Reinsurance-backed lending on Solana · profile reviewed 2026-09-15
What Kamino USDC, OnRe marketdepends on.
Deposit USDC into Kamino's OnRe market, where borrowers post ONyc, a reinsurance-backed token, as collateral and pay interest. What you earn is what they pay; what you risk is their collateral being mispriced or illiquid when it has to be sold.
Base APY
6.90%kamino-api · just nowReward APY
0.15%From a rewards budget, and it can stopSize
$61.36Mkamino-api · just nowWithdrawable now
$4.31MWhat could leave this minute, before anyone else asksReadings
What it pays,
and how deep it is.
One reading every 15 minutes. A gap in a line is a reading the cron missed, and every reading is in the table under its chart.
Base APY
what the source itself earns, apart from rewardsEvery reading behind this chart
| Read at | Base APY |
|---|---|
| 2026-11-04 04:00Z | 6.91% |
| 2026-11-04 03:00Z | 6.89% |
| 2026-11-04 01:45Z | 6.83% |
| 2026-11-04 00:30Z | 6.85% |
| 2026-11-03 23:15Z | 6.81% |
| 2026-11-03 22:00Z | 6.74% |
| 2026-11-03 20:45Z | 6.71% |
| 2026-11-03 19:30Z | 6.65% |
| 2026-11-03 18:15Z | 6.79% |
| 2026-11-03 17:00Z | 6.76% |
| 2026-11-03 15:45Z | 6.63% |
| 2026-11-03 14:30Z | 6.96% |
| 2026-11-03 13:15Z | 6.96% |
| 2026-11-03 12:00Z | 7.08% |
| 2026-11-03 10:45Z | 7.24% |
| 2026-11-03 09:30Z | 7.27% |
| 2026-11-03 08:15Z | 7.39% |
| 2026-11-03 07:00Z | 7.06% |
| 2026-11-03 05:45Z | 6.89% |
| 2026-11-03 04:30Z | 6.62% |
| 2026-11-03 03:15Z | 6.54% |
| 2026-11-03 02:00Z | 6.36% |
| 2026-11-03 00:45Z | 6.38% |
| 2026-11-02 23:30Z | 6.10% |
| 2026-11-02 22:15Z | 5.99% |
| 2026-11-02 21:00Z | 5.98% |
| 2026-11-02 19:45Z | 5.88% |
| 2026-11-02 18:30Z | 6.28% |
| 2026-11-02 17:15Z | 6.00% |
| 2026-11-02 16:00Z | 9.43% |
| 2026-11-02 14:45Z | 7.22% |
| 2026-11-02 13:30Z | 6.46% |
| 2026-11-02 12:15Z | 6.30% |
| 2026-11-02 11:00Z | 6.39% |
| 2026-11-02 09:45Z | 6.06% |
| 2026-11-02 08:30Z | 6.08% |
| 2026-11-02 07:15Z | 6.07% |
| 2026-11-02 06:00Z | 6.05% |
| 2026-11-02 04:45Z | 6.29% |
| 2026-11-02 03:30Z | 6.28% |
| 2026-11-02 02:15Z | 6.29% |
| 2026-11-02 01:00Z | 6.39% |
| 2026-11-01 23:45Z | 6.34% |
| 2026-11-01 22:30Z | 6.40% |
| 2026-11-01 21:15Z | 6.39% |
| 2026-11-01 20:00Z | 6.42% |
| 2026-11-01 18:45Z | 6.33% |
| 2026-11-01 17:30Z | 6.63% |
| 2026-11-01 16:15Z | 6.65% |
| 2026-11-01 15:00Z | 6.81% |
| 2026-11-01 13:45Z | 6.84% |
| 2026-11-01 12:30Z | 6.44% |
| 2026-11-01 11:15Z | 6.43% |
| 2026-11-01 10:00Z | 6.48% |
| 2026-11-01 08:45Z | 6.46% |
