Kamino CEO: Team KMNO to Unlock per FDV Milestones, Buybacks May Be Considered

Source: PANews2026/11/03 05:28

Analysis

Kamino is tying team token unlocks to sustained FDV milestones rather than fixed dates, which shifts insider incentives toward long-term valuation and reduces near-term supply overhang risk. The commitment that the company holds no separate equity and will not mint additional tokens, combined with at least $20 million of Foundation-funded development over 24 months, concentrates value accrual in KMNO itself. Buyback and burn is only floated as a possible support mechanism, with form and timing undetermined, so it should be read as intent rather than policy. Watch whether the milestone thresholds are published with verifiable on-chain enforcement, how the Foundation funds the $20 million and any buybacks, and whether other Solana DeFi teams copy the FDV-linked vesting model.

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PANews, November 3: According to Kamino's official blog, Michael Weisz, CEO of the Solana lending protocol Kamino, published an open letter to KMNO holders stating that the majority of his KMNO allocation will unlock only after KMNO's fully diluted valuation (FDV) reaches incremental milestones between $1 billion and $10 billion and remains sustained at those levels, and team members will adopt the same arrangement going forward; the company has no separate equity allocation and will not issue additional tokens. All on-chain and off-chain revenue and intellectual property of Kamino belong to the Kamino Foundation, which will invest at least $20 million in development over the next 24 months; as it scales, the ways the Foundation supports KMNO may include buyback and burn, with the specific form and timing not yet determined.

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