{
 "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",
 "audit": true,
 "one_sentence_zh": "Kamino 是 Solana 最大的借贷+流动性管理协议（K-Lend TVL ≈ $9.8 亿），借款人支付利息、清算与起源费，协议留存利差作为收入；KMNO 是治理/积分代币，收入目前不分配给持币人。",
 "one_sentence_en": "Kamino is Solana's largest lending and liquidity-management protocol (K-Lend TVL ≈ $0.98B) where borrowers pay interest, liquidation and origination fees and the protocol keeps the spread; KMNO is a governance/points token that currently receives none of that revenue.",
 "red_lines": {
   "R1": {"hit": false, "note": "收入可核实：DefiLlama（Allez Labs 经 Kamino API 汇总）30 日协议收入 $625,198、累计 $42.8M；费用 30 日 $5.0M。", "sources": ["https://api.llama.fi/summary/fees/kamino-lend?dataType=dailyProtocolRevenue", "https://api.llama.fi/protocol/kamino-lend"]},
   "R2": {"hit": false, "note": "无回购/销毁，无从命中。", "sources": ["https://api.llama.fi/summary/fees/kamino-lend?dataType=dailyHoldersRevenue"]},
   "R3": {"hit": true, "unlock_12m_frac_of_circ": 0.27, "note": "官方文档：Key Stakeholders & Advisors 35% + Core Contributors 20% = 5.5B，自 2024-04-30 起 12 个月锁定后 24 个月线性（至 2027-04-30）。2026-10-08 起剩余约 6.7/24 × 5.5B ≈ 1.54B 在未来 7 个月内释放，对比流通 5.705B ≈ 27%，略高于 25% 红线（临界值，按文档推算，未取得逐月解锁表）。", "sources": ["https://kamino.com/docs/kmno.md", "https://api.coingecko.com/api/v3/coins/kamino?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "R4": {"hit": false, "note": "KMNO 为协议原生代币，有治理论坛与季度分配（Season）；但文档未写明费用分享。", "sources": ["https://kamino.com/docs/kmno.md", "https://gov.kamino.finance/"]},
   "R5": {"hit": false, "note": "一句话说得清。", "sources": ["https://api.llama.fi/protocol/kamino-lend"]},
   "R6": {"hit": false, "note": "未发现被盗/下架/跑路；Gauntlet 任官方金库策展人（2025-11）。", "sources": ["https://gov.kamino.finance/"]}
 },
 "A_judge": {"mechanism_executing": false, "mechanism_desc": "DefiLlama 持币人收入 30 日 $0、累计 $0；文档 KMNO 页无回购/分红/费用分享条款；治理论坛首页也无回购提案。收入全部归协议/国库，不回到代币。", "sources": ["https://api.llama.fi/summary/fees/kamino-lend?dataType=dailyHoldersRevenue", "https://kamino.com/docs/kmno.md", "https://gov.kamino.finance/"]},
 "B": {
   "one_sentence": {"score": 2.0, "evidence": "借贷协议，借款人付息，协议取利差；清楚。", "sources": ["https://api.llama.fi/protocol/kamino-lend", "https://api.llama.fi/summary/fees/kamino-lend?dataType=dailyProtocolRevenue"]},
   "moat": {"score": 1.5, "evidence": "Solana 借贷流动性深度（TVL $0.98B，180 天前 $0.54B）与多预言机风控；但 90 天前 $1.07B，近期略降，且借贷切换成本低。", "sources": ["https://api.llama.fi/protocol/kamino-lend"]},
   "ten_years": {"score": 1.0, "evidence": "链上借贷是基础设施，Kamino 在 Solana 有先发优势；但若没有它，Solana 借贷可由 Marginfi/Save 等替代，行业不会倒退。", "sources": ["https://api.llama.fi/protocol/kamino-lend"]},
   "people_governance": {"score": 0.5, "evidence": "内部人（投资人+顾问+团队）合计 55% 供应，正处线性解锁期至 2027-04；收入不分给持币人；文档对代币效用披露极少。", "sources": ["https://kamino.com/docs/kmno.md", "https://api.llama.fi/summary/fees/kamino-lend?dataType=dailyHoldersRevenue"]}
 },
 "C_judge": {
   "users_growth": {"score": 0.5, "evidence": "无活跃地址数据；TVL 90 天前 $1.07B → 现 $0.98B（−8%），180 天 +82%。", "sources": ["https://api.llama.fi/protocol/kamino-lend"]},
   "utility": {"score": 0.25, "evidence": "使用协议不需持币；KMNO 仅治理/积分加成（文档未证实加成细则）。", "sources": ["https://kamino.com/docs/kmno.md"]},
   "culture": {"score": 0.0, "evidence": "未找到证据。", "sources": []},
   "web3_direction": {"score": 0.5, "evidence": "链上借贷是 DeFi 核心方向。", "sources": ["https://api.llama.fi/protocol/kamino-lend"]}
 },
 "confidence": "medium",
 "notes": "生意真实（$625K/月协议收入）但代币不分享；R3 按文档推算为 27%，处于临界，若以逐月表核算可能略低于 25%——建议程序侧用解锁 API 复核后再定落选。"
}