Kamino Finance to Optimize Yields for Liquidity Providers on Solana)

(d) Primary token functions

The documented function of KMNO is staking for reward boosts. Staked KMNO acts as a multiplier on the rewards APY a user earns on their Kamino positions: a new user starts with a default 3% staking boost, accrues an additional 0.1% of staking boost for each day they remain staked, and carries accrued boost forward between seasons. The boost applies only to the portion of a user's position value covered by their staked KMNO, at a rate of one staked KMNO to one dollar of position value, so a user with a 50% boost and 25,000 KMNO staked against a $100,000 position receives an effective boost of 12.5%. In earlier seasons KMNO staking also earned Kamino points at 3 points per day per staked KMNO, which determined each user's linear share of the season distribution. Kamino has not documented any other token function, including no fee discount, no collateral function and no revenue-sharing right. (Source: Introducing: Kamino Season 5, Kamino: Season 2 Distribution, KMNO Token)

(e) Control surface reliance

Kamino has not established a live onchain tokenholder governance mechanism. The governance category on Kamino's own forum states that it covers general topics, discussions and proposals about the governance of Kamino Finance, and that more information on Kamino Governance will be released soon. Operationally, the protocol relies on off-chain and delegated control surfaces: Lending Vaults are operated by external curators, with 17 active vaults operated by 8 curators as of the end of Season 4, and Allez Labs has published monthly risk reports to the governance forum since early 2025. Kamino's documentation does not name who holds upgrade authority over its onchain programs, but the onchain record does: as of 2026-10-06, the upgrade authority of the Kamino Lend and Kamino Vaults programs is the vault of Squads v4 multisig 6hhBGCtmg7tPWUSgp3LG6X2rsmYWAc4tNsA6G4CnfQbM, and that of the Kamino Farms program is the vault of Squads v4 multisig 5HzXCm7omo3M7sX5nC4XcAxcTXEC22UHegB1hQiRvbfk; both multisigs require 5 of the same 10 signers, enforce a 24-hour timelock and have no separate configuration authority, and their signers are not publicly identified (Kamino Lend on Solscan, Squads Multisig 6hhB, Squads Multisig 5HzX, Solana Compass: Kamino). (Source: Kamino Governance Forum: About the Governance Category, Kamino: Season 4 Vesting & Retrospective, Kamino Risk: Framework & Track Record)

(a) IP ownership & control

Kamino has no DAO, so no DAO owns or controls any intellectual property. Kamino Lend has been open source since its inception and the Borrow/Lend, Earn Vaults, Limit Orders and Scope Oracle repositories are published publicly, but Kamino has not publicly disclosed which entity owns those repositories, the Kamino trademark or brand, or under what licence terms they are made available. (Source: Kamino Governance Forum: About the Governance Category, Kamino Security)

(b) Contract/admin powers

Kamino has no DAO and no tokenholder-held governance executor. Kamino publishes verifiable builds for Kamino Lend, Kamino Vaults and Kamino Farms so that deployed bytecode can be matched against the open-source code, and it names the deployed program addresses. Its documentation does not state who holds upgrade authority or emergency powers, but the onchain record does. As of 2026-10-06, the upgrade authority of the Kamino Lend and Kamino Vaults programs is the vault of Squads v4 multisig 6hhBGCtmg7tPWUSgp3LG6X2rsmYWAc4tNsA6G4CnfQbM, and that of the Kamino Farms program is the vault of Squads v4 multisig 5HzXCm7omo3M7sX5nC4XcAxcTXEC22UHegB1hQiRvbfk; both multisigs require 5 of the same 10 signers, enforce a 24-hour timelock and have no separate configuration authority, and their signers are not publicly identified. The owner of the Kamino Lend main market, which can change every market and reserve setting, is the vault of Squads v4 multisig 7idEEVRidWrahZJhxXMqniDbV6ESj7ZjyLrigcMcEt6H, which requires 4 of 10 signers with a 12-hour timelock. Under the Kamino Lend program code, a market's emergency council can only switch on emergency mode, disable borrowing or disable price-triggered liquidations, and only the market owner can reverse those switches; the main market's emergency council is address 4VtJ1yCCyU2YGgPTZGHZRwzwaZ3hmzgqMtRQo8RqMa57, and the multisig behind it was not identified (Kamino Lend on Solscan, Squads Multisig 6hhB, Squads Multisig 5HzX, Squads Multisig 7idE, Main Market on Solscan, klend Lending Market Handler). (Source: Kamino Security, Kamino Governance Forum: About the Governance Category)

(c) Locked-token rights (conditional)

Staking KMNO does grant additional rights, but they are economic rather than governance rights. Staked KMNO acts as a multiplier on the rewards APY earned on a user's Kamino positions, starting at a default 3% boost and accruing a further 0.1% per day staked, applied at a rate of one staked KMNO to one dollar of position value, and accrued boost carries forward between seasons. In earlier seasons staked KMNO also earned Kamino points at 3 points per day per staked token, which determined each user's linear share of that season's distribution. Staking confers no voting right, no proposal right and no additional decision-making power over the protocol. (Source: Introducing: Kamino Season 5, Kamino: Season 2 Distribution, Kamino Governance Forum: About the Governance Category)

