Blockworks Advisory

The goal is twofold: - Build the strongest public risk frameworks for Solana stablecoin yield. - Educate the market through ongoing monthly research and reporting. Together, this helps Reflect strengthen its product, improve transparency, and position for its next phase of growth.

Our first focus is building a public risk framework for Solana yield markets, designed to support stronger risk-adjusted returns through USDT+ and USDC+. In light of recent exploits, we’re re-evaluating Solana’s most liquid lending venues and assessing market, asset, and protocol risks across each.

We’re excited to start working with Reflect to bring yield-bearing stablecoin infrastructure to market. Reflect is the agnostic infrastructure layer for stablecoins on Solana. We are building the risk engine behind it 🧵

@hexonaut 🔥

Profitable and growing.

@capitalmarkets @kamino 🔥

A large share of capital on Kamino is now tied to RWAs. @kamino RWA deposits more than doubled to $1.23B in Q1. Went from 15.8% to 40%+ of total protocol deposits in three months.

@cheryldchan @Figure 🔥

Q1 showed that Kamino is increasingly becoming an RWA story RWA deposits and loans more than doubled QoQ, reaching $1.2B in deposits by end-Q1. RWAs accounted for 29% of protocol revenue during the quarter - and nearly 40% by March alone. @Figure was the single largest driver vaults also continue to scale, now making up ~20% of deposits, led by the growth of @SentoraHQ PYUSD vault meanwhile our risk infrastructure continues to perform under stress: $42m of liquidations processed during the quarter with cumulative zero bad debt h/t @blockworksres

@grahamfergs @kamino 🤝

Every company with a token should provide quarterly token holder updates. Well done @kamino.

@kamino 🔥

Q1 2026 by the numbers: $1.14B in loans $2.89B in deposits $19.86M in interest generated $1.23B in RWA Market deposits (+115% QoQ) Read the full report below ⬇️

@SolanaFloor @kamino 🤝

🚨JUST IN: @Kamino’s RWA deposits more than doubled in Q1 2026, rising from $570.7M to $1.23B, even as total protocol deposits fell 18.9% over the same period. RWA markets now account for over 40% of Kamino deposits, up from 15.8% at the start of the quarter.

@solananew @kamino 🤝

🚨BREAKING: @KAMINO Q1 2026 REVENUE HITS $2.59M AS RWA DEPOSITS SKYROCKET TO $1.23B!!!🚨

Despite DeFi market volatility, Spark's key metrics reached new all-time highs in April. Here’s the April recap. ⚡️

We have been working on this for a while. DeFi lending vaults manage real depositor capital but there is no standardized framework for measuring the credit risk they carry. One grounded in the actual mechanics of how losses occur onchain. We are introducing the framework for estimating vault credit score, which includes five metrics, each targeting a distinct mechanical loss channel. Read the full paper here arxiv.org/abs/2604.17579

It's a new era for Blockworks with a new brand to match.

@0xINFRA 🔥

@bonk_inu ❗️❗️❗️

Awesome to see the positive impact from the partnership between BONKfun and LaunchLab More great things to come❗️❗️❗️

@Raydium 🔥

TLDR: Bullish on Raydium.