# What is Kamino Finance? Solana's Leading Lending and Yield Protocol

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**Publisher:** Decentralized Finance Publication (https://decentralized-finance.io)
**Author:** Kaiser Khan
**Category:** Top DeFi Protocols
**Updated:** June 2026
**Trust:** Independent, ad-free editorial research. No display advertisements, no paid protocol coverage, no affiliate-driven rankings.

## Summary

Kamino Finance is a multi-product DeFi protocol on Solana offering: Kamino Lend (a lending and borrowing market comparable to Aave), Kamino Liquidity (automated concentrated liquidity management for Orca and Raydium CLMM pools), and Kamino Multiply (leveraged yield strategies). Kamino holds the most DeFi TVL on Solana outside of liquid staking, and its kTokens are widely used as collateral across the Solana ecosystem.

Kamino Finance launched in 2022 as an automated liquidity management protocol for Solana's concentrated liquidity DEXes. Since then, it has expanded significantly into full DeFi infrastructure — adding a lending market (Kamino Lend) and leveraged yield products (Multiply) to become Solana's most comprehensive DeFi platform.

## Kamino Lend — Solana's Aave

- Kamino Lend is a lending and borrowing market on Solana supporting SOL, USDC, USDT, JitoSOL, mSOL, and other major Solana assets
- Isolated markets and elevation tiers allow different risk profiles for different collateral types
- kTokens: LP positions in Kamino Liquidity can be used as collateral in Kamino Lend — a key composability feature that maximises capital efficiency
- Lending rates are competitive with Ethereum-based protocols in USD terms; Solana's speed allows rates to adjust more frequently

## Kamino Liquidity — Automated CLMM management

- Kamino automates concentrated liquidity management on Orca (Whirlpools) and Raydium (CLMM) — the two dominant AMMs on Solana
- Users deposit tokens; Kamino automatically sets and rebalances the price range as prices move, ensuring the position stays active and earning fees
- Strategy types: Narrow (highest fees, frequent rebalancing), Wide (lower fees, less rebalancing), and Stable (for correlated asset pairs)
- kTokens: Receipt tokens representing your LP share, which can be staked in Kamino Lend as collateral

## Kamino Multiply — Leverage strategies

- Multiply allows one-click leveraged yield: e.g., deposit SOL and loop borrow JitoSOL → supply → borrow → buy more JitoSOL multiple times to amplify the staking yield spread
- This is the Solana equivalent of recursive lending strategies on Aave/Euler on Ethereum, but with an automated user interface
- Risk: Leveraged positions face liquidation if collateral values fall. Health factor monitoring is critical.

## KMNO token

The KMNO governance token was airdropped to early Kamino users in 2024 and is used for protocol governance. Staking KMNO provides a share of protocol fee revenue from all Kamino products, making it a claim on a genuinely revenue-generating DeFi protocol.

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