1/ Today, we’re introducing key features to Earn Vaults Designed to provide deeper insight into vault performance and curator activity, directly from the Earn UI Kamino Earn is evolving🧵

2/ Before we dive into the new features, we need to explain why these features matter, contextualizing them within Kamino Earn as a product Earn Vaults aggregate funds across various lending markets, actively rebalancing deposits across a defined set of risk parameters to ensure yields are optimized, while operating within a certain risk profile In practice, this means each Earn Vault operates as an on-chain Managed Fund, with full transparency on where funds are allocated. A key difference being, your funds always remain in your native asset, and they are only ever allocated into Kamino Lend, and only into markets that fit the risk profile—therefore not introducing unknowns or unforeseen trust assumptions A vault manager (the Kamino Earn equivalent of a fund manager) specifies the vault profile, from conservative, to balanced, to aggressive, and users can deploy into whichever vault profile their risk appetite dictates Conservative vaults typically deploy into only the most liquid markets, where yields tend to be lower, but liquidity and insolvency risk are lower accordingly—and Aggressive vaults could deploy across a set of parameters and markets that emphasize yield first and foremost Each Earn Vault adheres to such a set of parameters, as specified by the manager, and these can span from specific percentage allocations to different markets, to utilization caps, and much more Given the nature of these vaults as onchain equivalents of managed funds, the need for quantifiable performance data and transparent strategy tracking becomes clear

3/ We've added four new metrics to analyze vault performance & curator activity: • Vault Share Price • Interest Generated • Reallocation Volume • Reallocation Transactions Let’s dive in⤵️

4/ Vault Share Price Similar to NAV (Net Asset Value) in traditional managed funds, Vault Share Price reflects the performance of a vault over time It starts at $1.00 and increases as interest accrues—offering a transparent view of how strategy performance evolves over time

5/ Interest Generated Each Earn Vault tracks the cumulative interest earned across all users in the vault, offering a clear view of realized performance USDC Prime by @SteakhouseFi, for example, has generated over $169K since its launch in May

6/ Reallocation Volume A quantifiable way of measuring strategy activity. This tracks how much funds a vault strategy moves across markets, automatically optimizing risk-adjusted yields USDC Prime saw over $5B rebalanced in one week, a sign of consistent optimization

7/ Reallocation Transactions This shows every reallocation transaction made in the vault With each transaction, funds are moved between lending markets, reacting to changing rates, liquidity, or utilization caps Every transaction is recorded and now visible in the Vault UI

8/ With over $80M deposits and $600K interest generated, Kamino Earn has become the largest lending yield product on Solana We believe this update is a huge step towards growing Earn Vaults into mature, data-driven yield vehicles Discover Earn: