The founder of Aave downplayed Solana’s Kamino during an argument with the president of the Solana Foundation and the co-founder of Solana Labs about decentralized money markets on X.
Alex Svanevik – founder of Nansen – questioned Solana’s absence of Aave, who currently touts Kamino for its most important money market protocol.
Aave, according to DefiLlama’s data as at press time, is currently available on 13 blockchains and has accumulated nearly $19.6 Billion in Total Value Locked (TVL).
Kyle Samani commented Kamino as a venture capital firm Multicoin Capital. Kamino is also an online money market.
Svanevik replied that Aave’s TVL is nearly 10x larger than Kamino’s, and users would prefer the former if they could use it on Solana. Kamino, the third largest application on Solana with more than $2.3 billion TVL, is the most popular.
Lily Liu was the President of Solana Foundation. You can also read about the importance of this in our article:
“But kamino is a better product
Plus metrics today are not metrics tomorrow.”
Considering her role as one of the most important figures in the Solana ecosystem, Liu’s reply offended some enthusiasts.
Mats Olesen, the founder of Dune. Please see below for a suggested way to pronounce the word It would be better to compare applications than open Solana up for Aave. Svanevik agreed with Olsen’s reply.
Stani Kulechov, founder of Aave’s mother group Avara, Comment? on Liu’s response:
“The state of Solana DeFi:
– Copycat Aave’s old tech
– Slap a half baked UI
– Restrict also UK users from using it
– Solana foundation president calls it a better product
Expect people to buy the bluff.”
Liu clarified her bias in the face of Solana Foundation’s cheers “homegrown” applications. She also called Kulechov’s answer an “outburst”… to his supporters.
Anatoly Yakhenko, the co-founder and CEO of Solana Labs joined in the discussion, comparing revenue rather than TVL.
Although Aave has over eight times Kamino’s TVL, the Solana-based money market registered $52 million in annualized revenue compared to Aave’s $126.3 million.
Yakovenko has been added
“TVL is a cost of you can’t squeeze revenue out of it.”
Kulechov claimed that Kamino is responsible for the revenue differences. “bigger cut” from users’ fees. Kamino’s USD Coin (USDC Reserve Factor) was higher than Aave by 5%.
Aave founder:
“I guess there isn’t enough competition yet on Solana and users are paying price for that.”
Kamino has added new tools to the interface that will help leverage our borrowing position. Aave, which is the leader in liquidity, processed $210 millions in liquidations following the February 2 crash.
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