VelVet me-retweet
"Never trust a thought that occurs to you indoors."
— Friedrich Nietzsche
Nicholas Fabiano, MD@NTFabiano
You are one walk away from a better day.
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VelVet
13.6K posts
VelVet
@__finality__
Stop dreaming & keep Building | @allezlabs | Former avocado farmer
Bergabung Temmuz 2016
1.7K Mengikuti196 Pengikut
VelVet me-retweet
February volatility cleared 70K liquidations and $26M in collateral on @kamino. Wiping out fragile positions.
March saw minimal stress as SOL ranged $79-$98:
→ 551 events (-99%)
→ $0.61M seized (-98%)
→ Avg size: $1,104 (+201%)
Allez Labs@AllezLabs
Monthly @Kamino Lend Insights - March 2026 Quiet market, but liquidity reshuffle under Kamino's liquidity pools: RWA token supply hit a new record at 22.5% of protocol liquidity. RWA markets surpassed $1.23B in supply. 👇 A thread
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VelVet me-retweet
Running a company:
2020: can you survive a pandemic?
2021: still here? we’re going to give all of your competitors $100m series A rounds.
2022: wow, you made it? okay, all engineers cost $600,000/year now.
2023: nice job! okay, SVB failed and we’re going to take away your bank account.
2024: a survivor I see. but can you pivot from ai to crypto to defense tech back to ai-enabled defense tech in a 12 month period to stay relevant?
2025: unfortunately all of your competitors have raised $2b series B rounds. oh and only 500 engineers are relevant and they cost $100m/yr each.
2026: well, well, well. you’re still in business? let’s deploy the thunderclap of godlike LLMs from the heavens so all of your customers can rebuild your app in 2 hours. can you survive?
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VelVet me-retweet
VelVet me-retweet
pov: you are a @kamino vault depositor
› whitelisted reserves enabled
› hacker compromises vault admin
› tries to redirect funds to malicious market
› smart contract says no
› funds are safe
Kamino@kamino
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VelVet me-retweet
Kamino users are rotating beyond the Main Market - chasing specialized yield sources like @hastra Prime (heloc), @maplefinance (credit), and @OnReFinance (reinsurance).
RWA market size peaked at $1.275B in March 2026 - making @kamino the go-to venue for real-world assets on Solana and beyond.
Allez Labs@AllezLabs
Monthly @Kamino Lend Insights - March 2026 Quiet market, but liquidity reshuffle under Kamino's liquidity pools: RWA token supply hit a new record at 22.5% of protocol liquidity. RWA markets surpassed $1.23B in supply. 👇 A thread
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VelVet me-retweet
Monthly @Kamino Lend Insights - March 2026
Quiet market, but liquidity reshuffle under Kamino's liquidity pools:
RWA token supply hit a new record at 22.5% of protocol liquidity. RWA markets surpassed $1.23B in supply.
👇 A thread
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VelVet me-retweet
yesterday i broke down the Elemental USDG lend vault - single market, single collateral type, isolated - but with potential concentration risk
@iamkakagri raised the diversified vault side in their QT, so here's part two
multi-market lend vaults manage risk differently and raw APY alone can mislead:
two vaults show 8% APY:
- one earns it from a single market with exposure to one collateral
- the other earns it across multiple markets with per market caps
same displayed yield, different risk profiles
@AllezLabs USDC vault hits its reserve cap 77% of the time, it could earn more by allocating further, but the cap forces controlled exposure
they’re trading raw yield for better risk-adjusted yield - a yield you're less likely to take a haircut on
this means several things for your risk profile:
- market failure affects a capped portion of your position, not all of it
- it yields from multiple markets while limiting downside from any one
- when caps are active, the curator is prioritising risk-adjusted yields over chasing the highest yield
to assess lend vaults on Kamino:
- check which markets it allocates to
- look at the collateral types you have exposure to and in what weightings
- compare yield against the DeFi dollar benchmark rate - ask what risk the vault is taking to earn the premium above it
the APY tells you what you earn, the allocation tells you what you risk to earn it. learning to read both will vastly improve your risk assessment of a vault
Bartega | Kamino@xBartega
Elemental USDG lend vault on Kamino has averaged ~8% APY over the past 30 days the DeFi dollar benchmark rate averaged ~2.8% over the same period per @AllezLabs post Drift, the question everyone's asking about lending vaults is where is the yield coming from and what am I actually exposed to interestingly, this pool allocates solely to the OnRe Market that means two things: - the collateral risk you're underwriting is exposure to $ONyc - you are not exposed to unrelated assets across multiple pools while this brings concentration risk, it conversely eliminates contagion risk with the pool being entirely isolated from others the OnRe market looks compelling for stable allocation for several reasons: - NAV-based oracles protect LTVs during panic selling - low max leverage + wide 10% liquidation LTV window - ONyc price is tied to booked profit + proof of reserves, not speculative future profits - reinsurance premium losses hit APY rather than NAV you can always check where lend vaults on Kamino allocate via the allocation panel per vault - learning to assess risk rather than chase the highest APYs is an essential skill in DeFI
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VelVet me-retweet
USD Vaults on Kamino are outperforming the DeFi Dollar Benchmark !
