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Early balances were small relative to the pool’s funding. Kamino’s $USDC reserve data, retrieved around 11:40 a.m. ET on Oct. 28, showed roughly 999,984 $USDC supplied and 1.51 $USDC borrowed. The four equity reserves held about $45.36 combined, according to The Defiant’s calculation from the reserve snapshots. These are outstanding balances, not cumulative activity since launch.
The $USDC reserve’s variable borrow APY was approximately 1.20%, with a supply APY near zero. Its supply and borrow caps were each 3 million $USDC. The equity tokens themselves had zero borrow caps: they serve as collateral, rather than assets available to borrow.
Supply caps differed by token: 2,500 MU, 10,000 SKHY, 7,000 SPCX and 750 SNDK. Those limits are token quantities, not dollar values.
A fixed collateral quote is not a guarantee against liquidation during closed-market hours. Kamino’s borrowing documentation says interest accrues continuously and can weaken a position even when collateral prices remain flat. Maximum LTV governs opening or increasing a loan; liquidation LTV determines when the position becomes eligible for liquidation.
Redemption Still Runs Through Backpack
The new lending route does not remove the conversion limits described in The Defiant’s Oct. 21 Backpack/Sunrise reporting. Backpack’s conversion guide requires a KYC-verified account and a Solana wallet; depositing supported tokens converts them into traditional securities holdings on Backpack.
Backpack Securities’ eligibility rules exclude the U.S., U.K., United Arab Emirates and Japan, and the service is not offered on Backpack EU. Its tokenization terms prohibit transfers to U.S. persons and say acquiring tokens on a secondary market does not itself establish redemption eligibility.
Redemption into a Backpack holding is also distinct from moving shares to another brokerage. Backpack’s brokerage-transfer documentation says transfers from Backpack to another broker are not currently supported.
