Historical bad-debt events
Kamino Lend's assessment for RD-F-067 — scored green on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Zero bad debt since inception across $10B+ in loans. Multiple stress tests (Apr 2025 -21% SOL, Feb 2026 crash) produced zero realized bad debt. DeFiLlama hacks and Rekt DB both empty.
Detail #
Kamino Lend has issued over $10 billion in loans with zero documented bad debt events. DeFiLlama hacks list for kamino-lend returns empty. Rekt DB (per data cache sources.rekt.incidents) returns empty array. Key stress events survived without bad debt: (1) April 2025 — SOL -21% in 24h, $16M liquidated across 14,480 events, zero bad debt; (2) Nov 2025 — 16,228 liquidation events, $26.5M collateral seized, zero bad debt; (3) Dec 2025 — first Adrena ADL event, zero bad debt; (4) Feb 2026 crash — 70,822 liquidation events, $26M seized, zero bad debt. Stress test projections show potential $50.5M bad debt at -30% shock (current positioning, Feb 2026) — not realized but noted as tail risk.
Sources #
- GovernanceKamino Lend Risk Event Analysis April 2025Apr 2025 risk event — zero bad debt; $16M liquidatedretrieved 2026-04-27
- Kamino Lend Monthly Risk Insights February 2026Feb 2026 report — 70,822 events, zero bad debt, $10B+ loans issuedretrieved 2026-04-27
- 00-data-cache.jsonData cache — rekt.incidents = []retrieved 2026-04-27
Methodology #
Count and sum (USD) the number of documented bad-debt events where the protocol socialized losses across depositors.
See the full factor methodology and distribution across all protocols →