<aside> 📌
March was marked by continued market volatility, driving a contraction in activity across Kamino Lend. Total monthly volume fell to $5B, representing a 37.7% month-over-month decline. The USD value of supply, debt, and TVL also declined modestly (–4.8%, –1.2%, and –7.2% respectively), primarily due to price contractions and user deleveraging. This was reflected in a significant drop in borrow interest revenue, down 36.5% to $6.6M.
Despite the challenging conditions, liquidity stuck around; both stablecoin and SOL markets recorded nominal growth. By the end of March, stable supply reached $729M (+5.2% MoM), while SOL supply rose to 4.76M (+1.7% MoM), ($595M). The number of active positions (155k) and unique wallets (130k) remained stable.
Kamino users also demonstrated prudent risk management. While $19.4M in collateral was seized (–44.8% MoM), this represented a record 0.75% of total volume - highlighting the system’s ability to process liquidations effectively even in turbulent conditions. Notably, JLP collateral accounted for over half the liquidations with $10.4M, followed by SOL positions at $7.7M.
The month also brought meaningful protocol improvements: Max JLP leverage was raised to 6x, Squad X integrations launched to support institutional adoption, and the $USDG growth initiative began rolling out with generous borrow incentives.
🔎 Check out the March Monthly Snapshot for more details.
</aside>
March was defined by heightened volatility across crypto markets, with sol oscillating between $114 and $150. Total deposits dropped 4.8% to $2.7B, and borrowing decreased slightly to $1.1B (–1.2% MoM), resulting in a 7.2% decline in total value locked (TVL), which ended the month at $1.6B.
Despite these headwinds, user retention was high with the number of active positions (155k) and unique wallets (130k) holding firm. Stablecoin and SOL markets continued to grow in nominal terms. Stable supply climbed to $729M (+5.2% MoM), with deposits yielding 3.7%, while SOL supply increased to 4.76M SOL (+1.7% MoM), generating 3.6% for depositers.
SOL reached a yearly low of $114 during March, triggering deleveraging across Kamino markets. This resulted in liquidation activity, most notably in the JLP market where $10.1M of the $19.4M total seized collateral originated. Nevertheless, the protocol’s liquidation infrastructure performed well, with the expanding liquidator ecosystem continuing to safeguard solvency and maintain system integrity.
Kamino continued to build throughout March, launching several key upgrades:
Together, these developments reflect Kamino’s continued focus on resilience and innovation, even as macro conditions introduce short-term headwinds.
Across markets, supply and borrowing activity remained resilient. The Main market retained its leadership with $1.7B in supply (–4.2% MoM) and $694M in debt. JLP followed with $671M in supply (–7% MoM) and $217M in debt, while Jito saw more volatility, with $294M in supply (–20% MoM) and $148M in debt.
Liquidity across markets remained remarkably stable despite negative price action. In fact the markets experienced net nominal growth in SOL, with higher supply of SOL & JupSOL as well as the newly launched stablecoins FDUSD & USDG.
Despite lower overall demand, protocol revenue remained solid. Kamino generated $6.7M in interest from borrowers in March (–24% MoM), supported by sticky liquidity and organic demand across stablecoin and SOL markets.
