Venue profile: Kamino (kamino), v0

Kamino Lending (klend) is a peer-to-pool money market on Solana, program KLend2g3cP87fffoy8q1mQqGKjrxjC8boSyAYavgmjD. It runs several isolated lending markets; each market has one reserve per asset (more for fixed-rate borrowing), and the reserves of one market back each other as collateral.

1. Instruments

Named reserves, in Kamino's primary market, the SOL/BTC Market (7u3HeHxYDLhnCoErrtycNokbQYbWGzLs6JSDqGAv5PfF):

The same market has other USDC reserves, such as fixed-rate ones, so a symbol names one reserve, never an asset.

2. Account

In each lending market the universe uses, the account is every obligation the agent authority owns in that market, together with the authority's wallet. An obligation's address is a PDA of a tag, an id, the owner, the market and two seed accounts, so one owner can have several.

The wallet holds a supply too when the agent supplies without an obligation: deposit_reserve_liquidity gives the depositor the reserve's collateral token, a claim on the pool, which counts as supplied.

3. Measurements

An obligation stores its deposits, its borrows and their values as of its last refresh: refresh_reserve for every reserve it touches, then refresh_obligation, which accrues interest and reprices. Everything below is read from an obligation refreshed in the slot measured, for example by simulating those instructions; an enforcer MUST NOT read a stale obligation.

• Supplied. For a reserve: the collateral tokens deposited in the account's obligations for that reserve (deposits[i].deposited_amount), plus those in the authority's wallet, converted to the asset at the reserve's collateral exchange rate. Interest earned shows as a rising exchange rate.
• Borrowed. For a reserve: the account's obligations' debt to it (borrows[i].borrowed_amount_sf, a scaled fraction, 2^60), in the asset's units. Interest owed shows as a rising debt.
• Position. Supplied minus borrowed, in the asset's base units.
• Health. For each obligation with debt: its unhealthy_borrow_value_sf divided by its borrow_factor_adjusted_debt_value_sf. The first sums each deposit's value times its reserve's liquidation LTV; the second sums each borrow's value times its reserve's borrow factor (1 for USDC, 1.25 for SOL at the time of writing). Kamino may liquidate an obligation once its LTV, the second over the deposits' value, reaches its liquidation LTV: once health is 1 or below.
• Value. For each obligation, deposited_value_sf minus borrowed_assets_market_value_sf (the debt's value, without borrow factors), plus wallet collateral tokens at the exchange rate and the reserve's price. Prices are each reserve's market_price_sf, from the oracle the reserve is configured with.

4. Liquidation

Liquidation is permissionless. Kamino's docs and the program's max_liquidatable_borrowed_amount agree on its shape:

• Each liquidation repays at most a share of the obligation's debt, the market's close factor (20% in the docs), in exchange for collateral worth more than it repays: the liquidation bonus, between each reserve's minimum and maximum (1% and 10% for SOL and USDC at the time of writing), growing with how far the LTV has passed the liquidation LTV.
• An obligation whose LTV passes the market's insolvency threshold (95% in the docs) can be liquidated in full at once.
• Kamino also liquidates for other reasons than health: auto-deleveraging, and the end of a fixed-rate borrow's term. They are the venue's, and this profile does not count them as the agent's breach.

5. The benchmark's enforcer

No benchmark task enforces this profile yet.