Kamino Review: 2026 Bitcoin Loan Comparison
Market data verified Invalid Date · Verified daily
Kamino is the largest lending protocol on Solana. It accepts Solana-native wrapped Bitcoin (cbBTC and Wormhole wBTC) as collateral to borrow USDC. This is the only non-EVM venue on this page, so settlement and fees follow Solana rather than Ethereum. The main market is pooled.
Your Kamino loan
BTC $63,706 · liveYour loan purpose, wrapped-Bitcoin choice, and location are recorded to improve the options we surface. They don’t change Kamino’s onchain terms, which are the same for every borrower.
Estimate only, at BTC $63,706. Self-custody · Confirm live terms on Kamino.
Disclaimer. Every figure here, including the projected rate, is an estimate for general information, not a quote, an offer of credit, or financial advice. DeFi lending protocols are permissionless smart contracts, not regulated entities. Rates are variable and change continuously with pool utilization; the rate shown is a point-in-time snapshot. Your Bitcoin collateral is held on-chain — by the protocol's smart contracts, not a custodian — and can be liquidated automatically if your loan-to-value ratio crosses a liquidation threshold, without notice and without recourse. Smart contracts can contain bugs or be exploited. Some protocols rehypothecate deposited collateral. We are a publisher, not a DeFi protocol operator, broker, or investment adviser; nothing here is a recommendation to use any protocol. Verify all terms directly with each protocol before acting.
Kaminohasn’t provided a statement for this page yet. When they do, their own description of the protocol will appear here, clearly labelled as their words.
Key facts
- Collateral accepted: cbBTC and wBTC — wrapped or tokenized Bitcoin, not native BTC.
- Runs on Solana; 2 markets we track.
- Structure: Pooled — deposited collateral is lent to other borrowers.
- Lowest variable rate we recorded: 5.39% (point-in-time, not fixed).
- Audit status recorded: Audited (OtterSec, Offside Labs, Sec3). No major exploit to date..
Key risks
- Variable rates only. Every rate moves continuously with pool utilization — there is no fixed-rate option, and your cost can rise after you borrow.
- Automatic liquidation with no grace period. If your LTV crosses the market's liquidation threshold, the protocol sells collateral onchain to repay debt, without notice and without a human margin call.
- Wrapped/tokenized Bitcoin. You post cbBTC and wBTC, each carrying its issuer's peg and bridge/custody risk rather than native BTC.
- Rehypothecation. Deposited collateral sits in a shared pool and can be re-lent, broadening what your position is exposed to.
- Smart-contract risk. An audit reduces but does not remove it; an exploit can put deposited collateral at risk, and there is no counterparty to call.
Kamino’s main lending market is pooled: deposited Bitcoin (cbBTC, wBTC) can be lent to other borrowers and earns a supply APY, which adds counterparty risk. Kamino also runs isolated markets for some assets.
Kamino markets
Every Kamino market we track, sorted by lowest variable borrow rate. Rates are variable point-in-time snapshots.
2 markets
How Kamino compares
| Protocol | Lowest rate | Max LTV | Structure | Rehypothecation |
|---|---|---|---|---|
| Kamino | 5.39% | 82% | Pooled | Yes |
| Fluid | 6.92% | 85% | Isolated | No |
| Euler v2 | 6.96% | 84% | Configurable | Optional |
| Morpho | 3.60% | 86% | Isolated | No |
| Dolomite | 8.41% | 75% | Pooled | Yes |
| Compound v3 | 3.92% | 80% | Isolated | No |
| Aave v3 | 3.61% | 78% | Pooled | Yes |
| Benqi | 5.77% | 65% | Pooled | Yes |
| Zest Protocol | 2.14% | 60% | Configurable | Optional |
| Venus | 4.19% | 80% | Pooled | Yes |
Frequently asked
What Bitcoin can I use as collateral on Kamino?
Across the Kamino markets we track you can post cbBTC and wBTC as collateral. These are wrapped or tokenized representations of Bitcoin that live on the underlying network, not native BTC. Each market is matched to a specific collateral token and stablecoin, so confirm the exact token on the protocol before depositing.
Are Kamino markets isolated or pooled?
The Kamino markets we track are pooled, meaning deposited collateral sits in a shared lending pool and can be rehypothecated. That broadens what your collateral is exposed to. The per-market detail shows the rehypothecation note we recorded.
How are Kamino borrow rates set?
Every Kamino borrow rate is variable. Rates are determined algorithmically by each pool's utilization, the share of supplied liquidity that is currently borrowed, and they move continuously as borrowers enter and exit. The lowest variable rate we recorded across Kamino markets was 5.39%, a point-in-time snapshot, not a fixed or promotional rate. There is no fixed-rate option; the on-protocol interface shows the live rate.
How does liquidation work on Kamino?
Kamino liquidations are automatic and onchain. If your loan-to-value ratio crosses the market's liquidation threshold, because the borrowed balance grew with interest or the collateral's price fell, a portion of your collateral is sold by the protocol to repay debt, without notice and without recourse. There is no grace period or margin call from a human. Keep a buffer below the maximum LTV and monitor your position.
Which networks does Kamino operate on?
The Kamino markets we track run on Solana. The network determines which wrapped-Bitcoin tokens are available, gas costs, and which wallets you can connect. Bridging Bitcoin to the right network and token is a prerequisite before you can borrow.
Is Kamino custodial?
No. Kamino is a permissionless set of smart contracts, not a custodian, broker, or regulated lender. Your collateral is held by the protocol's contracts onchain rather than by a company, and there is no application or credit check. That also means there is no counterparty to call if something goes wrong; the smart-contract risk is yours to assess.
DeFi lending protocols are permissionless smart contracts, not regulated entities. Rates are variable and change continuously with pool utilization; the rate shown is a point-in-time snapshot. Your Bitcoin collateral is held on-chain — by the protocol's smart contracts, not a custodian — and can be liquidated automatically if your loan-to-value ratio crosses a liquidation threshold, without notice and without recourse. Smart contracts can contain bugs or be exploited. Some protocols rehypothecate deposited collateral. We are a publisher, not a DeFi protocol operator, broker, or investment adviser; nothing here is a recommendation to use any protocol. Verify all terms directly with each protocol before acting.