Risk Overview
The main view provides a summary of protocol-wide risk metrics:- Deposits, borrows, and rates for every listed asset across all Kamino markets
- Utilization rates — how close each reserve is to full utilization
- Global caps — supply caps, borrow caps, and their current utilization
- Liquidation-at-risk — the dollar value of positions that would be liquidated at various price shock levels (e.g., -10%, -20%, -30%)
- Deposit and borrow distribution — composition of the protocol’s total TVL by asset
- Interest rate curves — the current rate curve parameters and actual rates for each token
Loans Analysis
A filterable, tabular view of every active loan on the protocol:| Field | Description |
|---|---|
| Current LTV | The loan’s current loan-to-value ratio |
| Max LTV | The maximum LTV allowed for this loan’s collateral mix |
| Liquidation LTV | The threshold at which the loan becomes liquidatable |
| Total Deposits | Dollar value of all collateral in the position |
| Total Borrows | Dollar value of all debt in the position |
| Net Value | Deposits minus borrows — the borrower’s equity |
Token Decompositions
For each loan, the dashboard breaks down:- Deposit composition — which tokens make up the collateral, in what proportions
- Borrow composition — which tokens are borrowed, in what proportions
Volatility Risk
The volatility tab provides:- Token price time series — historical price charts for all listed assets
- Parkinson’s realized volatility — rolling Parkinson’s volatility time series, showing how each asset’s volatility has evolved over short, medium, and long-term windows
Liquidity Risk
The liquidity tab provides real-world, on-chain liquidation cost data:- Percentage price impact for buy and sell Jupiter swaps at various USD sizes ($10K, $50K, $100K, $500K, $1M+)
- Impact comparison across assets — which assets can absorb large trades, and which cannot
- Historical price impact trends — whether liquidity is improving or deteriorating for each asset
Price Shock Analysis
The most sophisticated section of the dashboard. It models four types of stress scenarios:Uniform Shock
All token prices drop by the same percentage simultaneously (e.g., -20% across the board). This models a broad market crash and shows:- How many positions become liquidatable
- Total dollar value at risk
- Expected bad debt (if any positions would cross the insolvency threshold)
Individual Token Shock
A single token drops by a specified percentage while all others remain stable. This models an idiosyncratic event (e.g., a smart contract exploit, a depeg) and reveals:- Protocol exposure to that specific token
- Which loans are affected
- Whether isolation mechanisms contain the damage
Correlation-Based Shock
Correlated groups of tokens decline together (e.g., SOL + all LSTs drop 25%, while stablecoins hold). This is the most realistic stress model, as it reflects how markets actually behave during downturns — correlated assets move together.Historic Event Replay
Replays actual historical events (e.g., the February 2026 crash, the April 2025 SOL/ETH crash) against the current protocol state. This answers: if that event happened today, with today’s positions and parameters, what would the impact be?Stress Testing Data
The monthly risk reports published by Allez Labs include detailed stress testing at standard shock levels. Representative data from the November 2025 report:| Shock Level | Liquidation Volume | Estimated Bad Debt |
|---|---|---|
| -10% | ~$50M | $0 |
| -20% | ~$137M | ~$2.3M |
| -30% | ~$275M | ~$11.6M |
| -40% | ~$419M | ~$32.6M |
| -60% | ~$845M | ~$119M |
Risk Reduction Modeling
The risk reduction tab models the impact of proposed parameter changes before they are implemented:- Cap reductions — if supply cap for Asset X is reduced from $50M to $30M, how does the risk profile change?
- Auto-deleverage scenarios — if positions above a certain LTV are deleveraged, what is the net effect on protocol risk?
- LTV adjustments — if Max LTV for Asset Y is lowered from 75% to 65%, how many positions are affected and what is the change in liquidation-at-risk?
Monthly Risk Reports
Since early 2025, Allez Labs has published comprehensive monthly risk reports to the Kamino governance forum. Over 14 reports have been published to date. These reports provide:- Protocol-level metrics: Total supply, debt, TVL, transaction volumes, liquidation counts
- Market-by-market analysis: Supply, borrow, and utilization trends across all Kamino markets
- Stablecoin and SOL market analysis: Composition shifts, rate dynamics, LST trends
- Vault performance: TVL, curator activity, user flows across Earn Vaults
- Stress testing scenarios: Instantaneous price shock modeling at multiple severity levels
- User behavior analysis: Wallet activity, transaction patterns, concentration metrics