Market › Algorithmic › Kamino Lend (Solana)

Kamino Lend (Solana)

Takes as collateral: bitcoin and ether

kamino_lend_solana · on-chain pool · ingesting

Secured by

Include corporate in the market — financed by bitcoin the issuers hold, no lien

BTC collateral

1,021 BTC

partial

0.6% of Algorithmic

<0.1% of the market

Dollar debt against bitcoin

$711m

whole pool, not its bitcoin book

Aggregate LTV

collecting (not read yet)

Borrow rate (USD loans)

5.67%

+0.78 pts vs Algorithmic

Lend rate (USD loans)

3.45%

+0.08 pts vs Algorithmic

Liquidates at

collecting (not read yet)

Dollar loans only: other currencies are separate books, never added in

Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.

BTC collateral — the supplied amount of the venue's pegged-bitcoin reserves as each pool reports it — what is deposited, not what is pledged against a loan.
Dollar debt against bitcoin — the whole pool's lending against every collateral it takes (bitcoin is 3.7% of the pool's collateral) — not debt against bitcoin, and no dollar of it is assigned to bitcoin without an account-level read.

BTC collateral of Algorithmic — Kamino Lend (Solana) 0.6%

Dollar debt against bitcoin of the market — Algorithmic 13%, 14% of its bitcoin collateral

Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.

10 of 10 criteria researched. What the criteria are →

Markets — as served, not a venue rate

One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.

No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.

Price

What does credit cost here, and how is the price formed?

Rate formation	algorithmic_utilisation source Kamino Lend program source, klend programs/klend/src/state/reserve.rs — current_borrow_rate() reads the reserve's BorrowRateCurve at utilization_rate(): a function of utilisation, algorithmic_utilisation.
Term structure	open_ended source Kamino Lend program KLend2g3cP87fffoy8q1mQqGKjrxjC8boSyAYavgmjD (Solana). Program source, klend lending_operations.rs: a borrow carries no maturity unless its reserve sets debt_term_seconds. ⚠ The program DOES support fixed-term borrows (debt_term_seconds, rollover_fixed_term_borrow) and a reserve-level debt maturity; whether any reserve in the five bitcoin-holding markets sets one was not read on 2026-09-30, so this value describes the open-term form and is not verified per reserve.
Rate certainty	variable source Kamino Lend program KLend2g3cP87fffoy8q1mQqGKjrxjC8boSyAYavgmjD (Solana). Program source, klend programs/klend/src/state/reserve.rs: current_borrow_rate() evaluates the reserve's BorrowRateCurve at its current utilisation. ⚠ The same file builds a FLAT curve for a fixed-rate reserve (BorrowRateCurve::new_flat); whether any bitcoin-market reserve is fixed-rate was not read on 2026-09-30.

Quality

What stands behind a position, and what can change under the reader?

Oracle dependency	multiple source Kamino Lend program KLend2g3cP87fffoy8q1mQqGKjrxjC8boSyAYavgmjD (Solana). Program source, github.com/Kamino-Finance/klend programs/klend/src/utils/prices/mod.rs: each reserve's TokenInfo can enable a Scope, a Pyth and a Switchboard feed, and get_price() takes the most recent of those enabled, with an optional TWAP check. Which feeds each bitcoin reserve enables is in the reserve account's data and was not read (2026-09-30). A pooled market's solvency depends on the feeds of every reserve an obligation touches.
Default & liquidation	threshold source Kamino Lend program KLend2g3cP87fffoy8q1mQqGKjrxjC8boSyAYavgmjD (Solana). Program source, klend programs/klend/src/state/liquidation_operations.rs: check_liquidate_obligation() permits liquidation once an obligation's loan-to-value reaches its unhealthy loan-to-value. ⚠ It is not the only path: get_liquidation_params() also admits an obligation individually marked for deleveraging (mark_obligation_for_deleveraging), market-wide auto-deleverage, a reserve's debt maturity, a borrow's debt term, and an obligation order.
Custody & backing	protocol_custodial source Solana RPC getAccountInfo, 2026-09-30 (registry/resolution/2026-09/kamino.json): the five lending-market accounts that hold a bitcoin reserve, and each of their bitcoin reserve accounts, are owned by the program KLend2g3cP87fffoy8q1mQqGKjrxjC8boSyAYavgmjD — deposits sit in program-owned accounts and the depositor holds a claim, not the asset. ⚠ The program is executable under the UPGRADEABLE loader (BPFLoaderUpgradeab1e11111111111111111111111): its code can be replaced by its upgrade authority, which was not read.
Recourse	non_recourse source Kamino Lend program KLend2g3cP87fffoy8q1mQqGKjrxjC8boSyAYavgmjD (Solana). Program source, klend lending_operations.rs socialize_loss(): the debt of an obligation with no collateral left is forgiven (reserve.liquidity.forgive_debt), which leaves that reserve's depositors to bear it; no instruction pursues the borrower beyond the collateral. It is an instruction someone must call, not an automatic write-off.
Track record	34 months observed source Derived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2023-11-18; the registry holds no first_date for it). This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before the aggregator began listing it reads short here. The observer is the aggregator, not the venue's own contracts. Not typed, and not a claim about the venue's longevity.

