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.
| Term | Definition |
|---|---|
| Auto-Deleverage | Margin-call mechanism that gives a borrower a grace period to self-deleverage before forced liquidation. Configured per reserve and at the market level. |
| Bad Debt | A position where debt value exceeds collateral value; even a fully-priced liquidation cannot make the depositor whole. Triggers the badDebtLiquidationBonusBps and may require socialize-loss to clear. |
| Borrow Factor | A multiplier on the debt-side valuation of an asset (borrowFactorPct). 100 = no adjustment; values above 100 make borrowing the asset more expensive in risk terms. |
| Borrow Order | A limit-order request placed by a borrower specifying max acceptable rate, min term, and expiry. Lenders fill it via fill-borrow-order. One open order per obligation. |
| Borrow Rate Curve | Piecewise linear function mapping reserve utilization to borrow rate. Defined as up to 11 (utilizationRateBps, borrowRateBps) breakpoints. |
| Cached Owner | The lending_market_owner_cached field. A staging slot used in the two-step ownership transfer flow. |
| Close Factor | The maximum portion of debt a liquidator can repay in a single liquidation round. Configured market-wide via liquidation_max_debt_close_factor_pct. |
| Collateral Farm | A reward farm attached to a reserve that distributes incentives to depositors. |
| Crank | Off-chain bot that triggers on-chain state updates (interest accrual, oracle refreshes, queue progression). |
| cToken | Receipt token issued to depositors representing their share of a reserve’s deposits. Burned on withdrawal. |
| Debt Farm | A reward farm attached to a reserve that distributes incentives to borrowers. |
| Debt Maturity Timestamp | The Unix timestamp at which all debt on a fixed-term reserve matures. 0 = per-borrow rolling term. |
| Debt Reserve (in eMode) | The single reserve that members of an elevation group are permitted to borrow. |
| Debt Term Seconds | Duration of fixed-term borrows on a reserve. 0 = open-term (no maturity). |
| Early Repay Penalty | A penalty (earlyRepayRemainingInterestPct) applied when a fixed-term borrower repays before maturity. Charged as a percentage of remaining interest. |
| Elevation Group (eMode) | A cluster of correlated assets with relaxed risk parameters when used together. Up to 32 groups per market. |
| Emergency Council | A separate authority (often a fast-response multisig) configured via emergency_council to call emergency-only handlers. |
| Emergency Mode | Market-wide or reserve-level pause. Halts most operations until reset. Reversible. |
| Flash Loan | An uncollateralized loan that must be borrowed and repaid within the same transaction. |
| Heuristic (price) | Sanity bounds for an oracle price. Set via tokenInfo.heuristic.{lower, upper, exp}. Rejects prices outside the band. |
| Host Fixed Interest Rate | A fixed-rate add-on (hostFixedInterestRateBps) on top of the IR curve, charged on fixed-term reserves. |
| Immutable | A one-way market flag (immutable: 1) that permanently blocks all curator-side updates. Irreversible. |
| Insolvency Risk LTV | The LTV (insolvency_risk_unhealthy_ltv_pct) at which a position is considered to be in insolvency-risk territory and may be marked for auto-deleverage. |
| IR Curve | See Borrow Rate Curve. |
| Kink | The breakpoint on the borrow rate curve where rates start climbing steeply. Used to keep utilization at a target level. |
| klend | The Kamino lending program. The on-chain Anchor program that defines markets, reserves, obligations, and the lending operations. |
| kvault | The Kamino vault program. Optional layer that sits on top of klend markets, aggregating depositor capital and routing it across reserves. |
| kfarms | The Kamino farms program. Manages reward distribution to klend depositors and borrowers. |
| Lamports | The smallest unit of a token on Solana. 1 SOL = 10^9 lamports. Reserve caps and on-chain values are denominated in token base units (lamports for SOL, smallest unit for other mints). |
| Lending Market | The top-level on-chain account that groups reserves. Has its own owner, settings, and reserve set. The LendingMarket Rust struct. |
| Liquidation Threshold | The LTV at which a position becomes liquidatable. Per-reserve via liquidationThresholdPct; can be overridden by an elevation group. |
| Loan-to-Value (LTV) | Maximum borrowing capacity against collateral, as a percent of collateral USD value. Per-reserve via loanToValuePct. |
| Margin Call Period | Grace period (deleveragingMarginCallPeriodSecs) between when a position is marked for auto-deleverage and when liquidation becomes available. |
