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Introduction

kTokens are Solana’s first yield-bearing asset that accrues yield from concentrated liquidity positions through auto-compounding.
kTokens are receipt tokens, representing the value deposited in Kamino vaults. Each Kamino vault has its own distinct kToken, which users will receive in their wallets the moment they deposit into a vault. When using kToken as collateral in K-Lend, you will continue receiving the yield from the LP position.

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kToken Prices

When a user deposits in a vault, the kTokens they receive will reflect their share in that vault. Each kToken will consist of both assets in the vault.
Changes to the value of kTokens will not increase the actual number of kTokens in your position, but will be reflected directly in the value of the kTokens you already own. As kTokens represent a deposit in a vault, their value will also change based on changes to the deposit value. Kamino vaults auto-compound fees and rewards earned from the concentrated liquidity pools that the vaults are built on. This means that the auto-compounded fees and rewards will, over time, reflect in the value of a kToken.