Your deposit is exposed to the blended performance and risk of the vault’s full allocation, not just one reserve. If allocations change, your future exposure changes too.
Vault returns are not fixed. APY moves over time based on the underlying markets and reserve conditions. There is no guarantee that current rates will persist.
Small withdrawals may be covered by the vault buffer, but larger withdrawals can depend on liquidity in the underlying reserves. During periods of high utilization, access to liquidity may be slower.
Although Earn Vaults make the product easier to use, they still depend on underlying lending market conditions. Passive management does not mean zero risk. This follows directly from Kamino’s own framing of allocation risk and liquidity constraints.
For the full mechanics behind Earn Vaults, including yield calculations, allocation details, and withdrawal behavior, see the Kamino Lending Vaults docs.
