We took part in our first partner Twitter Space this week with our latest listing, Kamino Finance.
This was a great opportunity to promote Amulet and Kamino to our communities and a wider audience. Over 300+ attendees were consistently at the event while over 6.5k Twitter users dropped in at some point.
In this Twitter Space, we discussed:
- Kamino – Who are they?
- Kamino and Amulet – security focus
- Kamino functionality and the explanation of their solution
- Audits on coding and user protection
- Community, growth of both projects
- What’s to come in the future for Kamino
- Future cross events coming extremely soon!
Plus so much more!
We’ve immortalised the audio (as it only stays for 1 month on Twitter!) and transcripted it into this blog for your reference.
If you have any questions regarding the information in this recap blog, feel free to get in touch via: discord.gg/AmuletProtocol
Audio:
Transcript:
As always, please be aware that their maybe some typos or inaccuracies with the transcript. We use a software and manually make changes but to keep as close to the audio, some errors may be missed.
Rob – Amulet
I’m the host and the co host, so I’m on both accounts. They said to me, I’ve had a Spanish phone for the whole time I’ve lived here six years, and they always tell me why do you have a Spanish phone? You never use it? And today’s The reason why I can’t use it finally, I get my just rewards for that. Awesome so what are I think we’ve got Yeah, I mean, we can start pretty much quite if you if you’re good to go. We can start we can start right away if that’s all good with you too.
Vik – Kamino
Good for me. Yeah. Looks like we have a couple of people in here already. Lots of new faces which I don’t necessarily know which is always awesome. I mean faces avatars I guess
Rob – Amulet
You’re gonna see a lot of Amulet people you should see a few meta bears coming up as well. These are people that were they were part of our first ever NFT AirDrop. So they’re the ones you see with the bears are probably most valuable contributors over the period of time. They just keep contributing and keep working hard to promote Angular in as many ways as possible. And that was
Vik – Kamino
well shout shout out to the AmuNation then right I guess!
Martin/Pinto – Amulet
Yeah, these people are super important.
Rob – Amulet
Absolutely. I’ve just found my airpods so I’ll just quickly put them in and then we’ll go ahead Sure. Can you hear me?
Martin/Pinto – Amulet
Yeah. Oh,
Rob – Amulet
Perfect. And I’m not distracted by hearing my own voice in the background now. I could hear baby very, very faintly on the ambulate protocol account. So perfect. Awesome. So welcome, everyone. Welcome to our first ever partnership, Twitter space we’ve never actually done one with with a partner before we’ve only done external groups. So congratulations, Kamino on being our first Hey let’s hope it goes well so what we’re we’re here today is to a lot of you will have seen last week our latest listing on amulet the latest people you can protect your the latest, the latest protocol that you can protect your defi assets on is Kamino Finance so what we’ve done today is invited the guys over we’ve got Vik, is it just you Vik that we’ve got?
Vik – Kamino
Yeah, it’s just me we have the Kamino account over but I’m the speaker for today. Hope that hope that’s okay!
Rob – Amulet
Obviously okay. Yeah, it’s more than okay, so what we’ll do is find out a little bit about you found out a bit about who coming in and out. I will also do a bit of an introduction to amulets considering it’s our first ever Twitter space we usually do our AMAs on Discord. So it will be quite new for some of our community ourselves. So yeah, I’ll go into it as if anyone who doesn’t know us read amulet protocol, and we are here to protect everyone in web three with our cover solution. Hacks happen all the time, as most people are aware. And we’ve we’ve come to kind of stop that and deter people from hacking. Rupert the budget legal say he looks acts, I personally don’t because I’ve been affected by them. And that’s why we’re here to to basically make web3 a much more secure place. And we’re glad to have partners alongside us who want to protect their users as much as we want to protect the whole industry. So that was why Camino were listed last week, they are serious about defy security as we are. And so we’re introducing them so you can learn a little bit more about what their protocol does. Maybe it could be beneficial from the ammunition side of things can be beneficial if we’re not financial advisors, but anything you might want to do. It would be good for you to understand what convener doing a bit better detail. And we’re also going to do a walkthrough of the next week, but we’ll reveal more about that atom at another time. So yeah, I mean, first though, if it’s cool, I’d like to know a little bit more about you as a person. So could you give me a bit of a background as to you and and how you started how you started to where you are now?
Vik – Kamino
Yeah, sure. So how do I make the long story short? My name is Vik or Deus Nero online, whichever people prefer I’m fine with both. I guess I’ll stick with the crypto journey like people will often don’t really talk about their you know, quote unquote, real lives. Before crypto, I worked in a pension fund reinsurance business. So I have a slight understanding of insurance and why it’s so important and risk pools and things like that used to work between business and IT. In crypto kind of got interested in crypto and 2017. The reason was pretty simple. I heard about bitcoin price in 2017. around February, I heard about it again in summer sometime, I thought okay, seems like there’s money to be made here. So I should probably look into it. And then just fell from rabbit hole into rabbit hole from Bitcoin T theory until alternative layer ones did a lot of things on avalanche on cosmos as Moses polygon. And then eventually Solana came up. And I thought that I might be able to have an edge here because the ecosystem was still so small. But actually, when we started reaching out to the community, in 20, towards the end of 2021, which was also when I made the decision that I need to fully transition into web three. Because it’s just my passion. I could spend all day learning about crypto stuff. So it just felt natural that I needed to make this my full time job as well. Looked into a couple of opportunities when to breakpoint in 2021 where I met my current boss I guess I would say and then eventually all the networking paid out and I was able to join join this amazing team to work on these amazing products that we build. And yeah, couldn’t be happier. So I switched in my nine to five I guess for what is it? An eight to eight you know how it is you know how it is?
