Solana's largest lending protocol reported $1.84M in Q2 revenue, down 10.6% QoQ, but said its Ethena Market hit its $200M borrow cap on day one and reached $528.6M in deposits by quarter-end.
Kamino also said it processed the April Drift exploit and June SOL drawdown with zero bad debt.
Matters because: The Ethena Market growth shows fast product-market fit, while the zero-bad-debt record supports confidence in its risk design.