Kamino Brings Compute-Backed Credit to Solana Lending Market

Kamino has launched a new lending market on Solana that allows holders to post sUSDai as collateral and borrow USDC. The maximum loan-to-value is 80%, with liquidations starting at 85%. This move is backed by a $280 million loan book financing AI data centers, which pays the yield underneath the collateral.

The practical effect for holders is that they can now use sUSDai as collateral on Solana without selling their tokens. They can borrow USDC against it and loop the position to multiply both yield and liquidation risk. This feature is available through Kamino's Multiply product, which allows users to borrow USDC against sUSDai, buy more sUSDai, and repeat.

The yield behind sUSDai comes from two sources: interest paid by GPU operators and Treasury-bill returns on reserve capital. The loans are structured with a bankruptcy-remote special purpose vehicle, holding the GPU hardware, offtake contract, colocation agreement, and revenue accounts. Kamino allocated $75,000 in rewards to USDC suppliers and borrowers over the next two months.