Ethena Market Update
At the direction of the Ethena Risk Committee, the USDG borrow rate curve in the Ethena Market is being updated starting next week.
Specifics will be detailed soon on the plan to maintain partial liquidity on backing asset positions and align with Ethena's desired risk management.
⚠️Network Down.
We’re closely monitoring the ongoing Sui network stall and coordinating with the Sui team.
User safety remains our top priority, and normal operations will resume once the network is stable.
We’ll share updates as soon as they are available.
The Allez USDC vault is lending to the @kamino STRCx Market.
As curators, we allocate liquidity to the best risk/reward opportunities, with a risk first approach.
11.5% yield backed by @Strategy's treasury, @chainlink secured.
$STRCx is now live on Kamino.
STRC, Strategy's Stretch perpetual preferred stock, can now be supplied and used as collateral.
The STRCx Market is the first lending market for $STRCx on Solana, expanding access to institutional-grade yield assets onchain.
Pyth price feed is currently down. To best protect user's interest, we are currently under circruit break mode, effective immediately.
All supply and borrow are temporarily paused. All assets are safe.
Once Pyth price feed is back online, system will resume operational.
Top inflows:
→ mSOL: +$41M (Rotation into established LSTs)
→ JupSOL: +$19M
→ ONyc: +$8M (OnRe ramp continued)
Utilization held at ~40% as supply and debt contracted in parallel.
Last month Maple Market move on @Kamino:
3 wallets withdrew $47.3M from PYUSD + syrupUSDC reserves on Apr 18-22:
→ $25.2M: 29KnJ9mtSMbxAFExns4H8e5Tv9AqSb1Qazy1HhHdUbNH
→ $11.4M: J1ChJ8gTCrNG9H4SKYdhWUaxSaayMkUGSojKudqToRfL
→ $10.8M: GVSCWP9YeLZbwvXFzG1y5YDtRJhCDq8htNrqNmzToR3i
A coordinated operator unwind, fully visible onchain - while the rest of the protocol's specialized markets continued expanding:
~75% of all Maple Market withdrawals in the window. All three routed into the same downstream address.
Tracks back to @maplefinance's April 20 DeFi exit:
(1/7) Update from Maple
Maple has no active DeFi positions. We assessed risk exposure across DeFi and proactively removed all allocations. Through active risk management, Lenders have no exposure to rsETH or other indirect exposures, and the Maple platform operated as expected.
April ended with @Kamino's risk profile improved:
→ Correlated warning-tier debt: -47%
→ Stress-test potential bad debt: -17% to -36% across scenarios
PRIME concentration remains the largest single-asset cliff to monitor.
Two external stresses shaped April:
The April 1-2 UXD depeg triggered @Kamino's liquidation infrastructure.
Then, the @DriftProtocol incident had no direct contagion to @Kamino but it triggered liquidity reshuffling and elevated utilization for several days.
Monthly @Kamino Lend Insights - April 2026
Kamino navigated April’s DeFi-wide stress cleanly amid two major external incidents.
Risk metrics improved sharply while total supply contracted -17% to $2.4B as users repositioned conservatively.
👇 A thread
Apr 18: @KelpDAO rsETH bridge exploit ($292M) leading to $123-230M potential bad debt on Aave V3. As a result, billions of liquidity exited Aave.
@Kamino preemptively paused LayerZero tokens (USDS, LBTC, FBTC) as a precautionary measure. No exposure. Again, liquidity reshuffled and market utilization spiked.
In both instances, markets rebalanced organically within 48-72h.
Your enthusiasm has been overwhelming.
$USDC supply and $USDsui market borrowing have reached their caps.
$USDsui Multiply markets still have quota. All related Multiply pairs remain available for opening and closing.
Today, Current will review the next cap increases with our risk partner @AllezLabs , covering:
• USDC Max Supply and Max Borrow
• USDSUI standard borrowing cap and Max Supply
Once proposed, updates will take effect after the 24-hour timelock.
April confirmed the resilience of Kamino’s segregated-market design: specialized markets (OnRe, Solstice, Huma) grew while the protocol absorbed two major external shocks with minimal user impact. Risk metrics improved.
USD-denominated supply remains the majority of liquidity (56.0%), but the composition continues to diversify.
Full report: https://t.co/mEUdrVShQS
Monthly @Kamino Lend Insights - April 2026
Kamino navigated April’s DeFi-wide stress cleanly amid two major external incidents.
Risk metrics improved sharply while total supply contracted -17% to $2.4B as users repositioned conservatively.
👇 A thread
The Vault Ecosystem contracted in line with protocol flows:
→ @SentoraHQ PYUSD: $210M (-49%) at 5.7% APY
→ @Rockaway_X RWA USDC: $34M (+136%) at 5.1% APY
→ @SteakhouseFi USDC: $24M (-60%) at 4.2% APY
→ @gauntlet_xyz CASH Earn: $14M (-41%) at 4.8% APY
→ @AllezLabs USDC: $13M (-47%) at 4.1% APY
Rockaway RWA is finding demand with strong growth; Sentora PYUSD saw the largest absolute outflow, affected by the Maple’s unwind.