kamino finance went from 5.9% RWA revenue share in Q4 2025 to 40.2% in march 2026. $500m TVL in RWA markets alone. the protocol is becoming the margin engine for tokenized equities on solana and still priced at $947m FDV like a vanilla lending market. when you can borrow USDC against tokenized SPY and loop GLXY positions 5x through the same protocol, that revenue is structurally different from recycled crypto collateral. it doesn't disappear when alts dump 60%.
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