| 2026-11-01 07:30Z | 6.47% |
| 2026-11-01 06:15Z | 6.68% |
| 2026-11-01 05:00Z | 6.59% |
| 2026-11-01 03:45Z | 6.83% |
| 2026-11-01 02:30Z | 6.64% |
| 2026-11-01 01:15Z | 6.60% |
| 2026-11-01 00:00Z | 6.66% |
| 2026-10-31 22:45Z | 6.63% |
| 2026-10-31 21:30Z | 6.62% |
| 2026-10-31 20:15Z | 6.63% |
| 2026-10-31 19:00Z | 6.57% |
| 2026-10-31 17:45Z | 6.57% |
| 2026-10-31 16:30Z | 6.64% |
| 2026-10-31 15:15Z | 6.68% |
| 2026-10-31 14:00Z | 7.14% |
| 2026-10-31 12:45Z | 6.91% |
| 2026-10-31 11:30Z | 7.14% |
| 2026-10-31 10:15Z | 7.22% |
| 2026-10-31 09:00Z | 7.04% |
| 2026-10-31 07:45Z | 6.95% |
| 2026-10-31 06:30Z | 7.02% |
| 2026-10-31 05:15Z | 7.24% |
| 2026-10-31 04:00Z | 7.45% |
| 2026-10-31 02:45Z | 7.47% |
| 2026-10-31 01:30Z | 7.67% |
| 2026-10-31 00:15Z | 8.23% |
| 2026-10-30 23:00Z | 9.51% |
| 2026-10-30 21:45Z | 9.06% |
| 2026-10-30 20:30Z | 9.64% |
| 2026-10-30 19:15Z | 10.68% |
| 2026-10-30 18:00Z | 10.00% |
| 2026-10-30 16:45Z | 12.56% |
| 2026-10-30 15:30Z | 12.58% |
| 2026-10-30 14:15Z | 11.43% |
| 2026-10-30 13:00Z | 12.58% |
| 2026-10-30 11:45Z | 12.58% |
| 2026-10-30 10:30Z | 12.58% |
| 2026-10-30 09:15Z | 12.58% |
| 2026-10-30 08:00Z | 12.58% |
| 2026-10-30 06:45Z | 11.22% |
| 2026-10-30 05:30Z | 11.22% |
| 2026-10-30 04:15Z | 11.28% |
| 2026-10-30 03:00Z | 11.28% |
| 2026-10-30 01:45Z | 11.40% |
| 2026-10-30 00:30Z | 11.52% |
| 2026-10-29 23:15Z | 11.58% |
Withdrawable now
what could leave this minuteEvery reading behind this chart
| Read at | Withdrawable now |
|---|---|
| 2026-11-04 04:00Z | $4,264,643 |
| 2026-11-04 03:00Z | $4,319,872 |
| 2026-11-04 01:45Z | $4,438,712 |
| 2026-11-04 00:30Z | $4,406,938 |
| 2026-11-03 23:15Z | $4,500,123 |
| 2026-11-03 22:00Z | $4,635,764 |
| 2026-11-03 20:45Z | $4,616,294 |
| 2026-11-03 19:30Z | $4,849,058 |
| 2026-11-03 18:15Z | $4,541,774 |
| 2026-11-03 17:00Z | $4,622,034 |
| 2026-11-03 15:45Z | $5,034,154 |
| 2026-11-03 14:30Z | $4,296,525 |
| 2026-11-03 13:15Z | $4,202,876 |
| 2026-11-03 12:00Z | $4,062,398 |
| 2026-11-03 10:45Z | $3,712,292 |
| 2026-11-03 09:30Z | $3,655,447 |
| 2026-11-03 08:15Z | $3,432,324 |
| 2026-11-03 07:00Z | $3,053,438 |
| 2026-11-03 05:45Z | $4,490,918 |
| 2026-11-03 04:30Z | $4,947,853 |
| 2026-11-03 03:15Z | $5,295,608 |
| 2026-11-03 02:00Z | $5,709,033 |
| 2026-11-03 00:45Z | $5,639,067 |
| 2026-11-02 23:30Z | $6,332,928 |
| 2026-11-02 22:15Z | $6,826,630 |
| 2026-11-02 21:00Z | $6,947,488 |
| 2026-11-02 19:45Z | $7,965,747 |
| 2026-11-02 18:30Z | $5,918,385 |
