Behind $KMNO , Kamino opened a Backpack market at 23:35 Beijing time on 10/28. People holding Backpack’s tokenized U.S. stocks can now use these stock tokens as collateral to borrow USDC.
Kamino is a lending protocol on Solana, and KMNO is its governance token. Put simply, it’s an on-chain way to borrow money against your assets.
Backpack says each stock token it issues represents one actual share of a U.S. stock, and can be redeemed for a share through a Backpack account.
This market is isolated, with its own parameters and liquidity pool, so bad debt in other Kamino markets won’t spill over into it.
According to the announcement, Kamino is currently the largest on-chain lending protocol by the amount of tokenized stocks used as collateral, with around $50 million worth of tokenized stocks deposited.
One thing to keep in mind: on-chain trading continues even when the U.S. stock market is closed. If a stock token’s price falls, it can still be liquidated. The team has also noted this in its disclaimer.
Tokenized stocks have been adding new assets lately. Being able to borrow against them is what makes them truly usable on-chain—and that’s the position Kamino is aiming to secure.
Kamino is a lending protocol on Solana, and KMNO is its governance token. Put simply, it’s an on-chain way to borrow money against your assets.
Backpack says each stock token it issues represents one actual share of a U.S. stock, and can be redeemed for a share through a Backpack account.
This market is isolated, with its own parameters and liquidity pool, so bad debt in other Kamino markets won’t spill over into it.
According to the announcement, Kamino is currently the largest on-chain lending protocol by the amount of tokenized stocks used as collateral, with around $50 million worth of tokenized stocks deposited.
One thing to keep in mind: on-chain trading continues even when the U.S. stock market is closed. If a stock token’s price falls, it can still be liquidated. The team has also noted this in its disclaimer.
Tokenized stocks have been adding new assets lately. Being able to borrow against them is what makes them truly usable on-chain—and that’s the position Kamino is aiming to secure.
