KaminoIncentives

7.43%

Current APY

6.57%

7D avg

7.40%

30D avg

0.05%

Incentive APY

$3.3M

TVL

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Strategy overview

Deposit USDC into a Kamino managed strategy. The vault deploys the capital, manages the position, and compounds its returns.

Moderate risk · Grade C

44/100

The strategy is more complex than plain lending — an automated looping vault adds moving parts that can each go wrong.
Control over the protocol's code matters — upgradeable behind a multisig (threshold undisclosed).
Bad price data can trigger wrongful liquidations — single robust price feed (Scope).

Strategy

risk 59/100

Strategy type60
Looped vault
Leverage60
Leverage figure missing on a leveraged product.
Yield source85
Yield comes from a leveraged position.
Pool usage20
Utilization unknown for a pool-based product.
Pool size24
~$3.3M pool.
Lock-up & yield stability0
30d APR volatility 0.4pp.

What can go wrong

Leverage amplifies losses as well as gains, and an adverse move can put the position near liquidation.
If the looped asset depegs, the vault's effective risk rises sharply.
Returns depend on the spread between the earned yield and the borrowing cost, which can compress.

The assets

risk 9/100

What your deposit is held in, and how steady its value is.

USDC

CG CMC

Backing model10
USDC: fiat-backed.
Peg history6
USDC: worst recorded peg deviation informs this score (12 recorded event(s)).
Issuer size0
USDC: ~$70.1B market cap.
Exit liquidity0
USDC: ~$385.5M DEX depth.
Token age0
USDC: live since 2018.
Freeze authority35
USDC: issuer can freeze token accounts.

About USDC

Each asset in this position — what it is, how reliable it is, and any past depegs.

USDCUSD CoinStablecoin

Low Risk

CG CMC

By Circle. Backed 1:1 by cash and short-term US Treasuries held in regulated reserves. · Live since 2018

·Worst deviation from $1 peg: 0.17% (tracked window).
·Held its peg 99.8% of the time.

Peg adherence (7d): 100.0%Worst deviation (7d): 0.065%DEX liquidity: $382.2M

Audited: Yes — Deloitte (monthly attestations)

Past depeg events

▼ $0.88 · 2023-03-11 — 12.11% below peg, recovered source
▼ $0.96 · 2021-01-05 — 3.69% below peg, recovered source

Show all 5

▼ $1.04 · 2021-05-19 — 3.62% above peg, recovered source
▼ $0.97 · 2020-06-02 — 3.46% below peg, recovered source
▼ $1.03 · 2021-03-17 — 2.72% above peg, recovered source

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Token notes & warnings

Freezable — The authority's owner has the ability to freeze your token account, preventing you from further trading
Mintable — The authority's owner has the ability to mint more tokens

Who runs it

Kamino X Docs DefiLlama

risk 23/100

The team and protocol behind this, and their track record.

Supplies your deposit into Kamino's lending reserves or automated vaults, where it earns interest from borrowers. Multiply positions loop your collateral against borrowed assets to amplify yield.

Admin controls45
Upgradeable behind a multisig (threshold undisclosed).
Exploit history0
No known exploits.
Track record0
Live for ~50 months.
Price feeds35
Single robust price feed (Scope).
Scale0
$1.2B TVL — battle-tested at scale.
Safety reserves · no data40
No disclosed treasury/insurance backstop.
Bug bounty0
Live bug bounty up to $1.5M.
Audits0
Audited (OtterSec, Sec3, Offside Labs, Certora, Ackee Blockchain).

How we rate risk

Stablecoin strategies get a 0–100 risk score (lower is safer) built from three areas — Protocol (audits, incident history, track record and admin controls), Strategy (leverage, lock-ups, pool size and yield source) and Asset (the token's peg record, backing, and exit liquidity) — weighted by strategy type — and the weakest area can push the overall number higher (riskier) on its own. The score maps to a grade: A ≤ 22, B ≤ 35, C ≤ 50, D ≤ 70, E above. Grades compare opportunities within our stablecoin catalog — an A is the strongest thing we list (blue-chip stablecoin lending), not a promise of safety. Live events (an active depeg, a reported exploit, a sharp deposit outflow) override the score immediately. Where we lack data, the factor says so and scores cautiously. Non-stablecoin opportunities are not rated. A comparison aid, not advice.

Risk levels are Akashi's own assessment to help you compare opportunities — not financial advice or a safety guarantee. Every DeFi position carries smart-contract and market risk.

Non-custodial · Akashi never holds your funds

Elemental USDC Optimizer