| 2026-11-02 17:15Z | $6,748,690 |
| 2026-11-02 16:00Z | $1,940,742 |
| 2026-11-02 14:45Z | $3,545,687 |
| 2026-11-02 13:30Z | $5,479,801 |
| 2026-11-02 12:15Z | $5,857,560 |
| 2026-11-02 11:00Z | $5,670,780 |
| 2026-11-02 09:45Z | $6,508,511 |
| 2026-11-02 08:30Z | $6,469,373 |
| 2026-11-02 07:15Z | $6,468,901 |
| 2026-11-02 06:00Z | $6,522,720 |
| 2026-11-02 04:45Z | $6,139,887 |
| 2026-11-02 03:30Z | $5,954,046 |
| 2026-11-02 02:15Z | $5,933,905 |
| 2026-11-02 01:00Z | $5,706,472 |
| 2026-11-01 23:45Z | $5,814,735 |
| 2026-11-01 22:30Z | $5,687,311 |
| 2026-11-01 21:15Z | $5,702,250 |
| 2026-11-01 20:00Z | $5,625,616 |
| 2026-11-01 18:45Z | $5,852,105 |
| 2026-11-01 17:30Z | $5,141,666 |
| 2026-11-01 16:15Z | $5,059,056 |
| 2026-11-01 15:00Z | $4,729,819 |
| 2026-11-01 13:45Z | $4,673,292 |
| 2026-11-01 12:30Z | $5,583,259 |
| 2026-11-01 11:15Z | $5,597,616 |
| 2026-11-01 10:00Z | $5,501,731 |
| 2026-11-01 08:45Z | $5,537,679 |
| 2026-11-01 07:30Z | $5,523,177 |
| 2026-11-01 06:15Z | $5,007,010 |
| 2026-11-01 05:00Z | $5,197,242 |
| 2026-11-01 03:45Z | $4,915,210 |
| 2026-11-01 02:30Z | $5,214,707 |
| 2026-11-01 01:15Z | $5,210,063 |
| 2026-11-01 00:00Z | $5,074,466 |
| 2026-10-31 22:45Z | $5,139,514 |
| 2026-10-31 21:30Z | $5,149,517 |
| 2026-10-31 20:15Z | $5,155,035 |
| 2026-10-31 19:00Z | $5,276,866 |
| 2026-10-31 17:45Z | $5,277,587 |
| 2026-10-31 16:30Z | $5,107,523 |
| 2026-10-31 15:15Z | $5,039,997 |
| 2026-10-31 14:00Z | $4,001,576 |
| 2026-10-31 12:45Z | $4,501,445 |
| 2026-10-31 11:30Z | $4,000,944 |
| 2026-10-31 10:15Z | $3,827,739 |
| 2026-10-31 09:00Z | $4,218,138 |
| 2026-10-31 07:45Z | $4,418,377 |
| 2026-10-31 06:30Z | $4,273,223 |
| 2026-10-31 05:15Z | $3,792,443 |
| 2026-10-31 04:00Z | $3,319,759 |
| 2026-10-31 02:45Z | $3,318,658 |
| 2026-10-31 01:30Z | $2,980,277 |
| 2026-10-31 00:15Z | $2,744,500 |
| 2026-10-30 23:00Z | $1,911,837 |
| 2026-10-30 21:45Z | $2,194,499 |
| 2026-10-30 20:30Z | $1,829,437 |
| 2026-10-30 19:15Z | $1,197,254 |
| 2026-10-30 18:00Z | $1,609,463 |
| 2026-10-30 16:45Z | $876 |
| 2026-10-30 15:30Z | $4,261 |
| 2026-10-30 14:15Z | $1,123,499 |
| 2026-10-30 13:00Z | $1 |
| 2026-10-30 11:45Z | $7 |
| 2026-10-30 10:30Z | $204 |
| 2026-10-30 09:15Z | $33 |
| 2026-10-30 08:00Z | $1,692 |
| 2026-10-30 06:45Z | $3 |
| 2026-10-30 05:30Z | $16,515 |
| 2026-10-30 04:15Z | $64 |
| 2026-10-30 03:00Z | $13 |
| 2026-10-30 01:45Z | $54 |
| 2026-10-30 00:30Z | $0 |
| 2026-10-29 23:15Z | $19 |
Dependencies
What would
have to fail.
