RIADeFiPublished by Ketju Research
Not approved · Dollar lending

Ketju memo: Kamino (Solana)

Not approvedPublished by Ketju Research

This memo sets out what the holder owns, who controls it, how holders could lose money, and whether a position can be sold. The advisor decides any client action and amount. Not investment, legal, tax, or compliance advice.

Summary

Ketju does not approve Kamino Lend: Kamino is a set of separately configured reserves, and no client USDC or USDT reserve has been chosen, so we cannot check any reserve's liquidity, controls or withdrawals. We found no defect at the protocol level. Kamino Lend is a mature Solana lending system with open code, unusually dense audit and formal-verification coverage, and public risk reporting. It reports no lender bad debt since launch. Solana now has a chain verdict, so the decision falls at the level of product and reserve. Direct supply to a named K-Lend reserve differs from a Kamino Lending Vault, whose curator can move deposits without asking depositors, and from Multiply, which adds leverage. For any reserve today we cannot certify live liquidity, admin and emergency powers, collateral and oracle dependencies, borrower concentration, the match of deployments to audits, or a working withdrawal. Evidence about the protocol cannot replace that decision on a reserve. The allocation is zero until a named reserve passes the tests below. This is a standing fact about scope, and Ketju has not postponed a judgment.

Review triggers

  • Ketju will not approve it until one exact direct-supply K-Lend market and reserve address is named; a curator vault or Multiply position does not count
  • Any exploit or bad debt in the selected K-Lend market; Ketju reviews vault or Multiply incidents separately unless they share the affected contracts
  • A Solana liveness failure blocks withdrawals for more than 1 hour
  • Selected reserve utilization stays above 90% for 30 days, or a withdrawal of the proposed size fails
  • Any borrower holds more than 10% of the selected reserve's borrows, or unapproved collateral exceeds 20% of debt capacity
  • The oracle provider, fallback or staleness setting changes without a published, audited migration
  • Any live K-Lend or Scope deployment that does not match a published audit or formal-verification report
  • Emergency mode stays active on the selected reserve for more than 24 hours without a public incident report

Facts

Verdict
Not approved
Type
Dollar lending
Chains examined
Solana
Instruments
USDC, USDT, SOL
Reviewed
Last confirmed

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