Martin/Pinto – Amulet
eight seven times a week plus plus extra hours.
Vik – Kamino
We don’t use the word extra hours those are serious like we value. Sorry, go ahead please go.
Rob – Amulet
I actually always say it’s a bit like being a doctor on call without saving lives. It’s a 24 hour world the crypto world you might not always be at your desk doing something 24/7 But you failed. It’s pretty much going off and something happens 24/7. So, I’ve been a doctor on call.
Vik – Kamino
Yeah, I guess. But yeah, that’s that’s pretty much it. I do business development. also worked on pesky penguins, which is totally unrelated to this topic, but in an empty project on Solana where I’m also in the Dow leadership team, but that’s just something on the side where I do like, maybe one or two hours per week or something cool.
Rob – Amulet
It’s good to get an insight into into the person behind into the person behind the protocol that you’re about to talk to. I think your story is really interesting, because, I mean, we’re a group as a group, I mean, if I look into some of the people here, like metal, who’s the first that comes up on my screen, you’ll hear me I’ve said this a million times. But as as a team, you know, we’ve all got different stories behind us. Just some people who might not know my story, I was in web committee for a while, actually, I started around the time you got into it. So around 2017 2016 2017, I got offered the opportunity to go into it. And I saw a lot of bad things. So I actually left the industry and went away from it and decided this isn’t the right place for me. But then I came back in it when I saw that there was something that could actually protect people, which is why I’ve come back with amulet, because I can see that leading mass adoption. And I’ve been that personal story always like the one you’ve just told as well like it always just, it gives the extra understanding for community members in your community members of the people behind platform. So thank you very much for sharing that. I’m just gonna go on to a little bit about community if that’s okay with you, our community and I just want to know, I’m just going to ask as it Who the hell are you?
Vik – Kamino
Yeah, so, um, if I were to say it in one sentence, then Kamino is a concentrated liquidity management protocol. So what Kamino does, we can get into some more details a little bit later on if we would like to. Kamino has a certain set of vaults, different types of vaults, like stable coin balls, Solana, paired vaults and mixed strategies. And these vaults all sit on top of concentrated liquidity indexes. For people who don’t know what a Dex is, it’s a decentralised exchange. As of today, yeah, as of today, all vaults are sitting on top of orca world pools and whirlpools are orcas concentrated liquidity, amm is basically I won’t go into too much detail about concentrated liquidity. But what I will say though, is, it makes things a little bit more highly more capital efficient. So you often need to put less money into a liquidity pool to enable very good slippage rates as well. So they’re more capital efficient. And we build Kamino as a tool for people to solve certain pain points. And those pain points are, if you were to provide liquidity and to concentrate the liquidity, for example, on Orca, then you would have a lot of manual rebalancing to do you would have to figure out a range in which your money should be deployed. So you have to think about a certain outlook on the market. And it’s a lot of manual things with compounding, collecting fees, putting them back into your position, checking back in if your liquidity if your capital is still working for you. That’s the rebalancing aspect. And Kamino does all of this for you. And if you’re someone who already provided liquidity without Kamino, and then you use Kamino, you’re going to be like, Oh my God, why does this exist before because it makes things so easy. Kamino chooses the ranges, the price ranges, where your capital is deployed, it rebalances automatically for you. So you don’t have to think about that either. And all the rewards, all the fees that you actually earn from productive economic activity, which is trading, all of that is compounded automatically into your position as well. So you could call it a set and forget solution to some extent. And it just makes your life so much massively much much easier when using these new types of indexes. And they are fairly new on Solana I think oracle was the first last year around June to bring this type of decks So yeah, that’s that’s what the question come, you know? Yeah, sure.
Rob – Amulet
Yeah, just a question on that because I really love the the, just set it and you’ll leave it and you mentioned about paying points and what you just said. Is that something where you’d looked at? You’d looked at previous options and you’d found those pain points yourself, or how did you come to how did you come to recommend this today?
Vik – Kamino
So the origin story of how it came to be as actually. So, Kamino finance as a protocol was bootstrapped by many of the same members who were working on Hubble protocol. Although protocol is a different protocol, it’s allows you to take out loans in a stable coin called USDA tokens or crypto assets. And the team members there realise that USDA has a coin needed deeper liquidity because if you have a stable coin, you need to be able to trade it in size, right? It’s you just need a lot of liquidity. And the team realised that these ideas already existed on Aetherium. Like for example, if you would want to compare Hubble to another project, you might make the comparison to Maker Dao and dye on Etherium and EVM. Chains, right. And the team realised that another type of tool actually helped massively with deeper liquidity. And that tool was something that didn’t exist on Solana yet. So it was decided that this is a protocol that needs to exist not just because it’s missing on Solana, but also because it will be complementary to USDH and will help it with deeper liquidity. But that being said, Camino finance isn’t wasn’t created to just help USDH, it is created as a tool, a on one hand as a tool to be able to have deeper liquidity for certain tokens, token pairs, may that be Solana liquid states Solana types, or stable coins, or any other coins. And it really helps with deeper liquidity through the management of these concentrated liquidity vaults. And we’ve seen that help out other stable coins. You can see on Kamino, you have you know, USDH, but you also have USDC, you have USDT, we have vault for USH for USD. So it’s very open protocol in the sense that it is there for as a tool for basically everyone to use, right, not just for USDH. But that’s why it was originally also created. And we also at the same time realise that it does solve all of these pain points. And it does seem to be a protocol that users seem to actually really love, not just because the ease of use, but because it makes things so much easier for them as well.
