June was a month of steady growth for Kamino, building on the momentum of May’s V2 rollout. Supply and debt grew in tandem, user engagement remained strong, and both interest generation and liquidations reflected an ecosystem operating with resilience and efficiency. Kamino’s core metrics remained stable: supply rose 4.3% to $3.7B and debt increased 3.5% to $1.5B, fueled by returning confidence and moderated by market volatility. Borrowers paid $8.8M in interest over the month, underlining sustained demand for leverage.
June also marked key milestones:
The launch of the Maple market, which quickly surpassed $70M in TVL.
Kamino Swaps passed $1B in cumulative trading volume.
The xBTC growth initiative launched, supporting BTC-native DeFi on Solana.
These developments reinforced Kamino's position as a leading credit layer on Solana, combining capital efficiency with continuous innovation.
1. Overview of Market Performance
Kamino closed June with steady protocol growth and a wave of ecosystem developments that deepened its position as the modular credit layer of Solana.
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Total Supply: $3.701B +4.3%
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Total Debt: $1.536B +3.5%
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TVL: $2.17B +4.9%
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Transaction Volume: $5.05B -1.4%
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Interest Paid: $8.8M -5.4%
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Liquidations: 1,651 +102.3%
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**Collateral Seized: **$4.65M +151.3%
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Distinct Wallets: 124,237 -0.6%
Activity remained high across markets. There was some market volatility in the second part of the month, which lead to a reduction in leverage. Stablecoins and SOL continue to dominate in size, while newer assets and incentive programs drove strategic growth across V2.
June saw major integrations and ecosystem milestones:
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Maple Market Launch (June 5): Kamino integrated SyrupUSDC via Chainlink CCIP in collaboration with Maple Finance. By the end of the month, Kamino’s Maple V2 market reached $75M TVL, powering two Multiply vaults and boosting user exposure to SyrupUSDC yields.
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xBTC Growth Initiative (June 20): Kamino launched xBTC on Solana in partnership with OKX. Over $150K in monthly rewards were allocated for borrowing/lending xBTC.
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Kamino Swap $1B Milestone (June 25): Kamino Swap surpassed $1B in volume, confirming strong product-market fit for fee-free on-chain execution on Solana.
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PT-kySOL/SOL Loop Reopened (June 17): Kamino onboarded kySOL-PT (Sep maturity) to the Exponent Market, activating the loop with 10,000 monthly JTO incentives.
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Development Activity: Throughout June, updates were pushed across Kamino’s core SDKs (e.g. klend-sdk, farms-sdk, kliquidity-sdk), several releases were pushed for Klend and Kamino Scope integrating new oracles and price feeds reflecting active protocol improvement.
These initiatives reflect Kamino’s accelerating momentum as it scales toward a more flexible, capital-efficient, and integrated DeFi credit layer on Solana.
2. Supply, Borrowing & Revenue Trends
Kamino continued its growth trajectory in June, with total protocol supply rising to $3.7 billion (+ 4.3%) and debt reaching $1.5 billion (+ 3.5%). This marks a stable continuation following May’s V2 rollout, maintaining a healthy balance between user deposits and leveraged positions.
The Main Market remained Kamino’s anchor, ending June with $2.6B in supply and $1.1B in debt, accounting for over 70% of protocol-wide supply.
Other notable market trends include:
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JLP grew modestly to $558 million in supply and $185 million in debt, showing signs of renewed competitiveness.
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Jito closed the month at $269 million in supply and $131 million in debt, slightly down from May as newer vaults captured more user interest through incentives.
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Maple launched this month and climbed sharply to $73.8 million in supply, validating SyrupUSDC’s cross-chain integration and the early performance of Multiply vaults.
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V2 markets like Marinade, Exponent, and Sanctum showed steady adoption. Exponent in particular reached $35.9 million in supply and $18.7 million in debt, with Principal Token-based strategies attracting sticky usage.
At the asset level, SOL saw the strongest inflows with $65 million added, followed by cbBTC at $53 million and SyrupUSDC at $43 million.
