Kamino news today centers on the AUTO lending market, which the company says has passed $170 million in deposits. The most recent dated announcement covered here is from October 21.
AUTO market passes $170 million
On October 21, Kamino said its AUTO market, a lending market built around a token backed by US car loans, had crossed $170 million in deposits. The company said the market grew about eightfold over the past month, after Kamino Fixed Rates launched on September 21. A Business Wire release the previous day reported growth from $10M to $135M in three weeks. The two figures use different starting points and time windows, so they should be read separately.
Fixed-rate borrowing gains traction
Kamino Fixed Rates lets borrowers lock in a rate over rolling 30-day terms instead of a variable rate that moves with demand. Kamino opened its first fixed-rate Multiply vault at 5.3%, and later markets priced at 5.75% and 6%, according to the release. Borrowers took out more than $40 million in fixed-rate loans in the first two weeks. A later report put active fixed-rate loans above $55 million, a growth figure the project itself reported and that has not been independently verified.
KMNO token unlock scheduled for October 30
Kamino's next token unlock is scheduled for October 30, releasing 229.17 million KMNO, or 2.3% of the total supply. Unlocks of this size can add selling pressure as recipients receive tokens, although the effect depends on market conditions at the time.
Market context
KMNO trades at $0.04134, up 1.48% over 24 hours, and remains 83.32% below its all-time high of $0.2478.