Rob – Amulet
Absolutely, I mean, it makes a lot of sense. And I think when you come from a background like that, and you’re able to recognise, you know, that experience in there, you’re able to think it’s the right way to start a business, because that they start a project because you’re able to learn, you’re able to know how to how to strike down. Obviously, automate, automate, automation is a huge part of this. And it’s obviously one of your big USP points. How things started, how have things been going since community started, the people adapting to it very well?
Vik – Kamino
Yeah, thanks for the question. It started super amazing. Then FTX happened, which was just super annoying. breakpoint was super great, super great vibes. You know, I talked to Rupert a couple of times there as well. You guys had an amazing place there at one of the venues that looked really, really nice. How was it been going? I remember we just hit about 5 million TVL. Just before break point that was like one month after we launched about maybe one and a half, maybe two months. I have a bad feeling for time since I work in crypto. But yeah, then then FTX happened. And we went from, you know, 5 million TBL to like 800,000 because we always enabled withdrawals. But we just stopped all deposits, until we were 100% sure that everything was okay, which it was. For us as a team. We weren’t really affected by the FTX thing, besides the fact that the whole ecosystem took a huge hit. How’s it been going? We’re back. We just hit 6 million TVL today, which is a new all time high for us. It feels like things are really picking up we have more and more vaults up up and running. We’re working on new integrations not just with other partners but on the protocol itself. So everyone who’s here make sure to follow the Camino finance, Twitter handle if you want to turn on no vacations. We might have interesting things coming up very soon. And yeah, it’s been going great. We really got so much positive feedback also after we launched the bank vault. So we did jump onto the bank craze. That was an amazing thing that brought back life in this into the salon ecosystem. And we just had so many new users it was it was just crazy. And yeah, lots of good feedback, too, but really big uptick in activity to
Rob – Amulet
Oh, I think that’s it’s a good insight as well. And I think if anyone was I mean, obviously, that the FTX collapse was it was a big thing for the whole industry. I mean, we ourselves, we had a very similar similar story where the TVL was good for ourselves. We just launched we’ve only been launched for a month at Solana breakpoint, I was there, but I was very busy, you probably didn’t find it anywhere. But I was at the big massive I called the amulet breakpoint for a long time. But I think we had a very similar situation, we didn’t know what was happening. But we didn’t have zero, we had zero exposure as a company. But obviously things then changed. And we obviously couldn’t do anything with bonk. Even though that’s what gave, we obviously we wrote a Solana as you guys did. And you know that we were that first month, we were 580% against our competitors. And it’s just a shame that happened because God knows we do about it, but then we’ve still been able to go through it on the other side. So like, you’ve got very, a lot of exciting things going on. We do too. So I think from the wisest people within the industry, and those that are adding with Solana are getting through it now. And it’s going to be a very exciting 18 months, two years ahead, in my personal opinion there. I’m gonna move on. Obviously, at that time, when we update point, we were just hours and then a couple of days away from that after its collapse. So obviously, these situations aren’t unique. Safety is a huge part in our industry. It’s obviously why amulets exists, we want to protect people in web three, and that means everyone. And obviously, it’s important to you guys surprise you wouldn’t be listing on at the moment. And so just obviously, we’re going to be protecting your smart contract your smart contracts against any vulnerabilities. But people aren’t obviously interested in how serious are you taking can be. And now have you been audited? And what are the security stuff you’re looking at at the moment?
Vik – Kamino
Yep. So first question about security. Right? We take security very, very seriously. I’m pretty sure everyone says that. But we’re definitely amongst the group that really really means it and lives by it.
Martin/Pinto – Amulet
You pass our safe safety assessments, then you need to be a top notch for sure.
Vik – Kamino
That is true, right? The safety assessment forums. Yeah, I remember those. They have a lot of questions on them. I was actually surprised. Like, it’s really, you really do your due diligence on on these projects that you list. I think it had like, I don’t know, a bunch of questions. It was like 40 or something. Anyways, in terms of security, we take it very seriously. I know this is about this is about camino. But as I mentioned before Camino so how will exist in that protocol has six audits. When Camino launched, on first day, we started with we basically launched with three different audits, right. That is one reason, obviously, we want the main reason is we want to protect users funds, right? We know people are putting their money into this, it’s either harder and are easily or that doesn’t matter to us. It’s users, we want to provide these tools for them, but they should be safe as safe as possible, right? Because trust is hard to gain, but it’s super easy to lose it. One thing needs to happen. And then basically you could be gone right? It’s very hard to recover from that. So on one hand, we do all these security audits, if we have large new features, you know, then we will do another audit for that. Of course, this is also where amulet will also tie in with the security. I’ll get to that in a second. And we also just really, really crazy about in a good way about automated testing as well. I hope I’m not butchering this number, but I think we have like, for every line of code, we have like a 200 I think or every change we have 800 automated tests running in the back end, something like that, but a very large number if you compare it to others, some other projects at least so yeah, we’re very serious about it. So this whole partnership was amulet. We very much hope that that you guys never never ever have to pay out any claims for this type of insurance, because it is a smart contract insurance, but you literally just never know, right? Anything could happen in theory, but sorry.
Rob – Amulet
I was gonna say absolutely. And but even though I know you say your hope even that and seeing as you were just talking about credibility, even if we even if we had to would have really bothered us too much, because obviously that would then increase our credibility even further.
