A Kamino market is a deployable, isolated instance of the Kamino lending program (klend). You own it, you configure its reserves, you set its risk parameters, you choose its oracles, you transfer it to a multisig, and you run it. Each market is independent. Liquidations, interest accrual, and risk surface all stay inside its boundaries — a position in your market has no exposure to any other Kamino market.Documentation Index
Fetch the complete documentation index at: https://kamino.com/docs/llms.txt
Use this file to discover all available pages before exploring further.
Anatomy of a market
A Kamino market is composed of three layers. TheLendingMarket is the top-level account you own. It holds the configuration that applies across the market: name, owner, emergency flags, the elevation-group definitions, the close-factor and other liquidation tunables, the cosigner authority for permissioning. Every reserve underneath it inherits these settings.
A reserve is a per-asset lending pool listed inside the market. Each reserve sets its own LTV, liquidation threshold, borrow factor, IR curve, oracle config, and deposit/borrow capacity. A market holds one reserve per token; a market that lists USDC, USDT, SOL, mSOL, and JLP has five reserves.
A KaminoVault is an optional layer that sits on top. A vault accepts a single deposit token, routes capital across one or more reserves according to allocation weights, and issues a single receipt token to depositors. Vaults exist outside the market account itself; deploy a vault when your depositors should see a single-token deposit UX, with allocation across reserves handled automatically.
Who deploys a market
Institutions
Run a lending venue with risk parameters, asset selection, and oracle configuration tuned to your mandate. Transfer ownership to a multisig and operate via signed proposals.
Asset issuers
Scale on-chain usage of your token by listing it as collateral or debt with parameters you control. Supports SPL Token and SPL Token-2022, including transfer hooks for permissioned tokens.
Fintechs
Deploy a market for the assets your app supports, surface it in your own UI, and offload program correctness, oracle integrity, and liquidator economics to klend.
Curators with a thesis
Run a market expressing a specific view on assets, leverage, and risk. Add reserves selectively, tune the IR curves, layer farms for incentives.
What you control
| Surface | Examples |
|---|---|
| Asset selection | Which reserves exist, mint program (SPL Token or Token-2022), transfer hook compatibility |
| Risk parameters | LTV, liquidation threshold, borrow factor, deposit and borrow caps, IR curve |
| Oracle configuration | Scope / Pyth / Switchboard, TWAP guards, staleness limits, price heuristic bands |
| Liquidation behavior | Close factor, max debt liquidatable per tx, bonus min/max, bad-debt bonus |
| Optional features | Withdrawal queue, borrow orders, obligation orders, eMode groups, permissioning, fixed rate reserves |
| Incentives | Collateral and debt farms per reserve, reward emissions |
| Governance | Owner pubkey (single key or multisig), emergency council, immutability |
| Operations | Updating reserves, pausing the market, withdrawing protocol fees, transferring obligations |
What klend gives you
| Layer | Provided by klend |
|---|---|
| Program correctness | Audited Anchor program with formal verification and fuzzing |
| Interest accrual | Per-reserve compound interest, host-fixed rate optional |
| Liquidator economy | Permissionless liquidations across all markets sharing the program |
| Oracle plumbing | Scope aggregator, multi-source TWAP, staleness checks |
| Risk safeguards | Auto-deleverage, daily withdrawal caps, eMode |
| Composability | Any wallet, vault, or program can integrate with the on-chain market accounts |
Market vs. vault
Both are curator-deployed. The decision tree:| You want to… | Deploy a… |
|---|---|
| Create a new lending venue with your own reserve set and risk model | Market |
| List an asset that doesn’t exist on any market today | Market (with that reserve) |
| Run a strategy that allocates capital across reserves on existing markets | Vault |
| Wrap your strategy in a single-token deposit / receipt-token withdraw UX | Vault on top of one or more markets |
| Provide gated access to a curated set of reserves for your users | Vault (Whitelisted Reserves feature) |
Where to go next
Lifecycle overview
The full path from create → operate → migrate, in one page.
Quickstart
Stand up a working market on staging in ~10 minutes.
Create a market
The single CLI command and what it does on-chain.
Risk parameters
How to choose LTV, thresholds, IR curves, and caps for a new asset.
Withdrawal queue
FIFO redemption when reserves are fully utilized.
Fixed rate reserves
Maturity-based debt, host fixed rate, rollover windows, early-repay penalties.
All market creation and configuration runs through the Kamino Manager CLI (
kamino-manager). The web app at manage.kamino.com is for managing existing vaults; market deployment is CLI-driven and signed via a Squads multisig in production.