https://t.co/1uYlrDZR8p pre-IPO perps on hyperliquid are paying shorts 113% APR in funding on anthropic. cerebras listed at 2x its last private round. 83% of hyperliquid traders lost money in march. the funding rate arb is printing for anyone running delta-neutral while degens lever long into private company valuations they can't verify. this is the new tokenomics game. oracles price off opaque private rounds, longs bleed funding daily, and if the IPO opens below the perp price they get liquidated AND lose on settlement. 50x leverage on a company that hasn't gone public yet. when the music stops, you're fucked
It's coming.
The largest platform for tokenized stocks and ETFs is coming to @Solana in early 2026.
Wall Street liquidity meets internet capital markets.
Introducing the new Kamino
A refreshed brand. Six new products. A platform built for the next generation of assets and institutions moving onchain.
Welcome to the next chapter 🧵
I guess better late than never.
Some people told me I should improve the comms and that I should have explained our decision better.
It’s very simple - this week blocked the Jup Lend migration tool because our users have been misled about the protocol design and the risks they are taking.
Jupiter Lend claimed repeatedly that there is no cross contamination between assets - that if something bad happens to an asset in a different vault, you have no exposure to those other assets (see video below).
That couldn’t be further from the truth.
In reality, in Jupiter Lend, if you supply SOL and borrow USDC, your SOL gets lent out to loopers, including JupSOL, INF, etc. You take all the risk of those loops or assets blowing up.
There is no isolation here and full cross contamination, contrary to what is advertised and what people are being told.
In TradFi but also in DeFi, the fact that your collateral is rehypothecated or not, has contagion risks or not, is material information and should be very clearly disclosed. Not only that, but it should definitely not be claimed otherwise.
I come to this app every day to talk about risks, security, smart contracts. I have tried to cultivate a culture of risk awareness and financial literacy in Solana DeFi.
Our users’s security is and has always been our no. 1 goal.
I cannot, in good conscience, make this migration easy when our users (those with a Kamino position) have been misled into refinancing and about what happens to their funds when they migrate.
Users are always free to withdraw from Kamino, that never changed.
Equally, migration tools should be two way and be clear about the risks as well as the yields. I am all for open finance, and if that happens we will remove the block in a heartbeat.
(today the videos and tweets have been deleted, but I can attach them below)