Vik – Kamino
fairpoint standpoint. But yeah, just just to end that statement, just end that statement. Yeah. It absolutely makes sense for us to have a partnership like this, because it just makes sense to give the users this option, right? If they want that extra layer of security, because maybe they trust us, right? They probably trust us to some extent, maybe they trust the audits as well. But they just know that anything can happen. Right? So maybe they you’re always happy about having the insurance once you need the claim once you need to realise that claim. Right? And you never know what happens. So we’re really happy to provide our users with this option of being able to take by coverage for for smart contract risk, basically.
Martin/Pinto – Amulet
Yeah, I think looking on the current current blockchain or cryptocurrency hacks happening every day, then if if having the project where you can actually purchase some some kinds of insurance we all know from from from life, it is something worth to have when you don’t thinking about it until you actually need it.
Vik – Kamino
Yeah, 100% represent a degree.
Rob – Amulet
Really good insight into everything that you’re gonna say far, we’re delighted to be able to provide Kamino users with that additional level of security, just for for the basis of time. And we’ve got a couple more questions to get through. And then you did kind of reveal follow coming in Twitter and put your notifications on. Do you have any exciting plans to 2023 that you could reveal now and to further entice people to go over to your community?
Vik – Kamino
Yeah, so what we don’t have we don’t have a public roadmap or anything? What’s coming for 2023? Let me think real quick what I can. Yeah, so in general before, maybe I need to take just one minute to explain something. And to reiterate one thing before I go into what, what the plans for 2023 are, I already told you guys work? My Kamino is right. I told you guys that Kamino sets and manages ranges for you, right, the rebalancing aspect, and that it also compounds the fees, the actual trading fees earned from the underlying liquidity pool or the concentrated liquidity pool. Those are two things, right? But one additional thing that is actually very cool. And this has to do with your question is, if you don’t use cammino, if you use something like uniswap, v three, right, or Orca, whirlpools are concentrated liquidity on radium, then what you get when you deposit money through there, or like your liquidity, you get an NFT as a receipt, because every position is unique. But with something like Hubble which deploys capital entities taxes, you get a fungible token as a receipt for your position. What that means is that all types of integrations are much, much easier with a fungible token than within NFT. What does this mean for 2023? We this week last week, we basically finished up our Kamino. So that means other projects now have a super easy time. And hopefully, also, they can integrate things much easier. So they can integrate things like if you imagine, you have a fund manager of fund management protocol, that invest into tokens, then what they could also do is integrate Camino or integrate the K token functionality into their platform. Because it’s a fungible token. It’s much, much easier to you know, do calculations on it to integrate it rather than if it was an NFT. So this third piece actually means that in 2023, and this year, we’re also going to look into being integrated with a multitude of different defy protocols as well. Right. We are all big on composability. composability is an amazing feature of the Solana blockchain itself with a monolithic structure that it has. And yet we want people to be able to build on top of cammino we want people to be able to integrate through and with it, they can integrate vault into, you know, into their games, those are things that we might be talking to people about or into that defy protocols. So that’s really going to be interesting to see where those kinds of integrations and partnerships go. Yeah. And then in general, we just continuously and constantly keep thinking about how we can do better. What we can do to make our products better, more user friendly, better UI UX. We just brought out a huge UI overhaul. I think that was last week. So we’re always thinking about these things. You know, what type of data do users need to be able to make good decisions? Just continuously improving, working in the ecosystem building on Solana working together with partners, creating value for users? That’s the main focus, I would say and also growing, obviously. So you will see lots of new vaults coming. Hopefully, as I mentioned, also many different types of integrations. Yeah.
Rob – Amulet
Cool. I mean, it makes a lot of sense. And you obviously you mentioned that about doing things to get communities and to get a better experience for your users. And I think that kind of thing. So we, as you meant, we mentioned at the beginning of this Twitter space, we talked about the ammunition, and they’re a big part into some of the changes that we do we do like surveys and stuff. And obviously, they’re very active. As you can see, a lot of the metadata that you can see here, does come in our community and reckon our community come and join yours?
Vik – Kamino
Yeah, so we do have a community it’s, we don’t have a name for it yet. Actually. That’s yeah. If you need you’re the you’re the guy for the names in that case. Right. Okay. Well, we’ll definitely consult Yeah.
Rob – Amulet
I actually a little secret here that I wanted to call the ammunition app app your nation or app Pilet but that one didn’t go down as well.
Vik – Kamino
Yeah, so in terms of community if you want to learn more about Kamino obviously or or if you’ve tried out Kamino, but you have questions or feedback or anything of the sorts or if you just want to chat with us, then definitely join our Discord. It is linked in the Kamino Twitter handles bio. But we unlike you guys, we don’t have an NFT. For the for Kamino protocol, at least, we don’t have that as of right now. And we also don’t, we do have the Kamino warriors role in discord. But I don’t think we actively call our community that. But maybe maybe it might be a good idea to, you know, things that have a name, they actually exist, things that don’t have a name. They’re just as concepts in your mind, basically, I guess.
Rob – Amulet
Absolutely. And if you ever need insights on how to build a great community, Martin, who you’ve obviously heard from his smashes that every time we’ve actually got a question submitted here, which I think I’ll come to this, obviously base a little bit about what you’ve told us about coming in now. And obviously, you mentioned about the Orca pools for the question that’s been submitted. Thank you, Alec, for the question is if orca was first What does Kamino do different or better? So I’ll pass that straight back to you.
