there is no equity, and there is no second token everyone from the CEO, the founders, to the newest hire is tied to KMNO everyone building a protocol, backing it, and holding the token wins in the exact same way that's alignment 🤝

swapping on @solana is better than cex

was going to write a post about the new PT-ONyc fixed rates market on kamino it filled faster than i could type cozy time to be sitting in fixed rates while this liquidity crunch hits variable utilisation

need to pay for breakpoint? GBP is at a 6 week high against the dollar, which makes this an expensive time to buy pounds in the @tokenGBP market on kamino, USDC lenders earn ~14% while borrowing GBP costs ~2.4%, so you get paid to borrow against the dollar see you in london https://t.co/LA0rTUjCje

the first fixed rate loans on kamino have now completed their initial 30-day term at 5.3%, with the loans rolling straight into a new term at the same rate over the same month, variable USDC borrowers in the AUTO market paid an average of 7.6%, peaking at 9.5% on the $10M launch pool, that's a ~$230K a year saving for borrowers a fixed borrowing cost makes a loop's returns easier to predict, and 88% of borrowing in the AUTO market is now fixed rate

one of the issues of bringing private credit onchain is duration - much of real world financing can lock capital up for years commodity trade finance is different because every loan finances a shipment that repays in 1 to 3 months, so capital naturally cycles back into the vault

here's how to earn yield on your gold without using leverage - supply PAXG on kamino - borrow USDG and get paid 4.74% - lend it in @SteakhouseFi's USDG High Yield vault at 8.05% that's ~6.4% APY, while keeping full gold exposure, and no leverage https://t.co/fgNe08caQP

next week the first fixed rate AUTO loans on kamino reach the end of their 30D term $10M borrowed at 5.3% at launch in under 4 days, and that reserve has stayed fully borrowed ever since with auto-rollover those loans can renew automatically without a single transaction from the borrower without it, every one of those loops would have to unwind and rebuild each month that’s the UX that made fixed rates ready for everyone, the iPhone moment for onchain credit

until now the only way to get STRC exposure on kamino has been the STRCx market, and it's almost always full now you can long dividend yield on @apyx_fi's apyUSD, a token that's currently comprised of around 86% STRC higher leverage at 3.3x USDC borrows at ~1% and a current max loop APY of ~43%

kamino markets hold more tokenised equities than the entirety of ethereum defi why? because on kamino stocks sit in their own isolated markets with their own LTVs, caps and oracles that means equity exposure never gets socialised across the rest of the platforms users