Kamino's Share of Onchain RWA Lending Has Climbed from 2% to 18% Since October

Kamino Finance KMNO$0.044+3.1% has taken 18% of the onchain real-world asset lending market, up from 2% in October 2025, according to Blockworks Research data published Monday. The nine-fold jump over ten months reflects a broadening of what the protocol's deposit base funds: commodity trade financing, private credit, and tokenized equities now draw capital that once sat in crypto-collateralized borrowing facilities.

Automated vaults now account for approximately 25% of all Kamino deposits, up from less than 5% a year ago, Blockworks Research analyst Carlos G. noted on X.

How Kamino's Vault Layer Shifted the Deposit Mix

The deposit shift traces to Kamino Lend V2, which replaced a single shared lending environment with a modular architecture where each asset category runs inside its own isolated market with independent risk parameters. That isolation matters to RWA issuers: a tokenized commodity fund or treasury product can be deployed as collateral without absorbing liquidation risk from a volatile crypto market on the same book.

Curated Earn Vaults, managed by specialized allocators including Steakhouse Financial and Re7 Labs, handle rebalancing across risk tiers without requiring depositors to pick markets themselves. The vaults accept stablecoin deposits and rotate across whichever isolated markets are paying the highest risk-adjusted rate, per the curator's mandate. RockawayX's account of the V2 launch notes the architecture also supports KYC-gated markets built for institutional counterparties that cannot participate in open DeFi pools.

The RWA Collateral Catalog Driving the Growth

The most recent addition: the Institutional Commodity Yield vault, which reached its initial $25M capacity in USDC deposits within two weeks of launching August 3. The product routes stablecoin deposits into commodity trade financing (gap loans on transactions involving copper, oil, coffee, and refined fuels), targeting 7.5-8% APY. Loans are secured by pre-shipment letters of credit or escrow at tier-one banks, then by insured physical goods in transit, per @MacroMate8's product description on X. Monthly third-party attestations accompany each active loan.

Beyond commodity trade finance, the isolated market catalog spans tokenized private credit (Securitize's ACRED fund), reinsurance exposure (OnRe), tokenized equities (FWDI from Opening Bell, Galaxy Digital Class A shares), precious metals (PAXG), and short-duration commodity trade credit (Obligate's oTFY). By July 16, Superstate's USCC and FWDI tokens alone had crossed $17M in active collateral positions on Kamino.

@minnus, quoted by Kamino on X, observed that the deposit base is rapidly diversifying beyond SOL and BTC, the two collateral types that dominated the protocol's lending book a year ago.

Sandmark, an independent analyst, put Kamino's RWA deposits at $544.7M earlier this year, a 79% year-to-date gain at that point, with RWA collateral representing 23.8% of the protocol's total deposit base.

Kamino Lend V2 Clears 1.8 Million Transactions in 30 Days

The Kamino Lend V2 program supporting these markets logged more than 1.8 million transactions over the trailing 30 days, with roughly 1,300 signing addresses active per day on average, per Solana Compass analytics. That activity spans depositors, borrowers, and automated vault rebalancing across the protocol's isolated lending markets. Protocol governance uses the KMNO token.

RWA Lending Inside Solana's $3.9B Ecosystem

The market share gain lands as Solana's broader RWA ecosystem hit a new all-time high. Solana led all blockchains in 30-day tokenized treasury inflows and its total RWA ecosystem crossed $3.9B last week. Lending (specifically, the ability to borrow stablecoins against tokenized assets at disclosed rates) is the layer inside that ecosystem where Kamino has built its institutional product stack.

Commodity exposure has drawn new entrants through other routes as well. Dominion Market's SILV token drew $3M in first-day volume on August 16 as a spot token rather than a yield-on-financing vehicle.

Blockworks Research did not publish the underlying methodology alongside the market share figures, leaving open whether the 18% figure measures Kamino's share of the Solana-only RWA lending market or a cross-chain aggregate.