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Kamino, a Solana lending protocol, disclosed November 3 that most of CEO Michael Weisz’s KMNO token allocation vests only upon reaching and sustaining progressively higher valuation milestones. The release explicitly stated that KMNO tokens do not grant holders a claim on foundation revenue, distributions, or equity.
CEO Vesting Conditions
The November 3 release notes that temporary price spikes do not satisfy Weisz’s vesting requirements. Specific numerical milestones and required durations were not disclosed. These conditions apply to most of the CEO’s allocation, though the release does not state if every founder, contributor, or investor follows the same rules.
The foundation operates under an independent board with no shareholders, members, or beneficiaries, receiving all onchain and offchain revenue and intellectual property. Kamino stated the foundation holds reserves beyond its committed growth funds, but did not disclose the total amount.
Foundation Commitment and Revenue Data
Kamino committed $20 million over 24 months for long-term growth. The company described this as expansion spending rather than a distribution to tokenholders or earned revenue, cautioning that future plans may change.
DefiLlama data from 20:10 UTC on November 3 recorded $5 million in fees over the preceding 30 days. Protocol revenue for that period was $607,996, while tracked holder revenue was $0. For lending products, fees include interest, liquidation, and origination charges; revenue includes interest spreads, part of liquidation charges, and all origination charges. For liquidity products, revenue includes the protocol’s share of liquidity fees.
The $5 million fee total represents charges from tracked activity, while the $607,996 figure is the portion retained by the protocol. The zero holder revenue figure aligns with the statement that KMNO is not a claim on foundation revenue.
Market Context
At 20:12 UTC on November 3, KMNO traded at approximately $0.034, with a $200 million market capitalization and 24-hour trading volume of $20 million. The release leaves capital allocation as the gap between foundation accruals and any future holder benefits, leaving the specifics of future program allocations unexplained.
Frequently Asked Questions
Does KMNO ownership provide a share of Kamino’s revenue?
No. Kamino stated KMNO is not a claim on Foundation revenue, distributions, or equity. The foundation receives all revenue, and the $20 million commitment is for growth spending.
What are the vesting requirements for the CEO’s KMNO allocation?
Most of Michael Weisz’s allocation vests only when progressively higher valuation milestones are reached and sustained. Exact numerical milestones and required durations were not specified.