Composition

Who and what makes up this market?

Collateral accepted	BTC reserves in 5 of 44 markets: cbBTC, fBTC, LBTC, tBTC, WBTC, xBTC, zBTC source Kamino API (api.kamino.finance, venue-published), read 2026-09-30, account ownership confirmed on Solana RPC (registry/resolution/2026-09/kamino.json). 44 lending markets; five hold a bitcoin-symbol reserve. Main ("SOL/BTC Market", 7u3HeHxYDLhnCoErrtycNokbQYbWGzLs6JSDqGAv5PfF, 58 reserves): cbBTC max LTV 79%, xBTC 79%, fBTC 70%, WBTC 70%, tBTC 40% — about $85m supplied, nearly all of the venue's bitcoin. "Bitcoin Market" (GMqmFygF5iSm5nkckYU6tieggFcR42SyjkkhK5rswFRs): WBTC 82%, LBTC max LTV 0. "xStocks Market" and "tGBP Market": cbBTC 75%. zBTC (Zeus; the "Zeus Bitcoin Market" and one reserve of the Bitcoin Market, mint zBTCug3er3tLyffELcvDNrKkCymbPWysGcWihESYfLg) — counted as bitcoin since 2026-10-01 (asset_peg: 33 bps over 64 days). ⚠ xBTC here is the Solana mint CtzPWv73Sn1dMGVU3ZtLv9yWSyUAanBni19YWDaznnkn; the token called xBTC on X Layer is a different one under the same symbol. NOTE: each Kamino market is POOLED and multi-collateral, so a BTC reserve's presence does not mean a given borrow is secured by it.
Book depth & concentration	unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.)
Observability	price: partial — Observed through the aggregator (DefiLlama). The aggregator's rows are each pool's published borrow and supply rates as it reports them — not a read of the venue's own contracts, and not checked against one. As of 2026-10-01. quantity: partial — Observed through the aggregator (DefiLlama): bitcoin collateral is the supplied amount of each pegged-bitcoin reserve, converted at the day's bitcoin reference, and debt is the borrowed amount per pool or vault. Neither is a read of the venue's own contracts. As of 2026-10-01. composition: none — Not obtainable from an aggregator — composition is loan-level and requires event ingestion, which is not planned for this venue.

What the loans are denominated in

Not yet established for this venue — which is not the same as dollars.

Backing chain

Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.

How a chain is read, and what it does not claim

backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.

contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodial
Solana RPC getAccountInfo, 2026-09-30 (registry/resolution/2026-09/kamino.json): the five lending-market accounts that hold a bitcoin reserve, and each of their bitcoin reserve accounts, are owned by the program KLend2g3cP87fffoy8q1mQqGKjrxjC8boSyAYavgmjD — deposits sit in program-owned accounts and the depositor holds a claim, not the asset. ⚠ The program is executable under the UPGRADEABLE loader (BPFLoaderUpgradeab1e11111111111111111111111): its code can be replaced by its upgrade authority, which was not read.
representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02
deployment incomplete
whether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address
- cbBTC established · direct_wrapped · identified by symbol
  CBBTC established · issuer Coinbase · custodial · holders [Coinbase]
  source
  issuer_doc
  coinbase.com/cbbtc — 'backed 1:1 and held in custody by Coinbase', cold storage
- fBTC established · direct_wrapped · identified by symbol
  FBTC established · issuer Function · consortium · holders [Mantle, Antalpha Prime, Cobo]
  WAS 'Function'. BTC sits in an MPC address whose key shares are held by a Security Council; Mantle, Antalpha Prime and Cobo are the initial members and Cobo supplies the MPC technology.
  source
  issuer_doc
  docs.fbtc.com/security/roles; FBTC Whitepaper v1.1
- LBTC established · yield_bearing · identified by symbol
  LBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]
  WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
  source
  issuer_doc
  docs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital'
- tBTC established · direct_wrapped · identified by symbol
  TBTC established · issuer Threshold Network · threshold-signature · holders []
  No holder by construction: a 51-of-100 threshold signing group with operators rotated bi-weekly and no single party ever holding a full key. The empty holder list is the correct answer, not a gap.
  source
  issuer_doc
  docs.threshold.network/applications/tbtc-v2
- WBTC established · direct_wrapped · identified by symbol
  WBTC established · issuer BitGo · custodial · holders [BitGo]
  Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
  source
  issuer_doc
  BitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- xBTC established · direct_wrapped · identified by symbol
  XBTC established · issuer OKX · custodial · holders [OKX]
  OKX's wrapped bitcoin on Sui, Solana, Aptos and X Layer. OKX states each xBTC is backed 1:1 by bitcoin it holds in custody, shown in its proof of reserves. The exchange is both issuer and holder; the legal entity holding the coins is not named in the material read.
  source
  issuer_doc
  okx.com/learn/what-is-xbtc; okx.com/xbtc; okx.com/help/okx-officially-launches-the-multi-chain-wrapped-token-xbtc (read 2026-09-30)
- zBTC established · direct_wrapped · identified by symbol
  ZBTC undisclosed · issuer Zeus Network · consortium · holders [] · holder_unknown_share full
  Zeus Network's zBTC on Solana. Each zBTC is minted when one bitcoin is deposited to the "collective reserve" under its EDRA mechanism and burned to release it; the reserve's Taproot addresses are signed by ZeusNode Guardians using MPC, which jointly authorise every mint and withdrawal. Classed consortium, as UBTC is: named institutions sign. The Guardian set (Zeus Foundation, with Mechanism Capital, Animoca Ventures, Karatage and Solv Protocol in press reporting) is not stated in material read from the issuer, so no holder is asserted. Chainlink Proof of Reserve per the issuer.
  source
  issuer_doc
  zeusnetwork.xyz/zbtc FAQ ('How does zBTC maintain its 1:1 peg', 'Is zBTC safe to use?'), read 2026-10-01; docs.zeusnetwork.xyz/architecture/zeusnode/guardian unreachable (HTTP 522) on that date; guardian names secondary (bitget.com news, solanacompass.com)

Recourse: non_recourse

source

attribute · recourse

Kamino Lend program KLend2g3cP87fffoy8q1mQqGKjrxjC8boSyAYavgmjD (Solana). Program source, klend lending_operations.rs socialize_loss(): the debt of an obligation with no collateral left is forgiven (reserve.liquidity.forgive_debt), which leaves that reserve's depositors to bear it; no instruction pursues the borrower beyond the collateral. It is an instruction someone must call, not an automatic write-off.

The generic axis set

Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.

Utilisation (venue roll-up)	75.3% the pool's dollar reserves: borrowed over supplied across 57 reserve(s), latest day — the whole pool, not its bitcoin book defi_rates_llama, quantity-gated
Intermediation margin	+2.22 pts · derived the pool's borrow rate minus its supply rate on the same dollar reserves — what the venue keeps, plus the cost of idle supply borrow rate minus lend rate, both as above
Trailing realised average (7/30/90d)	7d 5.69% · 30d 5.67% · 90d 5.40% dollar loans, debt-weighted over the days observed (7 / 30 / 90 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098)
Rate volatility (30/90d)	30d 1.04 pts · 90d 1.07 pts the standard deviation of the daily debt-weighted borrow rate, in percentage points — not annualised the daily rate above
Spread to the pair aggregate	+0.78 pts vs Algorithmic · derived this venue's borrow rate minus its class's (4.90%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates
Spread to matched Treasuries	+1.54 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. An open-term loan has no maturity of its own, so the bill stands for a 30-day window macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15)
Origination flow	collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only
Repayment flow	collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only
Aggregate and distributional LTV	collecting (not read yet) — a pool's debt has no collateral of its own; the LTV of its bitcoin-only borrowers needs an account-level read, which this venue does not have yet
Residence distribution	collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed
Liquidation incidence	collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account
Top-10 concentration share	collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues)

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.

Access routes

Surveyed — no listable route. Probed for a first-party MCP endpoint; none answered. surveyed 2026-08-30

Ask for this by machine

REST	GET https://api.bitcoincreditstack.com/v1/market/venues/kamino_lend_solana
MCP	get_venue({ venue_id: "kamino_lend_solana" }) get_venue({ venue_id: "kamino_lend_solana", include: ["axes", "headline"] })

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