Solana-based DeFi protocol Kamino has recorded a total value locked (TVL) of $235 million, surpassing Jupiter to become the second-largest TVL in the Solana ecosystem. Its integrated strategy, starting from lending services and expanding to DEX functions, is analyzed as the key factor for its success.
According to DeFiLlama, a DeFi analysis platform, Kamino achieved a TVL of $235 million as of June 7. This is a slightly higher figure compared to Jupiter's previous second-place TVL of $234 million. Its TVL has been steadily increasing, growing by 0.83% in the past week.
Kamino started as a lending finance (LendFi) platform focused on deposits and loans. It has expanded its user base by leveraging automated investment strategies, low fees, and fast transaction processing. Recently, it launched its own decentralized exchange function, 'Kamino Swap', expanding its business scope into the DEX area.
Kamino's strategy goes beyond simple feature additions. It aims to create an 'all-in-one' environment where users can handle all DeFi activities such as trading, depositing, and borrowing on a single platform. This approach integrates user experience and increases platform engagement time.
In contrast, Jupiter maintains a DEX-centered expansion strategy. As the largest DEX and aggregator in the Solana ecosystem with a TVL of $234 million, it has been pushed back in ranking by Kamino's integrated service expansion.
Currently, the Solana DeFi ecosystem is led by liquid staking platform Jito, maintaining the top position with $275 million in TVL. Kamino (2nd), Jupiter (3rd), Sanctum (4th), and Raydium (5th) follow, with all top 5 protocols recording over $1 billion in TVL.
These figures reflect the overall recovery of the Solana network. Positive factors such as reduced transaction fees, network stabilization, and institutional project inflows are supporting ecosystem growth.
Kamino's ranking rise shows a new aspect of competition in the DeFi market. The 'super app' strategy of integrating all financial activities is gaining attention. This is evolving beyond simple TVL competition to securing user behavior patterns and platform loyalty. Major DeFi protocols in the Solana ecosystem are expected to further strengthen their differentiation strategies through feature integration and user experience improvement.
Data Source: DeFiLlama (as of June 7, 2024)
Key Indicator: TVL (Total Value Locked)
