Kamino Finance, which is a leading decentralized finance platform on the Solana blockchain, announced the launch of a new isolated market for Ethena USDe stablecoin, and in less than 24 hours, it has created new records and has set new milestone for the platform.
The Ethena Market has just become the fastest ever market on Kamino to surpass $400M in size.
24 hours since launch:
• $200M borrow cap reached
• $225M+ USDe supplied
• $420M+ deployedUSDe scales with Kamino. pic.twitter.com/TdRp5pZ9eV
— Kamino (@kamino) MAY 14, 2026
This new market has crossed $425 million in total supply within just 24 hours after the launch of the platform. This is showing strong investors’ trust in the platform, as users seek yield opportunities on the Solana network.
(Source: Kamino)
What is Kamino?
Kamino Finance is a newly launched DeFi protocol developed on the Solana blockchain network and is known for its fast and low-cost transactions.
This platform provides different services in decentralized finance, including lending, borrowing, injecting liquidity, and leveraged strategies through easy-to-use platforms. On this platform, users can provide digital assets to generate yield. Also, users can borrow tokens against these staked assets through Kamino’s automated Multiply Vaults.
After the launch, the platform is rapidly growing into a lending protocol on Solana.
The new Ethena market on the Kamino is mainly developed for USDe, which is a synthetic dollar stablecoin. This is an isolated market, and this means that any problem within the Ethena market will not affect other Kamino markets. This integration will support leveraged USDe to USDG Multiply loops, which will allow users to earn higher yields.
During the launch, on this platform, the net annual percentage yield was more than 20% through auto-compounded returns. In order to avoid any unfortunate incident on the platform, the loan parameters have been designed for better efficiency and risk management. This helps protect the platform in case the stablecoin loses its peg to the USD.
This partnership with Ethena is expected to boost USDe activity and provide more liquidity to the Solana blockchain.
Ethena Records Major Network Growth in 90 Days
The launch is coming at a time of strong growth in the Ethena ecosystem. The protocol has recently witnessed a major growth in the period of three months, reaching a 90-day high.
Introducing the USDe Growth Initiative on Kamino.
Users can now loop USDe on Kamino’s dedicated @ethena Multiply vault to earn over 20% Net APY at launch, with auto-compounded yield, and liquidation protection.
It’s USDe season on @solana, powered by Kamino. pic.twitter.com/s5x1ty0Jyz
— Kamino (@kamino) MAY 13, 2026
There are many factors behind the growth in the stablecoin ecosystem, such as a growth in on-chain activity and wallet creation. Apart from this, the network has witnessed increased whale activities.
Ethena’s governance token, ENA, is also getting recognition from financial giants like Grayscale. Recently, Grayscale has added ENA to its DeFi Fund. There is also major progress in activating what is known as the fee switch, which will allow ENA holders to share in the revenue generated by the protocol.
The supply of USDe has been growing steadily in the last few months. At the time of writing, Ethena’s total USDe supply is recorded to be around $4.01 billion, according to rwa.xyz. The stablecoin is rapidly growing as a strong collateral on platforms like Aave and is now expanding its reach onto the Solana network.
One of the major factors behind Ethena’s growth is the high yield. On this protocol, users can loop USDe to generate compound returns that are higher than the yield provided by ordinary stablecoins.
USDe’s arrival on Solana might play a major role as the network is known for faster transactions and lower fees.
Also Read: AAVE and Kelp DAO Complete Major Steps in rsETH Recovery