Two positions that name the same failure point fail together, however different they look.
Shared failure points
Who can change the programs
Upgradeable · 24h time lock · 5 of 10 signers
What prices the collateral
| ONyc | 99.4% | Chainlink, Pyth, an Orca pool |
This market prices the USDC you deposit 3 bps from a dollar.
Getting out
How you leave.
- Redeemable at its stated value.
- $4,306,065 could be withdrawn right now.
Who may hold it
Who it turns away.
- Not available to residents of: the United States, the United Kingdom.
- These are the source's own terms, read from its documents. Ventura applies them, it does not grant them.
Audits · read 2026-10-13
What the audits found,
and what they read.
Is the code running now the code they read? No. klend 1.25.0 has run since 2026-08-20. Its published reports stop at 1.17.0 (2026-03-30), and nine upgrades followed. Kamino's release notes name Certora and OtterSec reviews of later versions, but none is published. Scope, which prices every collateral, has no verified build. The OnRe program that sets ONyc's price runs 10 commits no published audit has read, live since 2026-10-01.
32 reports found 3 critical and 17 high issues. 76 findings were acknowledged or left open, and some reports do not say.
| Read | By | Ended | Version | Found C / H / M / L / I | Not fixed |
|---|---|---|---|---|---|
| klendAudit | Ronny Xing | 2023-07-23 | 419de5c | 1 / 3 / 3 / 3 / 2 | 2 |
| klendAudit | OtterSec | 2023-09-06 | 88dfca4 | 0 / 3 / 0 / 5 / 5 | 2 |
| kfarmsAudit · 2 reports | OtterSec and Offside Labs | 2023-12-08 | 5fcec0d, 057356f | 0 / 4 / 4 / 3 / 8 | not stated |
| ScopeAudit · 3 reports | Offside Labs, OtterSec, Sec3 | 2024-12-16 | up to v0.16.0 | 1 / 0 / 5 / 5 / 5 | 2 |
| klendAudit | Sec3 | 2025-02-06 | v1.7.0 | 0 / 0 / 0 / 2 / 3 | 1 |
| klendAudit | Certora | 2025-02-21 | 5af6cfc | 0 / 0 / 2 / 1 / 7 | 6 |
| klendFuzzing | Ackee | 2025-07-28 | private repository | 0 / 0 / 0 / 0 / 8 | 2 |
| klendAudit | Ackee | 2025-09-12 | private repository, v1.12 | 0 / 1 / 3 / 7 / 7 | 14 |
| klendFormal verification | OtterSec | 2025-10-06 | one health invariant over four instructions | 0 / 0 / 0 / 0 / 0 | 0 |
| klendChange review · 3 reports | Offside Labs | 2026-01-11 | 1.13.0 to 1.14.0 | 0 / 1 / 0 / 2 / 5 | 2 |
| klendChange review · 7 reports | Certora | 2026-03-17 | 1.13.0 to 1.17.0 | 1 / 2 / 15 / 14 / 12 | 13 |
| klendChange review · 4 reports | OtterSec | 2026-03-30 | 1.13.0 to 1.17.0 | 0 / 1 / 3 / 7 / 7 | 9 |
| OnRe programAudit | Quantstamp | 2025-03-28 | specification, a4ab643 | 0 / 0 / 0 / 3 / 3 | 3 |
| OnRe programAudit | Quantstamp | 2025-05-19 | 6aba335 | 0 / 1 / 1 / 3 / 0 | 2 |
| OnRe programChange review | Quantstamp | 2025-08-26 | ce75db1 | 0 / 0 / 0 / 0 / 1 | 0 |
| OnRe programAudit | Ackee | 2025-11-25 | 27e9fe7 | 0 / 0 / 4 / 2 / 11 | 6 |
| OnRe programAudit | Quantstamp | 2025-12-20 | b909c7f | 0 / 1 / 3 / 5 / 6 | 5 |
| OnRe programAudit | OtterSec | 2026-07-25 | 8aceb86 | 0 / 0 / 1 / 7 / 8 | 7 |
The programs a deposit runs through
