{
 "symbol": "KMNO", "name": "Kamino Finance", "review_date": "2026-10-08",
 "reviewer": "AI", "model_id": "claude-fable-5-1", "logic_version": "value_v1", "prompt_sha256": "58434c62f807c2035cf603f7f93e6e22db880e9f4172968767efef7d1f326065",
 "one_sentence_zh": "Kamino 是 Solana 上最大的借贷与流动性管理协议（TVL $1.43B），借款人付利息、清算费和开仓费，协议留存利差；KMNO 目前只是治理/积分加成代币，收入不回流。",
 "one_sentence_en": "Kamino is Solana's largest lending/liquidity venue (TVL $1.43B); borrowers pay interest, liquidation and origination fees and the protocol keeps a spread, but KMNO is only a governance/points-boost token with no revenue flow to holders.",
 "red_lines": {
   "R1": {"hit": false, "note": "收入链上可查：DefiLlama 30d 费用 $5.03M、协议收入 $653K、累计费用 $253M，由 Allez Labs 按 Kamino API 聚合（利息、清算、开仓费）。", "sources": ["https://api.llama.fi/summary/fees/kamino?dataType=dailyFees", "https://api.llama.fi/protocol/kamino"]},
   "R2": {"hit": false, "note": "无回购/销毁机制，故不存在资金来源问题（DefiLlama 持币人收入 30d $0）。", "sources": ["https://api.llama.fi/summary/fees/kamino?dataType=dailyFees", "https://kamino.com/docs/kmno.md"]},
   "R3": {"hit": true, "unlock_12m_frac_of_circ": 0.27, "note": "Dropstab：流通 5.71B，锁仓 1.54B 全部为 Key Stakeholders/Advisors(35%) + Core Contributors(20%) 的 24 个月线性释放（已释 71.96%），剩余约 205 天内全部解锁，即未来 12 个月内释放 1.54B ≈ 流通 27% ≥ 25%。官方文档确认 12 个月锁定+24 个月线性（TGE 2024-04-30）。", "sources": ["https://dropstab.com/coins/kamino-finance/vesting", "https://kamino.com/docs/kmno.md"]},
   "R4": {"hit": false, "note": "KMNO 为协议原生代币，可用于治理（官方指向 gov.kamino.finance）与积分加成；无分红。", "sources": ["https://kamino.com/docs/kmno.md", "https://gov.kamino.finance/"]},
   "R5": {"hit": false, "note": "一句话可说清：借款人付利息。", "sources": ["https://api.llama.fi/summary/fees/kamino?dataType=dailyFees"]},
   "R6": {"hit": false, "note": "未发现被盗、下架或跑路；2026-06 发布'Kamino: The Next Chapter'路线图，团队在持续建设。", "sources": ["https://gov.kamino.finance/t/kamino-the-next-chapter/864"]}
 },
 "A_judge": {"mechanism_executing": false, "mechanism_desc": "未找到任何回购、销毁、分红或质押分配机制：官方 KMNO 文档只写供给/分配/锁仓，治理论坛最新路线图（2026-06）无 KMNO 收入分配内容，DefiLlama 持币人收入 30d $0。协议收入留在国库。", "sources": ["https://kamino.com/docs/kmno.md", "https://gov.kamino.finance/t/kamino-the-next-chapter/864", "https://api.llama.fi/summary/fees/kamino?dataType=dailyFees"]},
 "B": {
   "one_sentence": {"score": 2.5, "evidence": "借贷利差与清算费模式清晰，付费方是借款人与杠杆用户。", "sources": ["https://api.llama.fi/summary/fees/kamino?dataType=dailyFees"]},
   "moat": {"score": 1.5, "evidence": "Solana 借贷流动性深度：TVL $1.43B（借出 $983M），近 180 天从 $1.22B 增至 $1.43B，流动性深度与切换成本是护城河，但借贷赛道可复制。", "sources": ["https://api.llama.fi/protocol/kamino"]},
   "ten_years": {"score": 1.5, "evidence": "累计费用 $253M，路线图扩展至固定利率、链下抵押、私募信贷与 RWA DEX；借贷是 DeFi 基础设施，但依赖 Solana 存续。", "sources": ["https://api.llama.fi/summary/fees/kamino?dataType=dailyFees", "https://gov.kamino.finance/t/kamino-the-next-chapter/864"]},
   "people_governance": {"score": 0.5, "evidence": "内部人（55%）正处于 24 个月线性解锁尾段，未来半年释放 1.54B；治理论坛多数帖零回复（Season 4/5 公告无讨论），治理参与度低；未找到国库卖币证据但也无回购承诺。", "sources": ["https://dropstab.com/coins/kamino-finance/vesting", "https://gov.kamino.finance/"]}
 },
 "C_judge": {
   "users_growth": {"score": 1.5, "evidence": "无活跃地址数据；以费用为代理：近 90 天约 $5.03M vs 前 90 天约 $4.39M（+14.5%，API 图表粗估）；TVL 90 天基本持平（$1.43B vs $1.43B）。", "sources": ["https://api.llama.fi/summary/fees/kamino?dataType=dailyFees", "https://api.llama.fi/protocol/kamino"]},
   "utility": {"score": 0.0, "evidence": "使用借贷产品不需要持有 KMNO；代币仅作积分加成与治理，文档未写任何必须持有的场景。", "sources": ["https://kamino.com/docs/kmno.md"]},
   "culture": {"score": 0.0, "evidence": "未找到证据（治理论坛帖子多为零回复，无社媒增速数据）。", "sources": ["https://gov.kamino.finance/"]},
   "web3_direction": {"score": 0.5, "evidence": "链上借贷与 RWA 抵押是 DeFi 方向，但代币本身未承载价值。", "sources": ["https://gov.kamino.finance/t/kamino-the-next-chapter/864"]}
 },
 "confidence": "medium",
 "notes": "R3 命中：锁仓 1.54B 全部为内部人且将在约 7 个月内释放完毕，占流通 27%。DefiLlama 网页 403，费用取自 api.llama.fi。未找到任何 KMNO 价值捕获机制，A 维 mechanism_executing=false；生意本身优（Solana 最大借贷），但代币与生意脱节。"
}