How to Use Kamino Finance on Solana

Who should skip this?

Skip Kamino Multiply if you have never supplied on Kamino Lend, you cannot explain a recursive loop, or you do not hold SOL for fees. Multiply amplifies liquidation risk. Start with a plain supply.

• You do not have a Solana wallet
• You wanted Ethereum Aave, not a Solana market
• You planned to start on 5× Multiply as a first transaction

Should you use Kamino?

Yes, as Solana's main lending venue, if you already have Phantom or Backpack and SOL for fees. Start with Lend. Treat Liquidity and Multiply as later products. Kamino is not Aave on Ethereum — it is a Solana stack with extra buttons that look like yield.

Use Aave if you are EVM-only. Use Kamino if your capital already lives on Solana. Do not bridge 'because Multiply APY looks large'.

What is Kamino and how do the products differ?

Kamino Lend is pooled lending and borrowing on Solana (the app now labels it Borrow, with supply and borrow markets, alongside Earn lending vaults). Kamino Liquidity automates concentrated LP on venues such as Orca and Raydium. Multiply loops borrow-and-supply to lever a yield spread. Official site: kamino.com — app.kamino.finance and docs.kamino.finance now redirect there (checked September 2026).

kTokens from Liquidity positions can be used as collateral in Lend. That is capital-efficient and a second liquidation path. Beginners should not start there.

How do you supply on Kamino Lend?

Connect a Solana wallet, keep SOL for fees, supply a major asset, and do not borrow on day one. Withdraw once as a drill.

1. 01

   Open kamino.com

   Connect Phantom, Backpack, or Solflare. Keep a SOL buffer for fees — a supply cannot pay for itself if you are empty.

2. 02

   Open Borrow › Supply (formerly 'Lend')

   Pick USDC, SOL, or a liquid-staked SOL you already understand. Read supply APY as variable.

3. 03

   Supply only

   Deposit. Skip borrow until you can explain liquidation on Solana the same way you would on Aave.

4. 04

   If you later borrow

   Watch your LTV against the liquidation LTV — Kamino has no grace period once you cross it. For JitoSOL/SOL-style loops, Kamino values SOL LSTs at their stake-pool exchange rate, so a market depeg does not change your LTV; the main risks are SOL borrow rates rising above staking yield and a failure of the staking protocol itself.

5. 05

   Withdraw

   Exit a small amount once so you know the flow before you size up. High utilisation can slow large exits.

Kamino vs Aave — which should you use?

Aave if your stack is EVM and you want the widest asset list. Kamino if you already live on Solana and want lending next to Jupiter. They are not substitutes; they are different chains with different gas, wallets, and failure modes.

What are Kamino's hidden catches?

Catch 1 — Multiply looks like a yield tile and behaves like leverage. Catch 2 — kToken collateral adds LP and lending risk together. Catch 3 — Solana congestion and failed transactions still cost fees. Catch 4 — on LST/SOL loops, SOL borrow rates rising above staking yield can turn a 'delta-neutral' story into a steady loss.

When is Kamino NOT the right tool?

Skip Kamino when you have no Solana wallet, when you wanted Aave, or when Multiply is the first button you planned to press. Those jobs are a wallet guide, Aave, or no loop.

• No Phantom/Backpack yet — stop
• You wanted Ethereum — use Aave
• You have never swapped on Jupiter — do that first
• You cannot explain a recursive loop — do not Multiply

The verdict: should you lend on Kamino?

Yes, as a Solana supply after a Jupiter swap, with borrow and Multiply optional. Check kamino.com the day you transact. No, if the pitch was a one-click levered APY.

Who should skip it: EVM-only users, and anyone who treats Multiply as savings. The Jupiter guide is the previous tab on Solana; the Aave guide is the previous tab on Ethereum.