Vik – Kamino
Sure. Alec, miss, thank you very much for the question. So the differentiation that we need to make here is Orca is a decentralised exchange. I mentioned this in the beginning, but I guess I mentioned a lot, maybe too much. So Orca is a Dex right. They have TVL people deposit into their liquidity pools. Kamino is not a Dex Camino you could imagine as the liquid liquidity layer on top of these indexes, specifically, concentrated liquidity indexes. So Orca whirlpools that is a concentrated liquidity decks right, or CLM. So what we do differently is if you go to camino de cadena, finance, and you look at, let’s say, we just we log Yeah, let’s say Bonk, for example, for whatever reason you would like to deposit money into the bank sold vault on Kamino. What then actually happens? Is that the money or the tow can set you deposited into that Kamino vault, get deposited into the underlying orca vault. Now why are we doing that? Because Kamino gives you ease of life. It gives you a set, basically a set and forget solution, where Kamino manages the ranges for you collects and compounds, fees and rewards. You could also just go and do that directly on Orca, right? We’re not saying Orca is bad, like it’s an amazing product. We love it, we’d like to team but you will have to do more things manually. If you think that Kamino the people working on Kamino finance, don’t they’re smart guys. They built an amazing product. I’m pretty sure they know what they’re doing with their quantitative modelling. I think they might figure these ranges out better than I as an individual user would, then you would want to use camino. Or if you just want the ease of life, so Orca, a decentralised exchange, Kamino finance a liquidity layer on top of these taxes, that is very important. That is very important differentiation, which, which you need to understand right comino vaults, deploy money into the underlying CLM. That’s how Kamino works. So we don’t necessarily, not just yeah, not just better, it’s different. It’s a different product basically.
Rob – Amulet
Makes a lot of sense of can you explain that? Well, it’s good to qualify, because obviously, that question came in. So I think I think you handled that really well. Excellent explanation that appreciate it. From my side, before I open up to the audience to see if anyone wants to join us on stage. I’m just gonna see if Martin has any additional questions, or totally, you might want to ask, it’s okay, if you don’t, by the way.
Martin/Pinto – Amulet
And no, not the minute or the Minute, I’m fine. I love them logged out of the explanation and the technical details as well. I think this is something what will be a very useful for community to understand, first of why we choose you guys. And also how amazing solutions you you’re offering as well.
Vik – Kamino
Before we open up the stage, can I make just mentioned one last thing needs like one one minute, one and a half minutes, but it’s fairly important. Okay, yeah. So So one other thing, and we have a lot of people listening in, right, maybe they’re going, maybe they already opened up the Kamino Finance website or the price. What you might then see is things like very high yields. On certain vaults, or vault types, you might see something like 200% APY 600 plus percent APY whatever. By the way, all these APYs, they’re explained very nicely in our tooltips in the UI as well. But it’s important to understand one thing, that there is no magical defy protocol, magical tool that just generates you money without any risk, right? We already talked about smart contract risk, that is how this whole collaboration came to be. But there is also market risk. Right. So what Kamino is it is a tool that allows you to capture trading fees for the two assets for which you are providing liquidity. But it is also just a tool that allows you to express your market your opinion on the current market, right? Because sometimes a vault might make sense because you think one of the assets is going up or you think that both assets are going to be correlated. And under other circumstances that vault might be really bad. Like if you deposit into bank Sol, and you took your Solana as as a base currency and you’ve deposited that into bonk soul. Then you have to sell some of that Solana for bonk, which can be good depending on what happens with the market afterwards. Right? But maybe, bonk just freakin tanks and Solana pumps, and through the rebalancing, in the end, when you withdraw everything back into Solana, you might be sad, right? Because you have less Solana than what you started with. But this whole thing, it’s it’s it’s a nuanced topic. In general, the takeaway message is, there is no one single vault that is just good for all situations. But that’s why we teach and talk about these things, not just in our blog. We explain these things very thoroughly in our Discord as well. When we launch new vaults, for example, we go into the discord of that community and do a product walk through and talk about these things as well. So there is no one single solution but Kamino offers tools for people to you know, either To express their market opinions, basically. Yeah. But we want people to be aware that, you know, just because its high APY doesn’t mean that everything always just goes up, right?
Rob – Amulet
Absolutely. Yeah, I think. And it’s very good that you clarified that because, yeah, no, I think that, that makes a lot of sense. I appreciate that that additional. And, obviously, you still got a few minutes if we open it up to the audience to see if anyone wants to. Come on. You still got a couple of minutes? Yeah, perfect. Awesome. So it’s just my list is a weird story. But my internet is a bit. I’m running on 3g at the moment. So sometimes I could get my it’s a bit slow. When it rains in Barcelona. We lose 5g for a couple of days, and it’s hit or miss at the moment, because we’re not used today. I’ve had 5g moments. And unfortunately, well, I expected that it would never be the moment when I needed it the most. So hopefully, it didn’t affect it too much. But let’s see if anyone if anyone does want to raise their hand, they’re more than welcome to. Hust send over send actually overcryptocal the request because I’ve moved the phone away. And if don’t send it to me that protocol, send it to over cryptical If you do have a request. A lot of our community are from different countries. So a lot of the people within this chat will English won’t be their first language. So they would be probably too scared to actually ask the question themselves. But we are definitely Oh, here we go. Okay, we do have a request on Alec. Mrs. Come on. So I’ve just have you. Have I invited you to the stage aliveness? I think so. It’s just connecting.
Vik – Kamino
Yeah, he’s up. He’s up.
Alec – Guest from Twitter Space
What’s up, guys? Hey, man, thanks for answering my question. Oh, come on. Clearly. I appreciate it. That makes a lot of sense with the concentrated
Rob – Amulet
like, let’s say my signals gone again. So I can’t really have you joined. Question.