Meanwhile, several LSTs experienced notable outflows, with JitoSOL down $51 million, JupSOL down $41 million, and ezSOL down $14 million. The growth of SyrupUSDC underscores early momentum behind Kamino’s Chainlink-powered cross-chain initiatives with Maple Finance.
On the borrowing side, USDC led with over $50 million in new debt, followed by USDG and SOL. Borrowing activity in assets like JitoSOL and EURC declined, reflecting shifting incentive dynamics and reallocation across markets.
Kamino V2 Markets & Vaults
Kamino Lend V2, launched on May 22, continued to scale rapidly through June, validating its modular architecture for isolated risk markets and vault-based liquidity routing. V2 enables programmable market creation, collateral flexibility, and vault-native capital allocation: all designed to support more granular, composable credit layers on Solana.
By the end of June, over $282 million had been supplied to V2 markets, with $108 million borrowed, representing a supply-to-debt ratio of 266%. The user base included nearly 3,000 suppliers and 1,200 borrowers. Average V2 deposit size was $95.6k, while the average borrower position stood at $91.6k: showing healthy, active adoption at scale.
On the vault side, Kamino ended June with $67 million (+19m MoM) deposited across 15 vaults, with 45% SOL and five major stable assets: USDC, USDG, USDS, and USDT. In June alone, vaults generated $275k of interests to the 2,000 suppliers.
The top vaults are:
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USDC Prime curated by Steakhouse Finance with $20M supplied by 500 users. This vault supplies to the 2 Kamino core market: Main and JLP.
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MEV Capital SOL with $17M supplied by 300 suppliers. This vault lends exclusively to the Exponent market.
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**Allez SOL **with $12M supplied by 1000 users. This vault lends to the Main, Jito, Marinade, Solblaze, Sanctum & Exponent markets.
**3. Kamino Stable Dollar & SOL **
June delivered continued depth across Kamino’s core markets. SOL-denominated lending remained the protocol’s backbone, reaching new highs this month. Stablecoin markets saw strong inflows and utilization improvements, led by rising activity in USDG and new vault-driven strategies.
SOL Markets
SOL markets continued to grow steadily in May:
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SOL supply increased to 6.75M +427K MoM
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SOL debt expanded to 5.75M +28K MoM
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Utilization reduced slightly to 85.2% -5%
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Supply and borrow rates declined slightly to 5.20% and 7.18%
The Main Market continued to dominate with 5.44 million SOL supplied and 4.65 million borrowed, accounting for over 80% of all SOL positions. V2 markets like Marinade, Exponent, and SolBlaze added incremental capacity, with strong growth and high capital efficiency.
Overall, SOL remained the most borrowed and supplied asset on Kamino, with activity evenly spread across legacy and modular markets. As vault dynamics and reward schemes continue to evolve, LST-related flows are likely to remain a key lever for user engagement.
Kamino Stable Dollar Markets
Stablecoin markets bounced back from May’s slight contraction. :
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Kamino Dollar supply rose to $696M +$31.6M MoM
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Debt increased to $591M +$62M MoM
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Utilization climbed to 85% +5%
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Borrow rate rose to 9.8% +1.9%
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Supply rate rose slightly to 6.6% +2%
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High rate variability driven by ongoing USDG Supply/Withdraw activity from a large supplier
Stable supply grew notably in USDC and USDG, while borrowing activity was led by USDC (+$50 million) and USDG (+$18 million). USDS and other long-tail stablecoins showed outflows, indicating a concentration of risk and demand in the most liquid and incentivized assets.
Overall, June reflected a more balanced and capital-efficient market profile across both SOL and stables, with Kamino’s vault layer playing a growing role in shaping flows and utilization.
4. Transaction Volume and User Behavior
Kamino processed $5.05 billion in total transaction volume during June, reflecting a relatively stable month with a slight decline from May’s $5.12 billion. While topline volumes dipped marginally, market activity remained healthy and diversified, with increased participation across newer V2 markets.
