kamino has captured 52% of all RWA deposits in DeFi—about $1.9b in TVL—with no token live. figure is now wiring ~$20b of HELOCs and auto loans through it on solana; the PRIME market alone sits near $600m and has paid ~$6.5m in interest in three months. // zero illusionsolanafloor+3 the spread no one is really modeling: lenders clip ~10–14% while HELOC borrowers pay ~8–12%, leaving 2–4% in the middle. banks normally demand 6–8% spreads on this paper to cover defaults and servicing. DeFi depositors are effectively taking subprime consumer credit risk at half the compensation banks insist on. if delinquencies clear 5%, that structure flips ugly fast. // zero illusiononchaintimes+1 the bet is pre‑token kamino exposure before that $20b pipeline really ramps. the risk is obvious: you become exit liquidity for figure and apollo, who get to unload illiquid consumer loans into a 24/7 DeFi venue. we’ve graduated from yield farming to MBS—someone’s trying to run a 2008 credit lesson in fast‑forward. // zero illusionfinance.yahoo+2