(d) Value accrual & holder rights

The only documented right attaching to KMNO is the staking reward boost described above. Kamino has documented no right for KMNO holders to receive protocol revenue, fee shares or treasury distributions, no right to direct treasury spending, and no right to vote on protocol parameters, asset listings or reward emissions. The KMNO documentation describes the token's distribution buckets and directs readers to the governance forum for the latest information, and that forum states that more information on Kamino Governance will be released soon. (Source: KMNO Token, Kamino Governance Forum: About the Governance Category, Introducing: Kamino Season 5)

(e) Dissolution authority

Kamino has no DAO to dissolve or wind up, and has not publicly disclosed any dissolution or wind-up mechanism, threshold or responsible body for a DAO or for a legal wrapper of a DAO. (Source: Kamino Governance Forum: About the Governance Category, KMNO Token)

(a) Entity

Kamino has no primary foundation entity. No foundation is named in its product and token documentation, its security and risk documentation, its governance forum or its September 2026 leadership announcement, and no entity type or jurisdiction of incorporation for a foundation appears in any of them; the leadership announcement instead describes a corporate structure headquartered in New York and led by a chief executive officer. The only legal entities Kamino describes anywhere in its documentation are product-level and unnamed: a single-purpose special purpose vehicle that sits between Institutional Yield depositors and the lending operations, and vault-specific regulated lending operations supervised by the Cayman Islands Monetary Authority and by the Financial Market Authority of Liechtenstein. (Source: Institutional Yield: Legal Structure, KMNO Token, Kamino Names Yieldstreet Co-Founder Michael Weisz as CEO, Establishes New York Headquarters)

(b) IP ownership & control

Not applicable, because Kamino has no primary foundation entity. No foundation-held repositories, code, trademarks, licence terms or subsidiary entities have been disclosed. (Source: Institutional Yield: Legal Structure, Kamino Security)

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

Not applicable, because Kamino has no primary foundation entity, and there is no DAO for a foundation to hold powers over. Kamino has disclosed no foundation authority over treasury actions, protocol-controlled resources, token administration or reward parameters, and no method or threshold for exercising any such authority. (Source: Institutional Yield: Legal Structure, KMNO Token, Kamino Governance Forum: About the Governance Category)

(d) Powers over DevCo

Not applicable, because Kamino has no primary foundation entity, so no relationship between a foundation and the development organization has been disclosed. (Source: Institutional Yield: Legal Structure, Kamino Names Yieldstreet Co-Founder Michael Weisz as CEO, Establishes New York Headquarters)

(e) Contract/admin powers

Not applicable, because Kamino has no primary foundation entity. Separately, Kamino's documentation does not state who holds upgrade or pause authority over its onchain programs; as of 2026-10-06, the onchain record shows Kamino Lend, Kamino Vaults and Kamino Farms upgradeable only through Squads v4 multisigs requiring 5 of 10 signers with a 24-hour timelock, with no foundation involved (Kamino Lend on Solscan, Squads Multisig 6hhB). (Source: Kamino Security, Institutional Yield: Legal Structure)

(f) Current economic arrangements and distribution policies

Not applicable, because Kamino has no primary foundation entity. No KMNO allocation, fee stream, treasury allocation or reward flow to a foundation has been disclosed; the KMNO distribution table names only Community and Grants, Key Stakeholders and Advisors, Core Contributors, Liquidity and Treasury, and the Genesis allocation. (Source: KMNO Token, Institutional Yield: Legal Structure)

(a) Entity

A primary development organization exists and is publicly identified as Kamino, also referred to as Kamino Finance, which announced the appointment of a chief executive officer and the establishment of a New York headquarters on 2026-09-15. Kamino has not publicly disclosed the legal entity name, the entity type or the jurisdiction of incorporation of that organization. The only legal entities described anywhere in Kamino's documentation are product-level and unnamed: a standalone single-purpose special purpose vehicle for the Institutional Yield product family, and vault-specific lending operations approved and supervised by the Cayman Islands Monetary Authority for Commodity Yield and by the Financial Market Authority of Liechtenstein for Digital Assets Yield, each subject to monthly attestation by an independent accounting firm. (Source: Kamino Names Yieldstreet Co-Founder Michael Weisz as CEO, Establishes New York Headquarters, Institutional Yield: Legal Structure)

(b) IP ownership & control

Kamino Lend has been open source since its inception, and Kamino publishes the Borrow/Lend, Earn Vaults, Limit Orders and Scope Oracle repositories under its public GitHub organization. Kamino has not publicly disclosed which legal entity owns those repositories, the Kamino trademark or brand, what licence terms apply to the code, or whether any subsidiary entities of the development organization exist. (Source: Kamino Security, Kamino Names Yieldstreet Co-Founder Michael Weisz as CEO, Establishes New York Headquarters)

