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Kamino Borrow is a peer-to-pool lending market on Solana. Lenders deposit assets into shared liquidity pools to earn yield; borrowers draw overcollateralized loans against their collateral. The protocol handles rate discovery, position health tracking, and liquidations automatically — no counterparty matching required. Kamino Borrow also powers Multiply, which uses the lending market’s underlying mechanics to construct leveraged yield positions in a single transaction.
Overcollateralized means every loan is backed by more collateral value than the loan itself is worth. There is no credit history, no identity check, and no legal recourse — the collateral is the only guarantee. This is what makes anonymous, permissionless lending possible. Learn more
Peer-to-pool means depositors contribute to a shared pool and borrowers draw from it — no specific lender is matched to a specific borrower. The protocol intermediates automatically, enabling instant borrowing without waiting for a counterparty. Learn more

Supplying

How deposits enter liquidity pools, how kTokens work, and how supply yield is earned.

Borrowing

Collateral requirements, borrow limits, interest accrual, and how debt positions are managed.

Markets

The structure of Kamino’s lending markets, reserve configurations, and eMode.

Liquidations

How position health is measured, when liquidations trigger, and how the penalty system works.

Concepts

The foundational ideas behind Kamino Borrow — reserves, markets, LTV, rate models, and more.