| Mature Debt | Fixed-term debt that has passed its debt_maturity_timestamp. Liquidatable as mature debt if the relevant flags are set. |
| Min Initial Deposit | Market-level threshold (min_initial_deposit_amount) for the first deposit on an obligation. Prevents dust-spam attacks. |
| Min Net Obligation Value | Market-level threshold (min_net_value_in_obligation_sf) for the residual value after any operation. Operations that would leave less are rejected. |
| Mirror Token | An on-chain token that represents an off-chain asset 1:1. Typically minted in full at issuance with mint authority subsequently revoked. |
| Multisig | Multi-signature wallet requiring multiple approvals to execute transactions. Kamino recommends Squads v4 for production market ownership. |
| Obligation | The on-chain account tracking a user’s deposits and borrows in a market. Per-user, per-market, per-obligation-type. |
| Obligation Order | A user-set, price-triggered self-deleverage instruction stored on an obligation. Fired by permissionless executors when the condition is met. |
| Oracle | External price feed providing asset valuations. Kamino supports Scope, Pyth Core, and Switchboard, configured per reserve via tokenInfo. |
| Origination Fee | Fee charged at borrow time, configured via fees.borrowFee. |
| Permissioned Market | A market where access is gated. On-chain klend has no allowlist field; permissioning today is achieved via Token-2022 transfer hooks, UI gating, or vault-layer terms acceptance. First-class support is on the roadmap. |
| Price Heuristic | See Heuristic. |
| Progress Callback | An optional callback on WithdrawTicket invoked when a ticket is fully redeemed. Used by kvault to update vault-side accounting. |
| Proposer Authority | An authority (proposer_authority) that can propose certain config updates without holding full owner privileges. |
| Protocol Fee | Fees accrued by the curator from interest take rate, origination, flash loans, liquidations, and order executions. Withdrawn via redeem-fees. |
| Quote Currency | The reference unit for prices on a market. Stored on LendingMarket.quote_currency. Almost always "USD". |
| Receipt Token | Token issued by a vault to depositors representing their share of vault assets. Distinct from cTokens (which are reserve-level deposit receipts inside klend). |
| Referral Fee | Portion of borrow interest, in basis points (referral_fee_bps), routed to integrators registered as referrers. |
| Reserve | A specific lending pool inside a market for a single token. Holds deposits, borrows, the IR curve, oracle config, and risk parameters for that asset. |
| Reserve Status | Reserve-level flag with values 0 Active, 1 Obsolete, 2 Hidden. |
| Rollover | Migrating a fixed-term position to a new term (fixed→fixed, fixed→open, or open→fixed). Subject to market-level rollover window settings. |
| Scope | Kamino’s oracle aggregator. Combines Pyth Core, Switchboard, and direct on-chain feeds into a manipulation-resistant chain of price indices. |
| Sequence Number (queue) | The position number assigned to a WithdrawTicket when it enters the queue. Tickets are redeemable in FIFO sequence-number order. |
| Socialize Loss | The socialize_loss instruction that distributes unrecoverable bad debt across a reserve’s depositors. Last-resort, irreversible. |
| Squads | Solana multisig product. Kamino’s recommended multisig solution for production market ownership. |
| Take Rate | Protocol’s cut of interest accrual, configured per reserve via protocolTakeRatePct. |
| Timelock | Delay between proposal creation and execution on a Squads multisig. Kamino reference: 12h on Main Market, 4h on satellite markets. |
| Token-2022 | The SPL Token-2022 program. Supports token extensions including transfer hooks. Used for regulated and compliance-constrained tokens on klend. |
| Transfer Hook | A Token-2022 extension that invokes an external program on every transfer. The hook program can approve or reject the transfer based on custom logic. |
| TWAP | Time-Weighted Average Price. A smoothed price that mitigates manipulation. Configured via maxAgeTwapSeconds and maxTwapDivergenceBps. |
| Utilization Rate | The ratio borrowed / deposited on a reserve. Drives the borrow rate via the IR curve. |
| Withdrawal Cap | Per-reserve, per-interval limit on net flow. Two independent caps: depositWithdrawalCap (collateral side), debtWithdrawalCap (debt side). |
| Withdraw Queue | Reserve-level FIFO queue for withdrawals when a reserve is fully utilized. Counters: next_issued_ticket_sequence_number, next_withdrawable_ticket_sequence_number. |
| Withdraw Ticket | Per-user account representing a position in the withdrawal queue. Holds the depositor’s queued collateral and their sequence number. |