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

There is no DAO for the development organization to hold powers over. Kamino has not publicly disclosed what powers its development organization holds over treasury actions, protocol-controlled resources, token administration or reward parameters, nor the method or threshold for exercising them. The documentation does disclose that Lending Vaults are operated by external curators, with 17 active vaults operated by 8 curators as of the end of Season 4, and that Kamino sets reward program sizes and vesting structures directly, having allocated up to 100,000,000 KMNO across the three months of Season 5. (Source: Kamino: Season 4 Vesting & Retrospective, Introducing: Kamino Season 5, Kamino Governance Forum: About the Governance Category)

(d) Powers over Foundation

Not applicable, because Kamino has no foundation entity, so there is no relationship between the development organization and a foundation to describe. (Source: Institutional Yield: Legal Structure, Kamino Names Yieldstreet Co-Founder Michael Weisz as CEO, Establishes New York Headquarters)

(e) Contract/admin powers

Kamino has not publicly disclosed whether its development organization controls the keys behind upgrade, pause or governance-executor authority over its programs. As of 2026-10-06, the onchain record shows that the upgrade authority of the Kamino Lend and Kamino Vaults programs is the vault of Squads v4 multisig 6hhBGCtmg7tPWUSgp3LG6X2rsmYWAc4tNsA6G4CnfQbM, and that of the Kamino Farms program is the vault of Squads v4 multisig 5HzXCm7omo3M7sX5nC4XcAxcTXEC22UHegB1hQiRvbfk; both multisigs require 5 of the same 10 signers, enforce a 24-hour timelock and have no separate configuration authority, and their signers are not publicly identified; the Kamino Lend main market is owned by the vault of Squads v4 multisig 7idEEVRidWrahZJhxXMqniDbV6ESj7ZjyLrigcMcEt6H, which requires 4 of 10 signers with a 12-hour timelock and can change every market setting, including reversing any emergency-council pause. The Scope and Limit Orders programs have separate upgrade authorities, 4R33WT7isNgzALNyvpZKiZQARtZNAXarWB3prUbPkXX7 and E4NYRj51oRgZpVNJFhX8fF7KThy3ukwd57Tc31iQ8rCs, whose controllers have not been publicly identified (Kamino Lend on Solscan, Squads Multisig 6hhB, Squads Multisig 5HzX, Squads Multisig 7idE, klend Lending Market Handler). What is disclosed is that verifiable builds are published for Kamino Lend, Kamino Vaults and Kamino Farms so deployed bytecode can be matched to the open-source code. (Source: Kamino Security, Kamino Governance Forum: About the Governance Category)

(f) Current economic arrangements and distribution policies

The disclosed economic arrangements are token allocations rather than revenue arrangements. Key Stakeholders and Advisors hold 35% of total supply and Core Contributors 20%, each subject to a 12-month lockup followed by a 24-month linear vest, with those unlocks having begun in May 2025. A further 35% sits in Community and Grants, described as builder grants and community incentives managed by the Kamino treasury, and 10% in Liquidity and Treasury, described as used to grow KMNO liquidity across platforms. Kamino has not publicly disclosed any governance-approved, contractual or programmatic mechanism by which protocol fees, interest revenue, curator fees or treasury assets are directed to the development organization, its equityholders or its contributors. (Source: KMNO Token, The DeFi Report: The Watch List — Kamino Finance)

(a) Launch supply totals

The total supply of KMNO is 10,000,000,000 tokens on Solana. The token generation event occurred on 2024-04-30, with an initial circulating supply of approximately 1,000,000,000 KMNO, or approximately 10% of total supply, leaving approximately 9,000,000,000 KMNO, or approximately 90% of total supply, locked, unvested or held in treasury and grant allocations at launch. (Source: KMNO Token)

(b) Recipient categories & use of funds

The allocation is Community and Grants 35%, described as builder grants and community incentives managed by the Kamino treasury; Key Stakeholders and Advisors 35%, subject to a 12-month lockup then a 24-month linear vest; Core Contributors 20%, subject to the same 12-month lockup then 24-month linear vest; and Liquidity and Treasury 10%, described as used to grow KMNO liquidity across platforms. Within the Community and Grants allocation sits the Genesis allocation of 7.5% of total supply, distributed at the token generation event to existing platform participants. (Source: KMNO Token)

(c) Initial price per token (if applicable)

Kamino set no initial price per token for KMNO. There was no public token sale at launch: the token launched via a genesis distribution event on 2024-04-30 in which 7.5% of total supply was distributed to existing platform participants, and price was set by the market thereafter. Kamino has published no offering price, no valuation and no per-token price for any prior distribution. (Source: KMNO Token, Kamino: Season 2 Distribution)

(d) Ticker / market symbol

The native token is KMNO, issued on Solana. (Source: KMNO Token)

