$SOL
Kamino launches an institutional landing on Solana: DeFi is moving to the level of debt markets
At the Solana Breakpoint 2025 conference, the Kamino protocol introduced a fixed income platform with a full on-chain interest rate curve developed in partnership with FalconX. The product is aimed at institutional participants who need to lock in borrowing costs in advance and build strategies with predictable returns.
The key distinction is the borrow intents model. Lenders and borrowers create the market directly, determining fair rates on-chain without algorithmic crutches. Essentially, this is the launch of a full-fledged debt market based on Solana with transparent risk pricing.
Kamino is already operating at significant scale: $10 billion in loans issued and about $100 million in revenue. The new product transitions the protocol from DeFi lending to an infrastructure layer, logically closer to bond markets.
At this stage, neither Ethereum nor Avalanche offers comparable depth of debt instruments. Solana strengthens its position as a platform for institutional on-chain, and Kamino becomes one of its systemic players.