Kamino
Kamino runs 2 onchain markets we track for borrowing stablecoins against wrapped Bitcoin (cbBTC and wBTC) across Solana. It is a permissionless set of smart contracts, no application, no credit check, no custodian. Every rate below is variable and moves with pool utilization. Market data verified June 27, 2026. We have tracked daily rates here since June 27, 2026.
Lowest rate
5.68%
variable
Markets
2
Networks
1
Total TVL
$233.7M
Structure
Pooled
About Kamino
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.
Markets
Every Kamino market we track, sorted by lowest variable borrow rate. Click any market for collateral, LTV, liquidation, and audit detail. Rates are variable point-in-time snapshots.
2 markets
Collateral & rehypothecation
Accepted collateral across Kamino markets: cbBTC and wBTC. These are wrapped or tokenized Bitcoin, not native BTC. Rehypothecation: Yes. Deposited collateral sits in a shared pool and can be reused by the protocol, which broadens what your position is exposed to.
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.
Liquidation
Liquidation on Kamino is automatic and onchain. If your loan-to-value ratio crosses a market's liquidation threshold, the protocol sells part of your collateral to repay debt, without notice and without a human margin call. Kamino liquidates automatically on Solana when a position crosses its liquidation LTV. Solana settles in well under a second, so liquidations execute quickly. No grace period.
Per-market liquidation thresholds and max LTV are listed in each market card above (for example, max LTV 79% with liquidation at 83% on the first market).
Audits & security
Audit status we recorded for Kamino: Audited (OtterSec, Offside Labs, Sec3). No major exploit to date.. An audit reduces but does not remove smart-contract risk. Permissionless protocols can still contain bugs or be exploited, and an exploit can put deposited collateral at risk. Treat audit status as one input, not a guarantee, and verify the current audit and bug-bounty posture on the protocol directly.
Supported wallets
You interact with Kamino from a self-custody wallet you control; we never ask you to connect a wallet here. Wallets recorded across these markets:
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 5.68%, 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.
borrowonbitcoin.com is a publisher, not a DeFi protocol operator, broker, or investment adviser. We may receive compensation from some protocols when you visit them through our site; affiliate links are labeled. Compensation never changes a protocol's order, position, or the data we publish. Listing a protocol is not an endorsement of that protocol or of DeFi lending. DeFi lending carries smart-contract, liquidation, and variable-rate risks; verify all terms with each protocol before acting.