KoinlyticsKamino Multiply added new leveraged yield strategies on Solana LSTs and stablecoins. The primitive: deposit JitoSOL (or one of several other approved collateral tokens), the vault borrows SOL against it on Kamino Lend, swaps to more JitoSOL, redeposits, and repeats to a preset leverage ratio. The user gets a single-position, single-transaction claim on levered LST yield. Liquidations, health factor management, and rebalancing are handled by the vault.
Why leveraged LST yield is a specific bet
Base JitoSOL yield sits around 7 to 8 percent APY. Leveraged 3x, gross yield goes to roughly 21 to 24 percent, before subtracting the SOL borrow rate on Kamino Lend (variable, currently much cheaper than the LST yield being earned). The trade works when the LST yield minus the borrow rate stays positive across the whole position's duration. It stops working the moment either the SOL borrow rate spikes or the LST underperforms its expected APR (validator slashing, MEV recovery drops, epoch missed).
The competitive frame on Solana
MarginFi and Solend offer the underlying primitives but not the packaged strategy. Drift Vaults offer leverage on perp positions but not on LSTs. Kamino owns the retail-friendly LST leverage market on Solana today because the UX collapses a five-step loop into one click and the risk-management (oracle sanity checks, dynamic health-factor targets, auto-deleveraging) is transparent onchain. This is a UX moat, not a technical one, but UX moats compound.
The portfolio angle
If you hold JitoSOL, Multiply is the highest-yield way to express the same directional view (long SOL staking rewards) with a defined liquidation buffer. If you supply SOL on Kamino Lend, Multiply positions are the borrow-side that pays your yield: more Multiply usage means higher SOL borrow rates, which is good for lenders and bad for existing Multiply positions.
What Koinlytics tracks: every Kamino position (Lend supply/borrow, Multiply, farms) with net APY, health factor, and liquidation price so a levered LST strategy is a set of live numbers instead of a hope-it-holds bet.