Lending · KMNO · $1.2B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy BBB, Growth B. Leading Solana money market; SOL-beta.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $2B | $1.2B |
| 12-month TVL change | -40% | -56% |
| Worst 90-day drawdown | 45% | 21% |
| Drawdown scored | 45% (90-day only, v1.0) | 56% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BBB · 64.8 | BBB · 64.8 |
| Growth | B · 38.3 | B · 33 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BBB (64.8 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 21% and 12-month TVL change is -56%. TVL stability is scored on the 12-month decline of 56%, because it is worse than the latest 90 days. Sustainability ratio (2x), unlock pressure (8%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (68.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at B (33 / 100), unchanged from the July 27, 2026 screen. TVL is $1.2B, -56% over twelve months (it was -40% at the previous screen). Category share (8%) and momentum (5 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. Legitimacy is BBB and the Growth outlook is B; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Kamino survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (B) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Kamino (this page) | BBB | BBB | B |
| Aave | A | AA | BB |
| Morpho | A | AA | A |
| JustLend | A | BB | BBB |
| Spark | A | A | BB |
| Compound | BBB | A | B |
| Venus | A | BB | CCC |
| Suilend | BB | BB | CCC |
| Euler | BB | A | B |
| Benqi | BB | BBB | CCC |
| NAVI | B | BB | CCC |
| Moonwell | BB | BBB | CCC |
Kamino is Solana's leading money market, combining lending, leveraged liquidity vaults, and structured products into the chain's default capital-efficiency layer. Its $2B TVL makes it the largest credit venue outside the EVM world.
Solvency screens at BBB. Fee coverage (~2x) is adequate and the liquidation engine has performed through Solana's volatility spikes, but the 45% drawdown underlines how completely deposits track SOL's price cycle, and ~8% unlocks add overhang. Risk posture (7/10) is solid for the product's complexity.
Legitimacy screens at BBB: competent public team, consistent delivery, audits that cover the core but trail the product surface's expansion pace. Governance is early (5/10) with KMNO voting still finding its footing.
Growth screens at B. An 8% category share and moderate momentum cannot offset the 40% twelve-month decline. Like all Solana DeFi, its growth reads as chain-beta with execution alpha on top.
Composite B. Well-run, structurally levered to its chain. The full-rating question: does Kamino build economics that survive a Solana winter, or is it the best boat on a single tide?