(e) Total supply & supply regime

Total supply is 10,000,000,000 KMNO. Kamino's token documentation states the total supply as a fixed figure and describes no mint, burn, inflation or deflation mechanism, and no emission schedule beyond the distribution buckets and the season reward programs drawn from them. Onchain, the KMNO mint has no mint authority and no freeze authority, so no further KMNO can be minted; as of 2026-10-06, onchain supply is approximately 9,999,956,755 KMNO, slightly below 10,000,000,000 because of holder-initiated burns through the standard token program, and Kamino has disclosed no protocol burn mechanism (KMNO Mint on Solscan). (Source: KMNO Token)

(f) Initial vesting / release schedules

Key Stakeholders and Advisors, at 35% of total supply, are subject to a 12-month lockup followed by a 24-month linear vest, and Core Contributors, at 20% of total supply, are subject to the same 12-month lockup followed by a 24-month linear vest; those unlocks began in May 2025, twelve months after the April 2024 token generation event. The Genesis allocation of 7.5% of total supply was distributed at the token generation event with no lockup. Kamino's documentation states no fixed release schedule for the remainder of the Community and Grants allocation or for the Liquidity and Treasury allocation, and instead directs readers to the governance forum for the latest information on KMNO distribution and vesting; in practice those tokens have been released through discrete season reward programs, each with its own announced size and vesting structure. (Source: KMNO Token, The DeFi Report: The Watch List — Kamino Finance, Introducing: Kamino Season 5)

Planned but not yet executed airdrop

Partly applicable, because the reward-season program is ongoing rather than closed. Season 5 allocates up to 100,000,000 KMNO across a three-month duration and, like Season 4, pays Lending Vault depositors and borrowers in vested KMNO rather than at claim, so a portion of that allocation remains to be released; further seasons are contemplated under the same program. Kamino has published each season's total allocation, eligibility surface and point mechanics in advance on its governance forum, and the target segments and allocation methods for the current season are set out under (b) below. Kamino has not committed to publishing a recipient wallet list in a public channel, or to providing one to Blockworks quarterly, for the seasons that remain to be distributed. (Source: Introducing: Kamino Season 5, Kamino: Season 4 Vesting & Retrospective)

Executed airdrop

This is the applicable branch. A genesis distribution at the token generation event was followed by five reward seasons, each of which distributed KMNO against recorded platform activity rather than against a purchase.

Per-address source. No per-address source has been published for any season. For each season Kamino publishes an in-app allocation checker that returns a connected wallet's own allocation, as it did for Season 3, which discloses an amount to the individual recipient but does not expose the recipient set; Kamino has published no CSV, TSV or JSON allocation file, no Dune table, no full Merkle dump, no GitHub repository file embedding per-address allocations, and no RPC endpoint exposing per-address claim or amount data for any season. The governance posts do publish each season's total allocation, the wallet counts for Seasons 1 and 4, and the point formula in enough detail to describe how an allocation was derived, so the published record establishes the method and the aggregate but does not allow the recipient list or any individual allocation to be reconstructed from public data.

Covered user segments and allocation method. The Genesis allocation distributed 7.5% of total supply at the token generation event to existing platform participants. Season 1 distributed 750,000,000 KMNO, or 7.5% of total supply, to over 250,000 wallets. Season 2 distributed 350,000,000 KMNO, or 3.5% of total supply, linearly according to points earned in Season 2, with points earned for protocol usage and boosted by staking KMNO, which earned 3 points per day per staked token and produced a total boost of over 75% by the end of the season. Season 3 distributed a further 350,000,000 KMNO, or 3.5% of total supply, again allocated linearly based on each user's share of total points earned, with stakers able to accrue over 200% staking boost. Season 4 moved away from points and rewarded Lending Vault depositors directly in vested KMNO, with 88.38M KMNO vesting across 15,279 users over six months on an exponential curve under which early claimants forfeit a portion of their rewards to a bonus pool distributed to users who complete the full vest. Season 5 extended the reward surface to additional Lending Vaults and to borrowing positions, allocating up to 100,000,000 KMNO across a three-month duration under the same vesting model, with the staking boost acting as a USD value multiplier that starts at a default 3% and accrues 0.1% for each day staked. (Source: KMNO Token, Kamino: Season 2 Distribution, Kamino: Season 3 Distribution, Kamino: Season 4 Vesting & Retrospective, Introducing: Kamino Season 5)

No airdrop planned or conducted

Not applicable, because airdrops were conducted. Kamino has executed a genesis distribution and five reward seasons as described above, so the project cannot state that it has never conducted one. (Source: KMNO Token)

Kamino has not named any market maker engaged in respect of the KMNO token, has not disclosed any token allocation or loan made to a market maker, has not disclosed the duration or term of any market-making agreement, and has not labelled the financial vehicle used in any such arrangement. The only related disclosure in Kamino's token documentation is an undifferentiated Liquidity and Treasury allocation of 10% of total supply, described as used to grow KMNO liquidity across platforms. (Source: KMNO Token)

