Question 1

What is KMNO?

Accepted Answer

KMNO is Kamino's governance token. Kamino is a suite of DeFi protocol products on Solana, covering lending, liquidity, and leverage; KMNO is intended to allow token holders to participate in protocol-level governance rather than represent a particular deposit, borrowing, or liquidity position. Accordingly, asset positions formed and their yield, collateral, and liquidation risks when using Kamino products should be understood separately from holding KMNO. The former depend on the selected product and market conditions, while the latter's core function is governance participation.

Question 2

What is KMNO used for?

Accepted Answer

KMNO's first stated utility is governance: it is used for community coordination and decision-making around the development of the Kamino protocol. Governance discussions concern protocol direction and related proposals, rather than automatically making the token a share of a lending pool, vault, or leveraged strategy. Governance participation may affect the protocol's priorities and the evolution of its rules, but this does not mean holders receive fixed returns, nor does it guarantee the token's price or returns from a particular product.

Question 3

What core functions does Kamino provide?

Accepted Answer

Kamino integrates lending, liquidity, and leverage functions on Solana. Lending involves lending out or borrowing assets; liquidity products involve providing liquidity to markets or vaults; leveraged strategies further amplify capital deployment and market risk. These functions can serve different objectives, but they are not the same type of risk position. Users need to understand the sources of returns, collateral requirements, liquidation conditions, and market risks separately for each product they use, and should not treat the risks as identical simply because they all belong to Kamino.

Question 4

How should the relationship with KMNO be understood when using Kamino lending?

Accepted Answer

In lending products, lending and borrowing are different roles: lenders provide assets that can be borrowed, while borrowers use borrowed assets and must face the corresponding collateral and liquidation conditions. Specific interest rates, available assets, and risk conditions may change with the product and market conditions. KMNO does not replace a lending position. Even if a user both holds KMNO and uses lending functions, the asset risk of the lending position is still determined by that position's own rules and market changes.

Question 5

How do Kamino's liquidity and leverage functions differ from KMNO?

Accepted Answer

Both liquidity and leverage products may involve market risk, but their sources of risk differ. Liquidity positions are affected by the assets provided and market trading conditions; leveraged strategies amplify the impact of price changes on positions because they use leverage. Therefore, holding KMNO should not be understood as a hedge against the risks of these products, nor should a protocol governance token be directly understood as proof of ownership of a particular liquidity or leveraged strategy.

Question 6

What are KMNO's total supply and Season 1 distribution details?

Accepted Answer

KMNO has a total supply of 10 billion tokens. In Kamino's recorded Season 1 historical distribution, 750 million KMNO were allocated to more than 250,000 wallets, representing 7.5% of the total supply. This figure describes the quantity distributed in that season's activity and its proportion of the total supply; it does not describe the circulating supply at any given time, an individual's available balance, or future distribution arrangements.

Question 7

What does participating in KMNO governance mean for users?

Accepted Answer

To participate in KMNO governance, the core is to follow protocol-related proposals and express views or vote in accordance with the governance process. Its purpose is to allow token holders to participate in coordinating the protocol's direction, rather than to guarantee a particular economic outcome. When assessing governance participation, “being able to participate in decisions” should be distinguished from “necessarily receiving returns”: the former is KMNO's stated governance role, while the latter is affected by multiple factors such as markets, product usage, and specific rules.

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