Carpe numeris @AllezLabs 🎲 DeFinitely optimistic 🌞 🇫🇷 🇪🇸 🇬🇧 👻
Metaverse / London / Paris
Joined June 2012
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KMNO holders are the stakeholders.
The Kamino Foundation owns the IP and receives all revenue (onchain + offchain).
Founders, investors, team, and CEO are all aligned on KMNO only.
Everyone’s upside is in the same token. Nothing else. No leakage.
Today, I’m sharing my first letter to the KMNO community as CEO
Since joining @kamino , I’ve been asked a version of the same question by longtime KMNO holders and people getting to know us for the first time. As Kamino grows, where does the value we create go?
It’s a fair question, particularly as we work to bring Kamino into banks, brokerages and wallets, through which our goal is to allow millions of people to earn on their capital or borrow against assets they already own.
The answer starts with how Kamino was built. The Kamino Foundation owns the intellectual property and receives all revenue, including revenue from institutional partnerships. KMNO is the only token. The founders, our investors, the team and I have our upside tied to the same token our community holds. None of us has a separate equity allocation.
What we do with the revenue matters, too. We’re committing at least $20 million over the next two years to expand the assets people can use on Kamino, and bring Kamino's credit and liquidity infrastructure to more of the platforms consumers already use today.
I wrote my first letter to KMNO holders to put those decisions on the record. I also share why I chose to make most of my own KMNO allocation vest only when it reaches and sustains a series of valuation milestones.
One Kamino. One KMNO.
Binance exploiter has been busy all weekend.
Dumped 130+ alts into ~123.4k ETH ($277M) + 1.69M USDC, and is now swapping 970k SOL ($96M) into BTC via Relay.
Non-freezable asset consolidation!
The Binance hacker is swapping the stolen 970,522 $SOL ($95.9M) for $BTC.
In the past hour, the hacker moved 486,970 $SOL ($46.4M) and is now swapping $SOL for $BTC through @RelayProtocol.
arkm.com/explorer/address/Af…
Fixed rates are taking over Kamino, capacity just keeps getting eaten up. You better be ready or not too hungry.
Who will build a fixed rate liquidity deployer that parks liquidity in variable rate, and switches as soon as the new fix rate opens up?
wen do you make time to go through your tg saved messages, or bookmarks
Bot? Or do you actually do it?
Alex BertoG 🐮 retweeted
BREAKING: @Solana becomes the #1 chain by RWA net inflows, attracting over $900 million in the last 30 days.
Biggest hack in history. Zero panic, zero drama. The ecosystem is learning.
Huge props to the stablecoin issuers who froze billions in minutes @Tether_to @circle @Ripple
Shoutout to the at-risk lending protocols that moved fast with preemptive actions @aave @kamino @CurrentSUI
Grateful to the asset issuers who disclosed exposures quickly with little to no material exposure @ethena @maplefinance @onrefinance
And above all, thank you @binance for stepping up and absorbing a hit of this magnitude. Not many could. 🥹
Alex BertoG 🐮 retweeted
Investigation update: Our initial investigation suggested that the security incident may have involved a compromised laptop, however our subsequent investigation has uncovered additional points of breach.
This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it. We are still gathering the facts, and will share more directly as we have them.
Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe.
We are still on track towards the expected timeline to resume the withdrawal service in 45 hours. Deposits remain unaffected.
The outflows ceased when we paused withdrawal service earlier. We are still working with partners to freeze many of the impacted assets, and have frozen around $3 billion thus far.
We will continue to provide further updates through official Binance channels as more verified information becomes available.
Alex BertoG 🐮 retweeted
Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified.
The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far.
Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete.
As an immediate precaution, Binance has:
- temporarily suspended deposits and withdrawals while security checks are completed;
- revoked the affected address authorisation;
- engaged law enforcement and blockchain intelligence partners to trace and recover funds.
Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.
Please rely only on official Binance channels for updates. Please feel free to contact Binance Customer Support if you have any further questions.
binance.com/en/support/annou…
We continue to monitor the situation, Allez vaults and markets are functioning as normal; and no partner is at risk.
Some DeFi operations are paused across the ecosystem out of an abundance of caution: borrowing on kamino main, ltvs to 0 on aave, many protocols with borrows or redemptions paused.
Alex BertoG 🐮 retweeted
Aave protocol will be fine.
The hacker supplied 60M USDT and borrowed 19,762 wETH (~44.9M$) in 3 minutes, before Tether froze their address and before the Aave Guardian froze the Aave V3 Core reserves (46 min later).
But USDT is real money backed by dollars, and the position is criminal but overcollateralized in the eyes of the protocol: health factor 1.04, 59.9M$ of collateral against 44.9M$ of debt.
Sure, we now have a large borrower with little incentive to repay their loan, but liquidations work as usual: if ETH goes above ~2,365$ (+4%), the position gets liquidated like any other.
The Aave V3 Core wETH reserve is 2.16M wETH, so the hacker's debt is "only" 0.9% of it as I'm writing this.
I don't think Aave needs to take specific action against the hacker.
345k wETH is available right now (81.6% utilization), so wETH liquidity is sufficient if wETH depositors want to withdraw
There's no reason or need for a bank run.
The situation is much less dire than during the Kelp hack (zero-value collateral), and we should not expect a re-run of "DeFi United".
On paper, a governance proposal could force-liquidate the hacker by upgrading the Pool to target this single position (lowering the USDT liquidation threshold would hit every USDT supplier),
but I see no real upside in doing that as normal liquidation can eat this up without sweat.
The reserves are frozen now, but no need to panic; you can repay and withdraw. This isn't the first time this has happened, and it won't be the last, and Aave is still there.
Just another day in crypto.
Alex BertoG 🐮 retweeted
Kamino has been in a war room since the first rumours of the Binance hack, before anything was confirmed.
We checked our major collateral assets with their issuers and our partners. So far, we see no exposure to the hack and no backing issues.
We blocked the attacker’s SOL wallet from using Kamino's infrastructure within 5 minutes of identifying it.
As a precaution, we have also paused on chain borrowing on the SOL/BTC market. We expect to resume shortly.
Kamino can confirm that it is currently unaffected by the ongoing Binance situation
Out of an abundance of caution, we have temporarily paused borrowing in the SOL/BTC Market
We are actively monitoring the situation and are in communication with various partners. Any further updates will be communicated solely here on Kamino’s official Twitter account
I wanna meet @AllezLabs LPs! Who’s coming to London for Breakpoint next month?
I got my @Backpack on, lots of liquidity available to borrow against your stocks on the @kamino Market.
Alex BertoG 🐮 retweeted
There are roughly 150 million Solana wallets. Many of those people either could not or would not buy US equities through the financial services available to them.
Now they can.
Everything is being tokenized on @solana.