• Market Maker Name: Kamino has not publicly disclosed the name of any market maker engaged in respect of the KMNO token. KMNO Token
  • Token Allocation Committed: Kamino has not publicly disclosed any token allocation or loaned amount committed to a market maker; the only related disclosure is an undifferentiated Liquidity and Treasury allocation of 10% of total supply, described as used to grow KMNO liquidity across platforms. KMNO Token
  • Term Duration: Kamino has not publicly disclosed the duration or term of any market-making agreement. KMNO Token
  • Structure Name: Kamino has not publicly disclosed the name or type of the financial vehicle used in any market-making agreement, such as a loan, option or call, or retainer model. KMNO Token

KMNO trades on numerous centralized and decentralized venues, and Kamino has published no listing agreement with any of them. No KMNO allocation to an exchange appears in Kamino's token documentation, no listing lockup, liquidity program or incentive program tied to a venue has been disclosed, and trading at every venue is organic rather than contracted. The only related disclosure in Kamino's token documentation is an undifferentiated Liquidity and Treasury allocation of 10% of total supply, described as used to grow KMNO liquidity across platforms, which is not attributed to any named venue. Where an exchange has published its own listing terms, those terms are set out below. (Source: KMNO Token, Kamino Finance (KMNO) Gets Listed on KuCoin, OKX to list KMNO (Kamino Finance) for spot trading)

• Exchange Name: KuCoin, spot trading opened 12:00 on April 30, 2024 UTC against the KMNO/USDT pair, with deposits on the SOL-SPL network effective immediately and withdrawals from 10:00 on May 1, 2024 UTC. Kamino Finance (KMNO) Gets Listed on KuCoin
  • Token Allocation Committed: None disclosed. Neither Kamino nor KuCoin states that any KMNO allocation was supplied or committed for this listing, and the announcement records no project allocation.
  • Term Duration: Not applicable. Neither party disclosed a listing lockup, liquidity program or incentive program; the listing is open-ended organic trading.
  • Native Token Listing Fees: None disclosed. The KuCoin announcement states no listing fee, and Kamino has published no native-token listing fee, amount, recipient, vesting or lock term tied to the listing.
• Exchange Name: OKX, spot trading opened 3:00 am UTC on May 30, 2025 against the KMNO/USDT pair, with deposits from 10:00 am UTC on May 29, 2025. OKX to list KMNO (Kamino Finance) for spot trading
  • Token Allocation Committed: None disclosed. Neither Kamino nor OKX states that any KMNO allocation was supplied or committed for this listing, and the announcement records no project allocation.
  • Term Duration: Not applicable. Neither party disclosed a listing lockup, liquidity program or incentive program; the listing is open-ended organic trading.
  • Native Token Listing Fees: None disclosed. The OKX announcement states no listing fee, and Kamino has published no native-token listing fee, amount, recipient, vesting or lock term tied to the listing.
• Exchange Name: All other centralized venues listing KMNO, and all decentralized pools quoting it on Solana.
  • Token Allocation Committed: None. Kamino has committed no KMNO allocation for listing at any other venue; the Solana pools quoting KMNO are permissionless and are created and funded by third-party liquidity providers.
  • Term Duration: Not applicable. Kamino has entered into no listing lockup, liquidity program or incentive program with any other venue, so no term exists to state.
  • Native Token Listing Fees: None. Kamino has paid no native-token listing fee to any other venue, and has disclosed no amount, recipient, vesting or lock term tied to any listing. (Source: KMNO Token, Kamino Finance (KMNO) Gets Listed on KuCoin, OKX to list KMNO (Kamino Finance) for spot trading)

• Series Name: Kamino conducted no prior token sale, so no series name exists; KMNO was distributed through a genesis event on 2024-04-30 to existing platform participants rather than sold. KMNO Token
  • Investment Vehicle: Kamino used no investment vehicle for a token sale, because no token sale took place, and Kamino has not publicly disclosed whether any early-stage investment instrument such as a SAFT, SAFE, SAFE plus token warrant or STAMP was used in its venture rounds. KMNO Token
  • Date Of Sale: Not publicly disclosed, because Kamino has disclosed no token sale and has published no round-by-round fundraising table of its own. The DeFi Report: The Watch List — Kamino Finance
  • Number of tokens sold: Not publicly disclosed; Kamino has not stated a number of tokens attributable to any investor round, and its distribution table groups investors together with advisors in a single 35% Key Stakeholders and Advisors bucket. KMNO Token
  • Vesting Schedule: Tokens in the Key Stakeholders and Advisors bucket, at 35% of total supply, are subject to a 12-month lockup followed by a 24-month linear vest, with those unlocks having begun in May 2025. KMNO Token
• Series Name: Kamino has not publicly disclosed any material over-the-counter sale to investors or any discounted sale to a market maker. KMNO Token
  • Investment Vehicle: Not applicable, because no such sale has been disclosed.
  • Date Of Sale: Not applicable, because no such sale has been disclosed.
  • Number of tokens sold: Not applicable, because no such sale has been disclosed.
  • Vesting Schedule: Not applicable, because no such sale has been disclosed.

