Kamino, Solend TVL Rally As Solana DeFi Surges

Kamino is riding a wave of investor interest as Solana DeFi reclaims center stage. The protocol’s KMNO token has surged 77.6% in the past month, climbing to $0.079 with a $108M market cap.

Daily volume has exploded past $130M, while Kamino’s total value locked has soared to $2.216B, making it one of the largest DeFi protocols across Solana.

: Source.

The protocol’s annualized fee revenue has reached $92.71M, driven by high on-chain usage and yield optimization strategies.

Kamino’s growth is unfolding as Solana’s DEX activity outpaces Ethereum’s, with daily volumes above $2.5B. Whale activity, meme coin speculation, and institutional staking flows are creating a rising tide for all major native applications.

Solend has also seen renewed traction. The protocol’s native token, recently rebranded from SLND to SAVE, has climbed over 47% in the past two weeks and is trading at $0.355. Its TVL sits at $208M, showing capital steadily flowing back into lending markets.

While its growth trajectory has been more moderate than Kamino’s, Solend’s rebrand and updated contract infrastructure are drawing fresh attention from users rotating into high-yield DeFi primitives.

With Solana’s $7B+ DeFi TVL and rising address activity, even established names like Solend are seeing new upside.

Solana’s Ecosystem Momentum Is Powering Both Protocols

Solana itself is the catalyst. The chain has dominated DEX volumes for weeks, memecoins are pulling in billions in daily trades, and protocols like Kamino, Jito, and Solend are stacking value rapidly.

Institutional tailwinds are also playing a role—SOL Strategies recently announced a $500M convertible note plan to expand SOL staking exposure and validator operations.

Retail and whales alike are rotating back into Solana-native apps. Kamino and Solend are clear beneficiaries, reflecting a broader trend where the blockchain’s DeFi landscape is no longer just recovering, but it’s leading.

With KMNO and SAVE gaining traction and TVLs rising, the next phase of the SOL cycle may already be underway.