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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.

A fixed-rate reserve uses the same primitives as a floating reserve plus four config fields that pin the rate and impose a term. This page covers what those fields mean and the workflow for creating a reserve.

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What pins a fixed-rate reserve

FieldTypeMeaning
borrow_rate_curvepiecewise-linear curveFor a fixed-rate reserve, configured as a flat curve at the target rate. Borrowers pay this rate regardless of utilization.
host_fixed_interest_rate_bpsu16Optional additional spread layered on top of the curve, charged to the borrower and accruing 100% to the protocol (not lenders). Default 0.
debt_term_secondsu64Per-borrow term. The borrower’s loan matures at last_borrowed_at_timestamp + debt_term_seconds. 0 = open-term (the reserve behaves as floating).
debt_maturity_timestampu64Reserve-wide sunset timestamp. After this, no new borrows are accepted and existing borrows become liquidatable. 0 = no sunset.
early_repay_remaining_interest_pctu8 (0–100)Penalty for repaying inside the first term. Penalty = projected interest for the remaining term × this percentage. Accrues to protocol fees on the debt reserve.
debt_term_seconds and debt_maturity_timestamp are independent. Set neither (effectively a floating reserve), one, or both. Use debt_term_seconds to express every borrow gets a 3-month clock starting at borrow time. Use debt_maturity_timestamp to express this whole reserve sunsets on January 1. The two compose: a reserve with both constraints requires every borrow to fit inside the remaining time until reserve maturity.
The borrower’s effective rate is the borrow_rate_curve value at current utilization plus host_fixed_interest_rate_bps. For most fixed-rate reserves you want a flat borrow_rate_curve at the desired rate and host_fixed_interest_rate_bps = 0. Set a non-zero host_fixed_interest_rate_bps only when you intentionally want a protocol-side spread on top of the lender-facing rate.

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Creating a fixed-rate reserve

A fixed-rate reserve is created the same way as a floating one — the difference is in the config you supply.
1

Add the reserve to your market

yarn kamino-manager add-asset-to-market \
  --market <MARKET_ADDRESS> \
  --token-mint <DEBT_TOKEN_MINT> \
  --mode execute
This creates a new reserve account against the specified mint. Multiple reserves for the same mint can coexist in a market — each one is its own independent pool with its own config.
2

Download the default reserve config

yarn kamino-manager download-reserve-config \
  --market <MARKET_ADDRESS> \
  --reserve <RESERVE_ADDRESS> \
  --output ./configs/fixed_rate_reserve_config.json \
  --mode inspect
3

Edit the config for fixed-rate behaviour

In the JSON, set:
  • borrowRateCurve.points — flat curve at the target rate. Both endpoints set to the same borrowRateBps. See pattern below.
  • debtTermSeconds — term in seconds (e.g. 7776000 for 90 days, 2592000 for 30 days).
  • debtMaturityTimestamp — only if you want the entire reserve to sunset on a specific date; otherwise leave at 0.
  • earlyRepayRemainingInterestPct — typical values are 10–25% (the first-term-only penalty).
  • hostFixedInterestRateBps — usually 0. Only set if you want a protocol-side spread.
Example flat curve at 5.5%:
"borrowRateCurve": {
  "points": [
    { "utilizationRateBps": 0,     "borrowRateBps": 550 },
    { "utilizationRateBps": 10000, "borrowRateBps": 550 }
  ]
}
The remaining points in the curve array should be padded to the same final value (the SDK and CLI handle padding automatically when you start from a flat curve).
4

Set risk parameters

Standard reserve risk params still apply — set them appropriate to the collateral, not to the term:
  • loanToValuePct, liquidationThresholdPct — the same curve as the floating-rate reserve for the same debt token typically applies. Term doesn’t change credit risk; collateral does.
  • minLiquidationBonusBps, maxLiquidationBonusBps, deleveragingBonusIncreaseBpsPerDay — these matter especially for fixed-rate because protocol-enforced liquidation (term/maturity breach) ramps the bonus from min to max linearly per day. Set values that produce a meaningful incentive curve for liquidators.
See Reserve Parameters for the full parameter reference.
5

Preview and apply

yarn kamino-manager update-reserve-config \
  --market <MARKET_ADDRESS> \
  --reserve <RESERVE_ADDRESS> \
  --reserve-config ./configs/fixed_rate_reserve_config.json \
  --mode inspect
Then re-run with --mode execute (or --mode multisig to produce a Squads payload).
Reserve config changes typically have a lock time (~4 hours) before they take effect on-chain. Plan parameter changes ahead of testing windows; the change won’t be live immediately even after the multisig executes.

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What’s next

Market Settings

Enable the market-level features that fixed-rate reserves depend on.

Lifecycle Operations

Update or sunset an existing fixed-rate reserve.