Kamino has raised venture capital rather than selling tokens: independent research reports that Kamino has raised $18.6 million across three rounds, with notable investors including Multicoin Capital, Delphi Ventures, ParaFi Capital, DeFiance Capital, CMS Holdings and Alliance DAO. Kamino itself has not published the dates, amounts, instruments, valuations or per-round token allocations for any of those rounds, and its own documentation makes no reference to them, so the figures above rest on third-party reporting rather than project disclosure. (Source: The DeFi Report: The Watch List — Kamino Finance, KMNO Token)

(a) Date & component affected

No exploit or security incident affecting protocol funds has occurred as of 2026-09-28. Kamino states that it has been live in production for three years without incident and has operated since November 2023 with $0 bad debt across every market condition. There is therefore no incident date, chain or affected component to report. The protocol's onchain components are the Kamino Lend program at KLend2g3cP87fffoy8q1mQqGKjrxjC8boSyAYavgmjD, the Kamino Vaults program at KvauGMspG5k6rtzrqqn7WNn3oZdyKqLKwK2XWQ8FLjd, the Kamino Farms program at FarmsPZpWu9i7Kky8tPN37rs2TpmMrAZrC7S7vJa91Hr, the Limit Orders program and the Scope oracle aggregator, all on Solana. (Source: Kamino Security, Kamino Risk: Framework & Track Record)

(b) Exploit vector summary

There is no exploit vector to summarize, because no exploit affecting protocol funds has occurred. For completeness, Kamino has publicly documented two market stress events that are risk events rather than exploits: the correction of 2025-10-10, in which SOL fell 14% from $207 to $177 within an hour amid a broader $20 billion liquidation cascade across crypto, and the correction of 2026-02-05 to 2026-02-06, in which SOL fell 18% from $92 to $76, ETH fell approximately 15% from $2,148 to $1,832 and JLP fell approximately 10% from $3.83 to $3.43 over 48 hours. In both cases the cause was external price movement triggering liquidations, not a vulnerability in Kamino's code. (Source: Kamino Lend, Risk Event Analysis: 10th of October 2025, Kamino Risk Event Analysis: Feb 5-6, 2026)

(c) Quantified impact

No protocol funds were lost to any exploit and no bad debt has ever been incurred. In the 2025-10-10 event, $20 million in collateral was liquidated across Kamino markets, around 1,700 wallets were impacted, and total user losses were $260 thousand, with zero bad debt. In the 2026-02-05 to 2026-02-06 event, 55,649 liquidations seized $19.36 million in collateral from 30,030 wallets, again with zero bad debt. Across all five significant stress events Kamino has recorded since February 2025, comprising $4.1 million, $22.1 million, $16 million, $20 million and $19.36 million in liquidations respectively, bad debt has been $0 in every case. (Source: Kamino Lend, Risk Event Analysis: 10th of October 2025, Kamino Risk Event Analysis: Feb 5-6, 2026, Kamino Risk: Framework & Track Record)

(d) Remediation/response taken

No incident remediation has been required. Kamino's disclosed security response is preventative and layered: the code is open source, with the Borrow/Lend, Earn Vaults, Limit Orders and Scope Oracle repositories published; 18 external audits have been completed by 5 auditors with 0 critical vulnerabilities found; 4 formal verifications have been completed, being OtterSec on Kamino Lend dated 2025-10-06 and Certora on Kamino Earn Vaults dated 2025-06-27, on Kamino Lend dated 2025-05-13 and on Kamino Limit Orders dated 2025-02-21; Ackee Blockchain published a Kamino Lend fuzz test report dated 2025-09-22; the Scope oracle aggregator draws on Chainlink, Pyth Network, Switchboard, Redstone and Kamino Scope and has recorded 8 audits, $19.33 billion of volume processed and 0 oracle exploits; and verifiable builds are published so deployed bytecode can be matched to the open-source code. During the liquidation events themselves, the response came from the liquidation engine and a network of more than 110 active liquidators, which processed both events without bad debt. (Source: Kamino Security, Kamino Lend, Risk Event Analysis: 10th of October 2025)

(e) Current status

There is no open, litigated or under-investigation incident. Both documented market stress events were fully resolved at the time, with all liquidations processed and zero bad debt generated, and Kamino published a retrospective analysis of each to its governance forum. Kamino notes that it does not operate a protocol-level insurance fund, stating that its $0 bad debt track record reflects the effectiveness of its risk framework and protocol safeguards rather than a backstop fund. (Source: Kamino Lend, Risk Event Analysis: 10th of October 2025, Kamino Risk Event Analysis: Feb 5-6, 2026, Kamino Risk: Framework & Track Record)

(f) References (optional)

