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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.

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Anatomy of a market

A Kamino market is composed of three layers. The LendingMarket 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.

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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.

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What you control

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What klend gives you

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Market vs. vault

Both are curator-deployed. The decision tree: A vault on top of a market is a common composition. The market does the lending mechanics; the vault does the depositor UX, allocation logic, and fee collection. See the Create a vault guide for vault-specific documentation.

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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.