Kamino CEO vesting tied to valuation, holder revenue claim denied

Kamino, a Solana lending protocol, disclosed November 3 that most of CEO Michael Weisz’s KMNO allocation vests only as progressively higher valuation milestones are reached and sustained. The announcement also stated that token holders have no claim on foundation revenue, distributions, or equity.

CEO vesting conditions

A temporary price spike does not satisfy the vesting requirement for Weisz’s allocation. While this applies to most of his holdings, the document does not specify if all founder, contributor, or investor allocations follow these rules, nor does it list the numerical milestones or the required duration for sustained valuations.

Kamino describes its foundation as having no shareholders, members, or beneficiaries. The organization, governed by an independent board, receives all onchain and offchain revenue and intellectual property. The release explicitly states: “KMNO is not a claim on Foundation revenue, distributions or equity.”

Protocol revenue and holder returns

DefiLlama data from 20:10 UTC on November 3 recorded $5 million in fees over the preceding 30 days. In that window, the protocol generated $607,996 in revenue, while tracked holder revenue was $0. For lending products, fees include interest, liquidation, and origination charges; protocol revenue includes interest spreads, part of liquidation charges, and all origination charges.

The $5 million fee total is not foundation income available for distribution. Similarly, the $607,996 protocol-revenue figure is incomplete, as the foundation also receives offchain revenue. Kamino noted the foundation holds reserves beyond its $20 million growth commitment, which is earmarked for expansion over 24 months rather than tokenholder distributions.

At 20:12 UTC on November 3, KMNO traded at approximately $0.034, with a $200 million market capitalization and 24-hour volume of $20 million. The release cautions that future plans, including potential KMNO support programs, may change.