Wanted to take this opportunity to give another framework for suppliers entering market.
Generally users look at the yield, do I recognize the curator's logo, hit the supply button.
The yield is not the full picture, getting the best instant yield is an engineering issue. However when there's significant AUM your primary concern should be capping exposure to specific markets.
At a certain size you can run after the best instant yield and get out of any market any time, see the difference between Allez USDC and Allez USDS.
1- Allez USDC has hit a reserve's cap 77% of the time in the past 3 months, i.e. the algo could get better yield by allocating more but we've set a cap to limit exposure
2-3- Allez USDS has been unleashed around february, by far the one that outcompetes any other curator, small size, no caps, best yield all the time on USDS
4- Allez USDC's concentration vs other curators of similar size, Allez is the least concentrated, i.e. where the raw number of the vault yield is X%, your curator might be 100% in one market
interesting charts included :)
Bartega | Kamino@xBartega
Elemental USDG lend vault on Kamino has averaged ~8% APY over the past 30 days the DeFi dollar benchmark rate averaged ~2.8% over the same period per @AllezLabs post Drift, the question everyone's asking about lending vaults is where is the yield coming from and what am I actually exposed to interestingly, this pool allocates solely to the OnRe Market that means two things: - the collateral risk you're underwriting is exposure to $ONyc - you are not exposed to unrelated assets across multiple pools while this brings concentration risk, it conversely eliminates contagion risk with the pool being entirely isolated from others the OnRe market looks compelling for stable allocation for several reasons: - NAV-based oracles protect LTVs during panic selling - low max leverage + wide 10% liquidation LTV window - ONyc price is tied to booked profit + proof of reserves, not speculative future profits - reinsurance premium losses hit APY rather than NAV you can always check where lend vaults on Kamino allocate via the allocation panel per vault - learning to assess risk rather than chase the highest APYs is an essential skill in DeFI
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VelVet me-retweet
VelVet me-retweet
Update for our LPs:
Our @Kamino lending vaults are functioning as designed with no exposure to @DriftProtocol.
All positions remain healthy and operating normally with zero impact to suppliers. We continue to monitor the situation closely.
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VelVet me-retweet
RWA markets on @Kamino are scaling fast
@kylesamani joins 20,700+ unique users of Kamino's RWA lending markets
→ 75% of that growth happened in Q1 2026 alone
→ Of which 6,400 new users in March 2026 (72% of Q1)
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VelVet me-retweet
Looking to bring your yields onchain?
All roads may lead to Rome yet all good yields lead to the French Riviera 🌊
The best deals are getting structured between the sea and a glass of rosé 🍷
@AllezLabs is at your service 🫡
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VelVet me-retweet
VelVet me-retweet
We are in Cannes for @EthCC
Catch us at:
→ TheGate by @Rockaway_X
→ @Chainlink VIP Dinner
→ RWA Summit by @centrifuge
→ The Clearing House by @MidasRWA
→ OpenClaw Events
→ @Ethereum_France Apéro
→ Vault Brunch by @DeFiFounders
And we're hosting Tuesday come through 🍷
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VelVet me-retweet
Allez USDC @Kamino vault is back at $25M in deposits 💰
How it works:
→ Allocates across Kamino Core, RWA & Other Markets
→ Caps max exposure to each specific market
→ 7.4% APY over the last 90 days
→ $1M+ interest earned
Yield with guardrails 🛡️
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VelVet me-retweet
VelVet me-retweet
We've published the post-mortem on the March 15 THE market incident on @VenusProtocol.
~$2.15M in bad debt, isolated to THE and CAKE markets. No smart contract compromise.
Here is the full breakdown: preparation, attack mechanics, root cause, and remediation 🧵
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VelVet me-retweet
Lets look at @Kamino's February supply shifts per market
Growing:
→ @HastraFi Prime: $575M (+51%) → #2 market, 20% of supply
→ @SuperstateInc: $45M (+222%)
→ @Coinbase cbBTC nearly doubled (+$96M to $225M)
Isolated markets up to 43% of supply from 37%
Allez Labs@AllezLabs
February snapshot: → Total Supply: $2.87B (-13.7%) → Total Debt: $1.06B (-18.4%) → SOL Price: $104 → $81 (-27.6%) → Liquidations: 70,822 (+393%) → Collateral Seized: $26.0M (+71%)
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