Kamino
KMNO#136KMNO is the token of Kamino, a Solana DeFi protocol for lending, borrowing, liquidity vaults and leveraged yield.
- Market cap
- $231.08M
- Volume 24h
- $8.64M
- All-time high
- —
- Circulating supply
- 5.67B of 10B
Does not clear all 8 Shariah criteria. Needs caution: interest (riba), nature of the asset, and excessive uncertainty (gharar). Fails: business model and usage.
- 3 pass
- 3 caution
- 2 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Kamino?8 Shariah criteria
3 pass · 3 caution · 2 failKamino earns interest, and CryptoUmmah reports that revenue funds KMNO stakers and repurchases; Kamino does not document this.
Riba is interest or any guaranteed increase on a loan. Kamino's revenue is mainly a spread on borrower interest. Holding KMNO is not a loan and pays no fixed return; staking gives boosted rewards. CryptoUmmah reports that about half of revenue goes to stakers and half to repurchases and burns, so holders benefit from interest (riba 27/100), but Kamino's documentation does not confirm this split. Sharlife, the first authoritative source that rates Kamino Finance, marks it compliant. Interest income is proven but its share reaching holders is unknown, so the criterion is at caution.
Independent research (Nansen, June 2025) confirms this is not yet live: fees currently accrue to the Kamino treasury, and any redirection of value to KMNO holders through buybacks or staking dividends depends on a future governance decision.
KMNO has a governance and staking function, but it serves an interest-based lending protocol.
Mal is property that Islamic law recognises as having value. KMNO lets holders vote on the protocol and stake for boosted rewards. Sharlife, the first authoritative source that rates Kamino Finance, marks it compliant, but the token's function is tied to a protocol whose main business is interest-based lending, a coin-specific reason for caution.
KMNO has no chance-based payout, but Kamino offers one-click leveraged yield products.
Maysir is gambling: gaining or losing by chance rather than through productive exchange. KMNO has no lottery-like feature. The score is lowered within pass because Kamino promotes Multiply, a one-click leveraged product built on borrowing, which encourages speculative leverage; CryptoUmmah scores maysir 48.5/100.
Kamino earns mainly by keeping 11% to 20% of the interest borrowers pay.
This criterion asks how the protocol earns. Kamino's docs say the protocol retains a spread of 11% to 20% of borrower interest before lenders are paid, and DefiLlama attributes Kamino Lend revenue to interest spreads and liquidation fees, with about $10.0 million of total revenue over the past year. Kamino also earns swap fees from liquidity vaults, which are permissible, but interest is the main business and well above the 5% threshold, so the criterion fails. This departs from Sharlife's compliant rating because of Kamino's own documentation.
About 55% of supply went to insiders and is still unlocking, and how revenue reaches holders is not documented.
Gharar is excessive uncertainty or hidden information. Kamino publishes KMNO's allocation, but 35% went to key stakeholders and advisors and 20% to core contributors, vesting linearly for 24 months after a 12-month lockup, and about 4.3 billion tokens were not yet circulating in October 2026. Kamino's docs do not describe staking rewards or revenue use, while CryptoUmmah reports a revenue split. These are concrete uncertainties, so the criterion is at caution.
KMNO's main use is to govern and boost rewards in an interest-based lending protocol.
This criterion looks at what the asset is actually used for. KMNO is used to vote on Kamino's risk parameters, listings and treasury and to stake for boosted rewards on Kamino activity, which is mainly interest-based lending and leveraged yield. With interest-based lending as the main purpose served, the criterion fails.
Fully paid spot KMNO is available and can be held in any Solana wallet.
This criterion asks whether the asset can be owned in a permissible way. KMNO trades spot with full payment and delivery on exchanges and Solana DEXs and is an ordinary SPL token that can be held in self-custody. Ownership does not depend on derivatives or leverage, so the criterion is at the maximum.
No concrete fraud or hack involving KMNO is documented.
Maslahah weighs benefit against harm. Kamino provides open financial tools on Solana, and no source collected documents fraud or a hack involving KMNO or Kamino users. The harm of interest and leverage is counted under other criteria, so the criterion is at the maximum.
How you can use it
Tap a card for the ruling and sourcesBuying KMNO with full payment and immediate delivery is available, and the tokens can be moved to a self-custody wallet. Spot is acceptable for a DOUBTFUL asset for those who follow the permissive view, but KMNO governs an interest-based lending protocol.
No KMNO exchange-traded fund was found. A product that holds KMNO itself would be judged like spot; its structure would need to be checked.
KMNO is a governance token, not a means of payment. Tier-1 bodies such as Indonesia's MUI rule that using cryptocurrency as currency is not permissible.
Staking KMNO is not validation work; its rewards boost earnings on Kamino lending activity, and CryptoUmmah reports stakers receive interest-funded revenue.
Margin trading in KMNO is offered by some exchanges but is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
KMNO futures and perpetuals are offered by derivatives exchanges, but futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending KMNO through exchange or DeFi lending programmes pays depositors interest from borrowers. This is riba.
Yield on KMNO or Kamino deposits comes from borrower interest and fails.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
Section in preparation
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