Breakdown by transaction type:
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Deposits: $1.98B +5.9% MoM
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Withdrawals: $1.99B +3.1% MoM
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Borrows: $569M –16.1% MoM
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Repays: $593M –8.5% MoM
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Liquidations: $4.65M +164% MoM
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Liquidated debt repaid: $4.41M +151% MoM
The Main Market remained dominant with $2.9B in volume, though this marked a decline of –11.9% from May’s $3.29B. Marinade saw a sharp increase, reaching $681M in volume, up from $239M, driven by LST vault demand and fresh incentive programs. Jito and JLP recorded $422M and $388M respectively, down from $626M and $831M.
Other V2 markets showed accelerating contributions:
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Maple: $301M
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Sanctum: $115M
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Exponent: $104M
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SolBlaze: $96M
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Bonk, Altcoin, Bitcoin, Fartcoin: each between $6M and $8M volume
5. Market Movements & Liquidations
Volatility remained moderate throughout June, though liquidation activity increased compared to the low levels seen in May. While most liquidations were contained to high-utilization markets, a few long-tail assets experienced sharper drawdowns.
Total collateral liquidated reached $4.6M, up from $1.9M in May, an increase of +144.7% MoM. Of that, $4.4M in debt was repaid through liquidations. SOL and JitoSOL again made up the majority of seized collateral, primarily paired with USDC and in the Main and Jito markets.
Kamino registered 1,651 liquidations across the month, up 102.4% MoM. This uptick corresponds with a rise in volatility. Kamino’s liquidator activity rose in June, with 59 active addresses.
Despite the increase in events, Kamino’s liquidation engine continued to function smoothly. Liquidator activity was broad and efficient, with no major bonuses required and no evidence of cascading liquidations or systemic concentration. The liquidation volume ratio remained extremely low at 0.18% of overall volume, highlighting strong protocol health.
6. Stress Testing
Portfolio risk across Kamino markets remained well-contained in June, even as user positions continued to cluster near liquidation thresholds in key markets like JLP and Main. Liquidation proximity was highest in JLP, where over 60% of accounts remain within 30% of their trigger point. By contrast, the Altcoin and Main markets saw broader collateral buffers and lower systemic risk.
New V2 markets, especially those centered around LSTs like Marinade and PT-based strategies, exhibited tighter liquidation margins but remain structurally more resilient. These markets benefit from strong correlations between supplied and borrowed assets, which reduce net exposure under price volatility.
In the event of a market shock, dominant collaterals SOL and JLP would be the first to face liquidation exposure. These assets are also the most liquid and composable on Solana, enabling graceful position unwinding with limited price impact. Trade size analysis shows low slippage and stable price impacts for large sizes across USDC–SOL pairs.
Total Collateral at Risk & Bad Debt Exposure (ceteris paribus):
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Should an instant 30% market drop occur, $182M in collateral could be liquidated (+2.8% MoM), potentially resulting in $3.5M in bad debt (+20% MoM)
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In a 60% crash scenario, liquidation exposure rises to $798M (+13% MoM), with potential bad debt reaching $103M (+14% MoM) under absolute worst case scenarios.
Despite steady protocol growth, modeled systemic risk decreased, underscoring the improved borrower behavior as volatility eased across May.
7. Conclusions & Risk Considerations
Kamino ended Q2 with strong momentum across its core and emerging markets. Protocol supply and debt reached new all-time highs, driven by deeper integration of V2 architecture and strategic asset growth in SOL, BTC, and USD stablecoins. Borrower behavior remained healthy, marked by increased repayments, active market rotation, and minimal stress.
Liquidations rose modestly from May's extremely low baseline but remained well-contained, while stress testing confirmed improved resilience across vaults and markets. Risk concentrations remained stable, vault participation expanded, and modular V2 deployment accelerated.
With its L2-inspired architecture and growing cross-chain integrations, Kamino is evolving into a full-stack, credit-native DeFi hub on Solana. Looking ahead, vault adoption, risk optimization, and new market launches will continue to define Kamino's growth trajectory into Q3.