KoinlyticsKamino is Solana's Aave. In 2024-2025 it became the largest DeFi protocol on Solana by TVL, driven by efficient stablecoin loops and JLP-collateralized borrowing.
K-Lend
Standard lending market. Supply, borrow, health factor. eMode-equivalent (Efficiency Mode) lets you borrow up to 95% LTV between correlated pairs (USDC/USDT, JitoSOL/SOL). This is what makes leveraged stable loops profitable on Solana.
Multiply
One-click looping. Deposit stETH, pick target leverage (say 4x), Multiply does the deposit-borrow-deposit loop atomically. Same for JitoSOL/SOL, USDC/USDT, EthenaUSDe carry.
K-Vaults
Automated LP for Orca and Raydium. Deposit two tokens, Vault manages the range on your behalf. Fees + LM incentives compound automatically.
JLP collateral
Kamino accepts Jupiter's JLP (perps LP token) as borrowable collateral. This lets JLP holders borrow against their basket without selling, unlocking yield-on-yield strategies.
Risk parameters
Kamino uses per-asset LTV, liquidation thresholds, and interest rate curves that adapt to utilization. Their risk framework is arguably more conservative than Aave's for volatile assets, more aggressive for correlated pairs (which is where users want efficiency).
What to actually watch
- Oracle. Kamino uses Pyth + Switchboard. Fast markets have crashed oracles before; check redundancy.
- Multiply health factor. Auto-loops can be unwound during volatility.
- K-Vault range. Vault-managed ranges may not survive a big move; check the strategy's rebalance cadence.