Vik – Kamino
He’s trying all good. All good. He’s He’s joined. He started speaking.
Alec – Guest from Twitter Space
I guess. I think he just started talking about it coming in with with the risks. But I guess I’ll just ask a real basic question is what would if it wasn’t what you just said? What would be the biggest risks to using the protocol? Just just knowing just betting on on the coins before you put them in a pool? Or what would you say?
Vik – Kamino
Just to be sure, sure that I understand the question correctly. What the biggest risk for potentially you as a user when you use Kamino, but the biggest risk there would be just that the question?
Alec – Guest from Twitter Space
Yeah, not necessarily with with your your protocol being stable or anything, but just like you said, with with the rebalancing, or like that, and
Vik – Kamino
yeah, I guess, let’s say, well, there are three different types of vaults right with just to mention, when you go to Kamino, there is a risk section in every vault. And the text is differs based on which of the three different vowel types it is right stablecoin pairs, Solana pairs, which is like, you know, soul and marinade, state soul or something. And then the mixed ones. So there are risk disclosures in every vault on the main UI. I’m not sure if everyone reads it. I hope so. I would guess not. But the information is all there. In terms of main risk, I mean, in general, you want number go up, right, and just up only up. So your main risk probably would be if you make a bet on where the market is going to move. And that bet turns out to be wrong for the vault that you chose. The example that I took before, right? You take your salt Solana, put it into bonk, Sol bonk, massively dumps in price, so massively pumps in price, then you’re going to be sad because the best thing that you could have done is just to keep your Solana or to go into a sole strategy involved, which is like you know, be soul soul or soul marinates the soul or soul light or state soul. That’s what you would do if you think that Solana is going to be pumping. So I guess for Are you as a user? The biggest risk? Is that your choice of Vault then that it actually turns out that that was the wrong vault? For what’s going to happen in the future. And then you could have made more and this is what people call them permanent loss, right? The opportunity cost, the forgone opportunity cost because you made a certain decision, whereas another decision would have been better. But we’re not able to predict the future. And Kamino also never promises anyone that it can predict the future. Yeah, go ahead.
Alec – Guest from Twitter Space
Thanks. That makes that makes a lot of sense. Would you say is bSOL that a liquid sticking option? Is that what that it’s called?
Vik – Kamino
Yeah, so we have different liquid states Alana on our app right now the one that you just asked me about bSOL. It’s placed blazed stake sol. So I guess you could compare it to you could somewhat compare it to marinade right, where they where they distributes Alana amongst the large validator set. So they are just like marinade, basically pushing for more decentralisation in the validator set. I don’t know the exact numbers be so definitely doesn’t delegate to as many validators as marinade but they have a fairly large number. It was either more than 100 or more than 200. Don’t quote me on it, though. But yeah, the soul is one of the opportunities that we have in the soul strategies. We also onboard into vault which is like really cool as well, which is m sold sheet also. So you have a marinade state sold paired with, which is you know, which I just explained with who are pushing for more decentralisation of the validator set paired with Cheetos soul, which also gives you any V rewards. So the thing is with so for example, you are earning yield on the liquid state Solana by the design of the token. And then additionally, because you have those assets in a communal vault, you also earn trading fees on top of that. So it’s a really interesting one, but yeah, we have bSOL, mSOL, etc. So yeah, and as I mentioned, turn on notifications, there will be more news about more SOL vaults pretty soon ish.
Martin/Pinto – Amulet
Hopefully amtSOLin the near future.
Vik – Kamino
Yes, definitely. I mean, that’s something that we discussed already. And will keep on discussing. I mean, it just Kamino just helps with deeper liquidity because it makes it so easy for people to deposit into these things or to use it. So if we ever have amtSOL on Kamino, then it’s easy for you guys as well. Because you can you have an you have a tool that you can give to your community as well, where they can then easily deposit deposit into without the whole hassle that they would otherwise need to go through if they’re not a defy expert, so to say.
Martin/Pinto – Amulet
Perfect, thank you for for that. I have one more question from our community member wants to ask is Kamino not only project with this idea or this any projects, similar to come in on?
Vik – Kamino
Well, Kamino definitely was the first to launch and there was another one I think they shut down recently or a couple of weeks ago, it’s bear market, it’s just really rough time. We don’t wish anyone anything bad. And then think there’s one other solution that also provides a piece of this as their offering. But we really see ourselves as the number one in this and have been in terms of TVL. Nothing to nothing to discuss there. There were definitely the number one with these being a concentrated liquidity layer, as I would call it. And we’re absolutely convinced that we will stay well, I don’t want to say stay ahead of the curve. But historically, we’ve been doing a very good job and we work really hard on making these things better. We’re always on our toes. So we also always look back, you know, someone’s like catching up. We all want to make it together. But still, the people on our team, like just strive to be the best. So yeah, I think where we always encourage competition competition is good. Especially some healthy competition. Yeah, I think I think that’s it. There aren’t too many options for these types of things on Solana as of right now.
Martin/Pinto – Amulet
Yeah, plus, plus, I can I can see your guys growing really fast, which is what we want to see. I have a lot more questions from from our community, which is, let me just read it. How the income is, is generated by by you guys. It’s driven by the poor performance, or maybe it is something something outside of the of the polls?
Vik – Kamino
Yeah, I would have to ask about what do what does this community member mean with income? Is this the APY, how the APY is generated? I
Martin/Pinto – Amulet
believe so. This is this is the question. Yes. APY.
Vik – Kamino
Okay. So the question is how the APY is generated? Right. Did I understand that correct?