The primary published references are Kamino's security page documenting its audits, formal verifications, fuzzing and verifiable builds, its risk framework and track record page documenting the five stress events, and the two governance-forum risk event analyses for 2025-10-10 and for 2026-02-05 to 2026-02-06. Kamino has published no exploit post-mortem or security advisory, because no exploit has occurred. (Source: Kamino Security, Kamino Risk: Framework & Track Record, Kamino Lend, Risk Event Analysis: 10th of October 2025, Kamino Risk Event Analysis: Feb 5-6, 2026)

(a) Regulatory, Legal & Tax Risks

Impact of regulatory change on TGE and listings

KMNO's token generation event took place on 2024-04-30 through a genesis distribution to existing platform participants rather than a sale, so there was no offering to which securities-offering rules would attach in the ordinary course. The forward-looking exposure is different in character: Kamino's Institutional Yield product family routes depositor capital through a special purpose vehicle into lending operations that are approved and supervised by financial regulators, specifically the Cayman Islands Monetary Authority and the Financial Market Authority of Liechtenstein, and Kamino itself identifies regulatory action against a lending operation, under which the supervising regulator could suspend or revoke that operation's approval and potentially freeze operations, as a live risk. A change in law or in exchange policy in a jurisdiction where KMNO trades could restrict or end trading of the token on that venue, and a change in the regulatory treatment of tokenized credit could restrict the products that give the token its reward-boost utility. (Source: KMNO Token, Institutional Yield: Legal Structure, Institutional Yield: Risks)

Entity-level regulatory impact

Kamino has not publicly disclosed the legal entity name, entity type or jurisdiction of incorporation of its development organization, nor of any foundation, and has disclosed no licence, registration or authorisation held by it in any jurisdiction. The entities it does describe are unnamed and product-level: a standalone single-purpose special purpose vehicle for Institutional Yield, and vault-specific regulated lending operations subject to ongoing supervision, reporting of loan positions and collateral status, and monthly attestation by an independent accounting firm. In September 2026 Kamino announced a chief executive officer and a New York headquarters to lead United States and institutional expansion, which increases its exposure to United States regulation. Because the entity structure above the product level is undisclosed, tokenholders cannot assess from public sources which entity would bear a regulatory action, what it would be licensed to do, or how an enforcement action against it would affect the protocol or the token. (Source: Institutional Yield: Legal Structure, Kamino Names Yieldstreet Co-Founder Michael Weisz as CEO, Establishes New York Headquarters, Institutional Yield: Risks)

Tokenholder tax treatment

Kamino has not published guidance on the tax treatment of KMNO for tokenholders. Its terms and conditions are referenced from the security documentation but are served as a client-rendered page and contain no tax guidance retrievable from public documentation. The tax characterisation of the events that produce KMNO for a holder is unsettled and differs by jurisdiction: the 2024 genesis distribution and the Season 1 to Season 3 point-based distributions were airdrops, while Season 4 and Season 5 rewards vest over six months on an exponential curve with an early-claim forfeiture, so the timing of receipt, the amount received and the character of the gain may each be treated differently depending on the holder's jurisdiction. Tokenholders are responsible for determining their own tax position and should consult their own advisers. (Source: KMNO Token, Kamino: Season 4 Vesting & Retrospective, Introducing: Kamino Season 5)

Jurisdictional and user access restrictions

Kamino has not published a restricted-jurisdictions list or a geographic access policy in its public documentation, and its terms and conditions page is served as a client-rendered application whose text is not retrievable from public documentation, so no jurisdictional eligibility criteria, sanctions screening policy, VPN policy or access-termination policy can be reported. What Kamino does disclose is that participation in an Institutional Yield vault does not constitute a bank deposit and is not covered by any government-backed deposit protection or insurance scheme, that no rate of return or capital preservation is guaranteed, and that the depositor's legal relationship is with the special purpose vehicle under a loan agreement that characterises the loan as unsecured. Because the access policy is not published, users cannot determine from public sources whether their jurisdiction is eligible or on what basis access could be withdrawn. (Source: Institutional Yield: Risks, Kamino Security)

(b) Protocol, Technology & Security Risks

Bugs and design flaws

Kamino's stack spans several components, each with its own failure surface, and Kamino itself enumerates them: smart contracts, comprising Kamino Lend and the peripheral contracts; the frontend, comprising the Kamino app, web UI and client libraries; middleware, comprising the API, databases and cron jobs; risk monitoring, comprising the risk dashboard, risk consultants and risk curators; operational infrastructure, comprising cranks, bots, keepers and liquidators; and third-party dependencies, comprising libraries, oracles, exchanges and price feeds. Kamino notes that although only the smart contracts hold funds, all components play a role in overall security. The economically significant design risks are insolvency, in which a position becomes unhealthy and the liquidation cannot be profitably executed because the collateral token lacks the market liquidity to be sold without excessive slippage, with the resulting bad debt socialized among lenders; and illiquidity, in which borrowing demand drives a reserve to 100% utilization so lenders cannot withdraw until borrowers repay or new supply arrives. The Institutional Yield product adds off-chain failure modes that no smart contract can mitigate, including operational failure in loan origination or collateral monitoring, failure to liquidate promptly on borrower default, custodian insolvency, and the absence of any early redemption mechanism, with withdrawals beyond the instant liquidity buffer entering a FIFO queue resolved only as underlying loans mature. (Source: Kamino Security, Kamino Risk: Framework & Track Record, Institutional Yield: Risks)

