Kamino Finance Reshapes Solana Decentralized Finance: Six New Products Launch and Detailed Explanation of 100 Million KMNO Incentives for Season Five

With the launch of the fifth season of Liquidity Mining, rewards of up to 100 million KMNO Tokens are being distributed to users participating in lending and staking.

As of December 23, according to data from the Gate trading platform, its governance Token KMNO's latest price is 0.04898 USD, making it one of the most关注ed DeFi assets in the Solana ecosystem.

01 Cornerstone of the Protocol: Automated and Integrated DeFi Solutions

Kamino Finance is a core decentralized finance protocol built on the Solana blockchain. Its core mission is to simplify and automate complex on-chain operations, integrating lending, liquidity provision, and leverage strategies into a unified product suite.

Unlike traditional DeFi protocols that require users to manually adjust, Kamino changes the game with its Automated Liquidity Vaults.

After users deposit assets, the protocol will automatically handle complex operations such as liquidity provision, asset rebalancing, and fee reinvestment, greatly lowering the participation threshold.

02 Core Engine: Detailed Explanation of Lending, Vaults, and Growth Strategies

Kamino's business model is primarily built around two core products: Kamino Lend and the Vault Strategy.

As one of the largest lending protocols on Solana, its market size reaches approximately $2 billion, earning the trust of core users through its security and robustness.

The treasury strategies provided by the protocol are particularly diverse, including:

• Concentrated Liquidity Vault: Offers an automated one-click compound strategy that initially made Kamino famous on Solana.
• Multiplying Vault and Long/Short Vault: Allow users to perform leveraged operations or hedge market risks.
• DIY Vault Creator: Provides advanced users with the flexibility to customize strategies.

03 Recent Updates: From New Product Matrix to V2 Blueprint

Kamino has been active recently, showing strong evolutionary momentum. At the Solana Breakpoint conference in December 2025, the co-founder unveiled a new brand image and six new products.

These six new products mark a key step for Kamino in transitioning from a DeFi protocol aimed at retail investors to a mature financial infrastructure serving a broader range of institutions.

• Fixed-rate lending: Provides interest rate certainty, FalconX has become its pilot borrower.
• Order Book Lending Model: Supports users in posting lending intentions to facilitate on-chain interest rate price discovery.
• Off-chain collateralized lending: By partnering with Chainlink and Anchorage Digital, institutions can keep collateral with compliant custodians while borrowing on-chain.
• Private credit products: Aimed at meeting the institutional financing needs supported by Bitcoin.
• RWA DEX: A decentralized exchange built for off-chain priced assets (such as fund shares based on net asset value).
• BuildKit Developer Suite: Provides APIs and SDKs that enable fintech companies and exchanges to use Kamino as a backend, easily integrating on-chain yield services.

At the same time, the highly anticipated Kamino Lend V2 version is also in the planning stage. It will adopt a modular design and support the creation of diverse markets without permission.

A key innovation is the introduction of the “vault layer,” which can create a single asset lending vault that automatically aggregates liquidity from various markets for each major Token, providing users with risk-adjusted optimized returns.

V2 will also improve the clearing mechanism by introducing “scam lantern protection” and an auction-based clearing system, aiming to reduce unnecessary liquidations and lower user losses.

04 Token Economy: The Utility and Incentive Program of KMNO

KMNO is the native governance Token of Kamino Finance, with a total supply of 10 billion coins. According to the latest data from the Gate platform on December 23, its circulating market cap is approximately 490 million USD.

Current market performance (data as of December 23, sourced from Gate trading platform):

• Current Price: 0.04898 USD
• 24-hour trading volume: approximately 17.24 million USD
• All-time high: 0.12165 USD

The core value of the Token is being strongly empowered through the fifth season of the Liquidity Mining program. This program lasts for three months and will allocate up to 100 million KMNO as incentives.

The incentive mechanism covers the bilateral market of the protocol:

• Depositors: Users who deposit stablecoins into the treasury can receive enhanced KMNO rewards. For example, the weekly rewards for the CASH Earn treasury have been increased to approximately 1.68 million KMNO.
• Borrowers: For the first time in history, borrowing rewards are introduced, with 4.5 million KMNO allocated weekly to eligible borrowing pairs (such as using SOL as collateral to borrow USDC) to stimulate lending demand and deepen market liquidity.

Users can also earn rewards multipliers by staking KMNO. The more you stake and the longer the duration, the higher the returns you will receive, which helps promote long-term holding and reduce the supply of tokens in circulation.

05 Outlook: Seizing Solana DeFi Opportunities on Gate

The roadmap of Kamino Finance clearly points to one goal: to become the core financial layer of the Solana DeFi ecosystem. Its new products are actively attracting institutional capital, while the blueprint for V2 is dedicated to building a more flexible, efficient, and user-friendly underlying protocol.

For users looking to find opportunities in the Solana DeFi space, participating in Kamino's Liquidity Mining is one of the direct ways to access its growth rewards. Users can earn KMNO rewards by participating in lending or providing Liquidity.

On the Gate trading platform, users can conveniently trade KMNO/USDT spot and perpetual contracts, tracking their price trends in real-time.

Kamino has evolved from an early automated Liquidity protocol to a core player in DeFi with a large lending market, an innovative product matrix, and grand upgrade plans, closely linked to the rise of the Solana ecosystem.

With the launch of new products and the advancement of the V2 version, Kamino is expected to play a more critical role in the next growth chapter of Solana DeFi.