Martin/Pinto – Amulet
I believe so. Yes. Okay.
Vik – Kamino
Thanks for the question. I did want to go into it a little bit more earlier. But you know, Ken’s talk about everything. So thanks for bringing that up. How was the at why generated? So actually, we have a really, we have a good blog article on this as well. Let me just, I think maybe sensories still in here. I might link it afterwards. So how was the APY generated? The APY if you go to our website, if you go to Kamino finance, there are tooltips above APYs, and what you can then see is you can see a strategy yield and then you can see another number below that. So the base at why that is being generated comes from trading fees. As I mentioned, Kamino, Kamino deposits are deposited into the underlying vault into the underlying liquidity pool. Right? Let’s just take Sol, again, as an example, right? People are trading that coin like crazy. There was about, I would say about 3 million or 2 million and TVL throughout the Solana ecosystem, for bonk. But the daily trading volume for that pair was about 10 times that so about like 20 million per day or something like that. Really crazy numbers. And what happens when you have a lot a lot of trading going on? That means many people are paying trading fees. Where do these trading fees go? They go to liquidity providers, who is a liquidity provider, everyone who deposited into Kamino because their money is being deployed into these underlying liquidity tools. So you as a depositor into bonk Sol, for example, you had about 15,000% APY, why broken down into one day, then obviously. But yes, so immense, crazy APY, why is because the coins were traded that much. So market makers make their money off trading fees, right, they make the market, they enable people to trade in and out of assets. And that’s exactly what you’re doing. When you deposit your money into one of these vaults. You could also deposit into Seoul St. So currently 10% APY, as of today, and it’s pretty much the same thing. If people or bots or whatever. If there is a lot of trading going on in the soul, st soul pair, then that API goes up. If no one would be trading it then that APY would go down. So the API, the base API is based on how much is being traded inside a liquidity pool. And then we can decide on cammino to add additional incentives on top of that, but that is like you know, like for the USD vault, USD USD See, which is 9.6% a py right now a stable vault. There. Most of the API comes from the UX P rewards. But you can see all of this in the UI. It’s pretty clear. And if it’s not, please do give us feedback and we’ll try to make it better.
Rob – Amulet
That’s great. I can see as well on our Discord. The person that asked that question said you’ve answered it. They’re listening. So I think you’ve answered
Vik – Kamino
I hope it wasn’t too long. I hope it I hope it wasn’t too long. It’s sometimes it’s tricky because, like, we know so much about these things, but we also don’t want to, you know, overload people with information
Rob – Amulet
As Adrians during the stage, so I’ll let him ask his question.
Adrian – Twitter Space Guest
Hey, yeah, thanks very much for everyone. Great space. I’m new to come in. No, I literally just learned about coming off with the space. So appreciate the space. You guys are doing a great job. Nice one for
Vik – Kamino
Always super happy to have new eyes on the project. Did you hear about it? For the first you heard about it for the first time today? Is that correct? Like literally
Adrian – Twitter Space Guest
So yeah, I’m definitely bringing us great traction is a bit of myself. I’m quite high tolerance when it comes to, let’s say investment. But I also have very little time to keep track of my portfolio. So when it comes to Kamino finance, like, let’s say, if I have 100k USDC right now, how can I put my money as a way that I can just let you guys run the works? For example, right? I’m on the website right now. You guys have like stable strategies as well, strategies, make strategies, and you guys have a lot of different posts to earn trading fees. I want to know, what is the best way for me to let’s say, everidge my race while having a high tolerance that I’m okay to do some rebalancing?
Vik – Kamino
Yeah. So obviously, I cannot create a strategy for you, because it depends on many factors, like, how much of your portfolio are investing? What do you need the money for? Like? Not financial advice, obviously, that’s what I’m trying to say. If you’re very risk averse, then you would probably just choose one of the stable strategies, right? Maybe you think that market, you know, this is a bear rally, the bear market is still here. And end of February or something, the whole market is going to come down crashing again, then maybe you would just want to deposit into one of the stable vaults. But maybe you also have a stack of Solana which you’re just holding long term anyways, because your long term Solana bull, even if we see another 40%, drop in price, then maybe you want to mix that and add some soul into one of these soul strategies. Like you know, like mSol, SOL stSOL. And then if you feel a little bit riskier, or it doesn’t even have to be pure risk, right? Let’s take one of the mixed strategies. You know, probably you might have heard about Haiti swap, for example, the NFTamm. Maybe you’re looking at the chart, and you feel like, Oh, I think that this chart is bottoming, right? It looks like Hades is going to go up sometime very soon. So maybe you want to deposit into the soul, Hades, Hades soul vault, because you’re also not fully comfortable with having full exposure to Hades. So maybe you don’t want to buy $10,000 worth of Hades tokens, but you are willing to deposit $10,000 into the sole Hades vault. If Hades pumps massively, then it would have been better to just hold Hades. But you cannot predict the future, right? So you need to take a bet based on what you think where the market is going. So the least risky as ones are definitely stable coins, because I mean, they are the risks that you have, obviously smart contract, or stable coin, the pegging that would put you in a risky in a bad situation to have one of the stable coins, the peg. But sole strategy, stable strategies are definitely the least riskier ones. But if you think that there’s sideways action, like it has been for you, for bank pairs for a couple of days or weeks, sometimes, then maybe you want to have some money in those strategies as well. But the best way that you can approach it is to try it out. Try it out with a small number first. And then see how it works. I think it literally takes four clicks, and you’re done.