| Program | Last upgraded | Upgrades after its last audit | Verified build | Since 2026-10-13 |
|---|---|---|---|---|
| klendKLend2…gmjD | 2026-08-20 | 9 | a087609 (v1.25.0) | Upgraded since, at slot 461744249 |
| kfarmsFarmsP…91Hr | 2026-09-03 | 16 | bfa1860 (v1.7.0) | No upgrade since |
| Scope (prices)HFn8Gn…2fWJ | 2026-10-01 | 28 | none | Upgraded since, at slot 456489054 |
| OnRe (sets ONyc's price)onreuG…Fcwe | 2026-10-01 | 2 | c049083 | No upgrade since |
Control
Who can stop
a withdrawal.
Every power the review found over this source: who holds it, how many signatures it takes, and how long it waits. The marked rows can stop money leaving.
| Power | Held by | Signatures | Delay | Used |
|---|---|---|---|---|
| Emergency mode on a market or one reserve, which stops withdrawalsCan stop withdrawals | Emergency council (9thcmURb…) | 2 of 10 | none | Once, on another market (2026-04-03). The previous council put the main market's ETH reserve in emergency mode on 2026-04-23 |
| Lift emergency mode; change any reserve setting, price source, cap or collateral | Market owner (7idEEVRi…), both markets | 4 of 10 | 12 h | 846 admin instructions since 2026-02-25, 424 of them on these two markets |
| Point any price either market uses at a different feed | Scope admin (EFZxQRB5…) | 4 of 10 | none | Not checked |
| Upgrade klend | Squads 6hhBGCtm… | 5 of 10 | 24 h | 24 times since it took over on 2025-04-25 |
| Upgrade kfarms and Scope | Squads 5HzXCm7o… and DDJGaWjV… | 5 of 10 | 24 h | Yes |
| Fees on every reserve | Global admin, Squads v3 (4htL3T1t…) | 4 of 10 | none | 315 fee changes since 2025-06; none on these USDC reserves since 2026-02-04 |
| Set ONyc's price, mint ONyc without a cap, freeze any holder | OnRe boss multisig (922xY8…) | 3 of 6 | none | Writes the price schedule; mint and freeze not checked |
| Upgrade the OnRe program | Squads 2AD4x7… | 4 of 7 | 6 h | 7 upgrades; one key held it until 2026-01-12, and there was no delay until 2026-09-08 |
| Switch off OnRe's own sell route and redemptions | Either of two admin keys, or the boss | 1 key | none | Not checked |
Right now, read from the chain: is this so?
- Kamino's OnRe market is in emergency mode No
- The OnRe market's USDC reserve is in emergency mode No
- Kamino's price for ONyc fell after this review No
Bug bounty: Immunefi, up to $1.5M at 10% of the funds affected, since 2025-10-06. From a news report: the Immunefi page did not load here. OnRe: Immunefi, up to $100k.
Evidence
Everything this profile
was written from.
10 documents, read by hand for the review on 2026-09-15.
- Kamino auditsaudit · undated
- Sec3 audit of KLendaudit · 2025-02-06
- Certora audit of KLend 1.17.0audit · undated
- Supplying on Kaminodocumentation · undated
- Reserve withdrawal capsdocumentation · undated
- Kamino oracles (Scope)documentation · undated
- ONyc launches on Kaminodocumentation · 2025-08-05
- OnRe auditsaudit · undated
- ONyc redemptions and onchain liquiditydocumentation · undated
- ONyc token configuration and NAVdocumentation · undated
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