Security measures and their limitations

Kamino's disclosed security measures are open-source code across the Borrow/Lend, Earn Vaults, Limit Orders and Scope Oracle repositories; 18 external audits by 5 auditors with 0 critical vulnerabilities; 4 completed formal verifications by OtterSec and Certora across Kamino Lend, Earn Vaults and Limit Orders; fuzzing by Ackee Blockchain; oracle redundancy through the Scope aggregator across Chainlink, Pyth Network, Switchboard, Redstone and Kamino Scope, with 8 audits, $19.33 billion of volume processed and 0 oracle exploits; liquidation stress testing; continuous market and protocol risk assessment through a published risk assessment framework and dashboard; and verifiable builds for Kamino Lend, Kamino Vaults and Kamino Farms. Kamino is explicit about the limits of these measures, stating that no single security measure is absolutely bulletproof, that not even the best engineers and auditors are guaranteed to foresee every possible attack vector, and in its own disclaimer that while it implements rigorous security measures, no system can be fully immune to risk. Three further limits follow from what is not disclosed or not held: Kamino Lend operates no protocol-level insurance fund, so a bad-debt event would be socialized among lenders rather than absorbed by a backstop; Kamino's documentation does not identify who holds upgrade authority over its programs, and although the onchain record shows that, as of 2026-10-06, Kamino Lend, Kamino Vaults and Kamino Farms are upgradeable through Squads v4 multisigs requiring 5 of 10 signers with a 24-hour timelock (Squads Multisig 6hhB, Squads Multisig 5HzX), the signers are not publicly identified, so tokenholders cannot fully assess key-management risk; and the audits cover the onchain programs rather than the frontend, middleware or the off-chain lending operations behind Institutional Yield. (Source: Kamino Security, Kamino Risk: Framework & Track Record, Institutional Yield: Risks)

(c) Token Economics, Unlocks & Incentive Risks

Critical economic assumptions

Approximately 10% of total supply was circulating at the token generation event, leaving approximately 90% to be released against demand that must grow to absorb it. The largest overhang is the 55% of total supply held by Key Stakeholders and Advisors at 35% and Core Contributors at 20%, both of which completed a 12-month lockup and began a 24-month linear vest in May 2025, so that supply continues to release through roughly April 2027. Beyond those buckets, the 35% Community and Grants allocation and the 10% Liquidity and Treasury allocation carry no published release schedule at all, and Kamino's own documentation directs readers to the governance forum for the latest information rather than to a fixed schedule; in practice those tokens have been released through successive discretionary season programs, most recently up to 100,000,000 KMNO in Season 5. The demand assumption is equally specific: the only documented function of KMNO is to boost the rewards APY on a user's Kamino positions, so demand for the token is a function of the size of the reward programs Kamino chooses to run and of the deposits those programs attract. Season 4 demonstrated both the strength and the fragility of that link, growing Lending Vault deposits from $80 million to a peak of $750 million, an increase of more than 800%, on the back of roughly 90 million KMNO in rewards. (Source: KMNO Token, The DeFi Report: The Watch List — Kamino Finance, Introducing: Kamino Season 5, Kamino: Season 4 Vesting & Retrospective)

Governance control over monetary policy and rewards

No tokenholder voting mechanism exists. Kamino's own governance forum states that more information on Kamino Governance will be released soon, and Kamino has published no proposal process, no voting venue, no quorum or threshold, and no onchain executor. In consequence every parameter that determines KMNO's monetary policy and reward flow is set unilaterally by the project: the size of each season's distribution, which Kamino has varied from 750,000,000 KMNO in Season 1 to 350,000,000 in Seasons 2 and 3, 88.38 million in Season 4 and up to 100,000,000 in Season 5; which products earn rewards, which Kamino narrowed to Lending Vaults in Season 4 and widened to include borrowing positions in Season 5; the shift from a points-based allocation to direct vested KMNO rewards introduced in Season 4; the vesting curve and the early-claim forfeiture that redirects forfeited rewards to a bonus pool; and the staking boost schedule, including the 3% default boost and the 0.1% per day accrual rate. Tokenholders have no disclosed right to direct treasury assets, to receive revenue distributions, or to approve or veto any of these changes. Risk parameters are likewise set outside tokenholder control, through Kamino's internal risk framework, external risk contributors and the 8 curators operating its Lending Vaults. (Source: Kamino Governance Forum: About the Governance Category, Kamino: Season 2 Distribution, Kamino: Season 3 Distribution, Kamino: Season 4 Vesting & Retrospective, Introducing: Kamino Season 5, Kamino Risk: Framework & Track Record)