Adrian – Twitter Space Guest
Yeah, I can see that. Yeah, thanks very much for the answer. And other questions actually. Turn the pod on the product level. Do you guys have like emails alert for me? Because yeah, this is very important. I don’t have the time to actually keep track every day to set myself a reminder as like, how is it going with the portfolio?
Vik – Kamino
Yeah. So what we looked into actually in I think last week So the week before that, we have a regular feedback meetings. We log all the user feedback that’s like super important to us. And there we had, we actually only had one person asked us so far, but we do want to do something, you know, like, what do you have notifications with things like notify or dialect, something like that? We do want to do it, we’re just not fully sure yet. What type of notifications people would want to receive. So Adrian, if you join our Discord, please drop into the suggestions channel and dropped this piece of suggestions. So we can also ask you what type of notifications you would like. Because we need to hear what our users want and need. Right. So yeah, we’ve been thinking about it. We don’t have it yet. But the more people that request it, the higher the number will be on the number of mentions in the feedback meetings. So
Adrian – Twitter Space Guest
yeah, and then it will just climb up the priorities list for you guys to do as well. Exactly. Yeah, got it. Yeah. Last Last silly question, if you don’t mind, because I’m new into the protocol. I saw that a lot of the let’s say port that you guys have is actually provided by Orca. Okay, so that’s obviously understand that but what does it mean by provided by Orca? Is it like, like, you earn the trading fee, just just only on Orca? Or how does it work? Yeah.
Vik – Kamino
Okay. So the way that it works, we write provided by Orca, because all the vaults that you can see where you see this provided by Orca, it means that the money deposited into this camino vault is being deposited into an underlying liquidity pool on Orca. That’s what it actually means. You could imagine if we had the Camino launched in September, right, orca was our first integration. They were open source from the beginning. And it was just the first integration that we had. Now you could imagine if we had another integration of an other concentrated liquidity Dex, then it would say, provided by XYZ. So it just means that this vault deploys money into the underlying liquidity pool on the dexs that we mentioned, in this case, Orca, our first integration.
Adrian – Twitter Space Guest
Got it. Yeah, it’s very clear. I have no more questions, but it’s very much for the answers.
Vik – Kamino
Thank you very much for the questions and hope, hope to hope to see you on the discord as well.
Rob – Amulet
I know I invited someone else, but I think they’ve now left. So I know we’ve gone a bit over. But let’s just ask one more time, if anyone wants to request to come on stage and ask a question.?
Vik – Kamino
Of course, go ahead. Happy to answer all questions. Let me just check. I hope I’m not missing a call afterwards, but I don’t think so. That’d be
Rob – Amulet
cool. So I think we can we can probably summarise that that’s a good view of it. I really appreciate you coming on, I think we’ve got a great insight that be obviously Twitter spaces only stay for a month. So I’m actually going to recap everything and transcript it tomorrow. So feel free to share that when we when we post that. If there’s anything new, any messages you might want to send to send people on their way to community. And before. Before you do do that. I will just say there is more news coming soon about another thing that we’re going to do together. So both communities keep an eye on both her Twitter profiles, because news is coming very, very soon within the next few days. But yeah, over to you, Vic, if you’ve got any final words.
Vik – Kamino
Yeah, final words, I guess. I would say yes. If you were listening, if you if this sounded interesting to you, then go try Kamino out, play around with a couple of dollars or a couple of soul whatever your risk preference is, JOIN OUR DISCORD give us some feedback. We really, really rely on it. I’m just not. I’m not just saying it because it sounds nice. We actually want to get feedback as early as possible because if we get it now we can adapt and change things now instead of in one week, two weeks or months. So we really need that community feedback. Try it out, play around with different types of vaults. Come into the discord ask questions. We have tonnes of friendly community members who are going to write you a dissertation per question basically. Like we have a couple of really big brains in there, too, or just if you want to hang out? Yeah, we’re looking forward to keeping on to build on Solana. Looking forward to when the bull market comes back. We’ll be around for sure. And yeah, thank you very much for bringing us on, and especially feel honoured to be the first guest, I guess. The first
Rob – Amulet
I think I should have tried to put I mean, unfortunately, we’ve not got any bad partners because I would have loved to have picked one that wasn’t so successful. To start with, it means it’s going to be tough to emulate one each time you do a partner ama now. Thank you for making it extremely difficult to emulate the next one, we really have a great audience come today. So we really appreciate that for our first ever tour to space. I think because my signals getting even worse and good after after should have done that. If you haven’t already made sure to follow camino. Make sure to join there and that discord and suggest a way, try it out suggest what you think’s going to be better. Make sure you continue to follow me alert we became in January, after only a moment of existing the biggest Twitter followed cover protocol in the whole of web today beating Nexus beating and Shawn so they know who they are. And so you will see that’s the pinned one on my account. Keep doing that will really love them announcements coming soon. And something else that shows a bit of a thank you. But I didn’t tell you the one of the reasons I’m recapping the blog is to in case anyone missed this space, because it was so good. I’m sending out our February newsletter tomorrow. And there’s gonna be a link to that. So hopefully anyone that wasn’t able to come even though we got quite a big audience will be able to give you some further exposure there. We have that newsletter that will go out tomorrow. So anyone that wants to sign up, go on to the amulet website and go straight to the bottom and put your email address in there. And we will do as as our first tip for something that we promised on the roadmap for q1 is already underway January and use that to the whatever is on the way. So thank you very much for that. And yeah, really appreciate everyone coming. So have Have a great one. And thank you very much for joining us.
Vik – Kamino
Thanks for Thanks for having us. Thanks for the questions and talk to everyone soon. Bye bye