Dhanda and Jain’s Statements

Jupiter COO Kash Dhanda admitted that social media posts claiming “zero risk” were inaccurate.

Dhanda said, “We said there was zero risk on social media, which wasn’t entirely correct. We deleted the post, but we should have issued a correction immediately.”

He also explained that the vaults are managed with their own rules, and a portion of the investments can be used in other operations. Fluid co-founder Samyak Jain confirmed that user funds are not completely separate but noted that each vault has its own limits, collateral ratios, and penalty rules. This ensures some level of protection but invalidates full isolation claims.

Rival Criticism and Community Concerns

Kamino co-founder Marius Ciubotariu criticized Jupiter Lend’s structure. On X, he wrote, “If you deposit SOL and borrow USDC, your SOL gets used in other positions. All the risk falls on you. There’s no isolation; risk spreads across investments.”

Ciubotariu also emphasized that “using the term ‘isolated’ this way is misleading,” noting that rehypothecation nullifies any isolation claims. Kamino blocked certain Jupiter tools to prevent misleading users and requested the migration tool to be fully two-way.

(Rehypothecation means deposited collateral or assets can be reused by the platform in other operations.)

An industry insider anonymously commented, “Claiming isolation while using funds elsewhere is a breach of trust.” This view reflects growing community concerns.

Key Takeaways:

• Some funds are reused in other operations

• Risk can spread to other investments

• Users may not fully understand the exposure

• Deleting previous posts reduced trust

• Rival and industry warnings highlight potential violations

Performance, TVL, and Future Plans

Jupiter Lend’s total value locked exceeds $1 billion. The protocol reported zero losses during the major market crash in October. Dhanda stated that each vault operates under its own rules and limits, generating yields through these mechanisms.

Ciubotariu countered, “The platform was only live for one month with few positions. It requires years of testing to call it ‘safe.’” Jupiter Lend offers loan-to-value ratios up to 90% and uses a “custom liquidation engine” to manage risk.

Jupiter plans to release additional documentation and an explanatory video after the Solana Breakpoint conference, aiming to increase user confidence and enhance security across the Solana ecosystem.

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Team and Background 

Kamino Finance was launched in 2022 by Hubble Protocol. The founding team includes Gonzalo Parejo Navajas (CEO), Rodrigo Perenha (CTO), Benjamin Gleason, and Gutemberg Fragoso. Henrique Netzka is responsible for product strategy and optimization within the leadership team. Kamino started as a spin-off from Hubble Protocol’s infrastructure. 

Investors and Partners 

In 2022, Kamino Finance raised approximately $6.1 million in a seed funding round from investors such as Clocktower Technology Ventures, Inspired Capital, Global Founders Capital, Picus Capital, Flourish Ventures, Propel Venture Partners, Norte Ventures, and Gilgamesh Ventures. 

Project Concept and Product Suite 

Kamino Finance’s mission is to make DeFi strategies user-friendly, automated, and efficient. Its product suite consists of four main components: 

Automated Liquidity Vaults: Participation in concentrated liquidity pools, automatic rebalancing of positions, auto-compounding of fees, single-sided deposits and withdrawals. Users receive yield-bearing kTokens, which can be used as collateral. 

K-Lend (Lending Platform): 

Peer-to-pool structure where users can borrow by posting collateral or lend assets to earn yield. 

• “Elevation Mode” allows more efficient borrowing with high collateral ratios. 
• “Poly-linear” interest rate curve for stable rate adjustments during volatility. 
• Advanced risk analysis tools and simulation dashboards. 

Multiply (Leveraged Liquidity Vaults): Allows users to increase liquidity positions with leverage. For example, deposit a yield-bearing asset like JitoSOL, borrow SOL, and open a leveraged position. Risk management is supported by features like auto-deleverage. 

Long/Short Vaults: Enables users to open long/short positions without directly purchasing the asset. Flash loans, collateral deposits, and repayments are automated by Kamino. 

Kamino Points and KMNO Token 

Kamino uses a Points system to boost user engagement. Users earn points for activities such as providing liquidity, borrowing, leveraging, and staking. These points determine eligibility for airdrops of the KMNO governance token. 

KMNO Token Utilities: 

• Governance: Voting on strategic protocol decisions. 
• Rewards: Supports user incentive programs. 
• Revenue Sharing: Participates in the distribution of protocol income. 
• Risk Management: Enables user participation in risk-related decisions. 

Token Allocation and Economics (Tokenomics) 

• Community & Grants: 35% 
• Genesis Community Allocation: 7.5% 
• Liquidity & Treasury: 10% 
• Core Contributors: 20% 
• Key Stakeholders & Advisors: 27.5% 

Roadmap and Future Plans 

Although Kamino does not have a detailed public roadmap, it operates under its “Road to $10B” strategy, aiming to become central to the Solana ecosystem and reach $10 billion TVL (Total Value Locked). The vision is built on four pillars: 

• Product Development: Expanding K-Lend into a robust lending infrastructure. 
• Community: Growing the user base through community contributions. 
• KMNO: Making KMNO central to governance processes. 
• Revenue: Reinvesting value generated on Solana back into the protocol. 
• Season-based reward systems (e.g., Season 4) continuously drive innovation and user-focused growth. 

Technical and Ecosystem Features

• Concentrated Liquidity (CLMM): Enhances capital efficiency by focusing liquidity within specific price ranges. 
• Automated Strategies: Positions are auto-rebalanced and yields auto-compounded. 
• kToken & Collateral Usage: kTokens represent yield and can be used as lending collateral. 
• Advanced Risk Management: Elevation Mode, poly-linear rates, and auto-deleverage mechanisms balance risks. 
• Cross-Chain & Analytics: Real-time position analysis tools; plans for Polygon support and Bitcoin L2 (Stacks) integration. 

Kamino Finance (KMNO) Token Info

• Total Supply: 9.99 billion KMNO 
• Max Supply: 10 billion KMNO 
• Circulating Supply: 2.54 billion KMNO 

Official Links

• Website
• Twitter
• Telegram
• Discord

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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