🚧 Risk Disclosure: Kamino Multiply Strategy

Kamino Multiply increases exposure to vSOL by borrowing SOL against a larger vSOL position. It adds borrowing, liquidation and protocol risks to ordinary liquid staking.

Negative APY Risk

SOL borrowing rates vary. If borrowing costs and fees outweigh the position's earnings, net APY becomes negative and the debt grows relative to the collateral. Monitor the live position and rates. There is no fixed number of days after which liquidation occurs.

Liquidation Risk

Liquidation depends on the position's loan-to-value ratio reaching the market's liquidation threshold. It is not triggered by a universal 30-to-60-day timer. Maximum leverage, thresholds and liquidation charges depend on the current market configuration.

Part of a position can be liquidated to repay debt, with a liquidation charge. Further liquidations can follow if it remains unhealthy. A quoted liquidation penalty is not a cap on your total loss. Check the current vSOL/SOL market and Kamino's liquidation documentation.

Oracle and Price Feed Risk

Kamino values SOL LST collateral using its stake-pool exchange rate. A temporary vSOL discount on a DEX therefore does not, by itself, reduce the stake-rate oracle value. A loss of underlying backing can reduce that value and threaten the position. Oracle or integration failures are also risks. See Kamino's LST oracle documentation.

Smart Contract Risk

A Multiply position depends on Kamino, The Vault's stake pool and any routes used to enter or exit. Bugs, exploits or failures in these components can cause losses. Audits reduce uncertainty but do not eliminate this risk.

Solana Network Risk

Congestion, outages or failed transactions can delay adding collateral, repaying debt or closing a position. A transaction attempt does not protect the position until it succeeds.

Liquidity and Market Depth

Entry and exit quotes depend on available liquidity and routing. Unwinding a large position can incur fees or price impact, especially when liquidity is thin. Review the quote and position health before every adjustment.

Governance and Centralization Risk

Protocol administrators and governance can change market parameters, caps and supported assets. These changes can affect existing positions. Check current market notices and settings.

External Dependency and Contagion Risk

A failure in the LST, lending market, liquidity venue or another connected service can affect the position even if other components keep operating.

Regulatory Uncertainty

Changes to rules or service availability can affect access to the platforms used by the strategy.

Incomplete Risk Coverage

This page does not cover every possible loss. Read Kamino's current Multiply risk guide and review the actual market's parameters before opening or changing a position. Returns and future liquidity are not guaranteed.