RIADeFiPublished by Ketju Research
Refusal file · stable lending

Why Ketju rejected Kamino (Solana)

Memo v1Published by Ketju Research

A registry memo, published verbatim and versioned. Superseded versions are recorded, never edited away. A rejection is a judgment for Ketju's client base and thesis, not a universal safety claim. Not investment, legal, tax, or compliance advice.

The memo

REJECTED PROTOCOL-WIDE, WITH A RESERVE-SPECIFIC REOPEN PATH. Kamino Lend is a mature Solana pooled lending system with open code, unusually dense audit and formal-verification coverage, public risk reporting, and no reported lender bad debt since launch. The previous blocker is obsolete: Solana now has a chain verdict, so the decision must be made at the product and reserve level. Direct supply to a named K-Lend reserve is materially different from a Kamino Lending Vault, whose curator can reallocate deposits without depositor approval, and from Multiply, which adds leverage. There is no protocol-wide approval to grant: Kamino is a set of independently parameterized reserves, and no exact client USDC or USDT reserve has been selected. Live liquidity, admin and emergency authorities, collateral and oracle dependencies, borrower concentration, deployment-to-audit mapping and executable exit therefore cannot be certified for any reserve today. Protocol-level evidence cannot substitute for that reserve-level decision, so allocation is zero pending a named reserve that clears the reopen tests below — a standing structural fact, not a postponed judgment.

What would reopen the file

  • No allocation until one exact direct-supply K-Lend market and reserve address is named; a curator vault or Multiply position cannot satisfy this test
  • Any exploit or bad debt in the selected K-Lend market; vault or Multiply incidents are reviewed separately unless they share the affected contracts
  • Solana liveness failure affecting withdrawal for more than 1 hour
  • Selected reserve utilization above 90% for 30 days or a failed proposed-size withdrawal
  • Any borrower above 10% of selected-reserve borrows or unapproved collateral above 20% of debt capacity
  • Oracle provider, fallback, or staleness configuration changed without a published and audited migration
  • Any live K-Lend or Scope deployment that cannot be mapped to a published audit or formal-verification report
  • Emergency mode active on the selected reserve for more than 24 hours without a public incident report

Facts on file

Verdict
Rejected
Exposure
stable lending
Chains examined
Solana
Instruments
USDC, USDT, SOL
Memo version
v1
Reviewed
Next review

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