Kamino vs NAVI Protocol: Solana and Sui Lending Compared
Kamino operates pooled lending and liquidity vaults on Solana, holding over $1.3B in deposits and $909M in active loans. NAVI Protocol runs Move-based pooled and isolated markets on Sui, with over $163M in deposits and $30B in cumulative loan volume.
The primary divergence sits in chain ecosystem and borrowing mechanics. Kamino offers variable interest pools alongside fixed-rate loans, surpassing $55M in fixed-rate borrowing. It also provides automated liquidity vaults and tokenized equities. NAVI Protocol relies exclusively on variable borrowing rates on Sui. It supports collateral types such as LBTC, tokenized gold through XAUm, and USDY, while providing isolated risk environments through NAVI Prime to separate speculative assets from core pools. Kamino has processed over $650B across four years of operation, whereas NAVI Protocol centers its security on 13 contract audits and zero reported exploit losses since its 2023 debut.
Quick verdict
The choice between these platforms comes down to network deployment and loan structure. Kamino provides a much larger balance sheet on Solana with options to lock in predictable interest expenses, while NAVI Protocol delivers isolated risk controls and specialized collateral types on Sui.
Choose Kamino if you hold Solana assets, want fixed-rate borrowing contracts to avoid rate spikes, or plan to use automated liquidity vaults and leveraged looping strategies. It provides access to deeper liquidity pools, including the $600M PRIME market and tokenized equity markets.
Choose NAVI Protocol if you operate within the Sui ecosystem, require non-custodial loans against assets like LBTC or tokenized gold, and prefer isolated vaults through NAVI Prime to shield core deposits from high-risk collateral failures.
| Feature | ||
|---|---|---|
| Ratings | ||
| Our score | 4.0/5 | 4.0/5 |
| User rating | No reviews yet | No reviews yet |
| Security & track record | 4.0 | 4.5 |
| Rates | 4.0 | 4.0 |
| Market depth | 4.5 | 4.0 |
| Ease of use | 4.0 | 4.0 |
| Decentralization | 3.5 | 3.5 |
| Specs | ||
| KYC required | Not disclosed | No |
| Lending model | Pooled | Pooled |
| Chains | Solana | Sui |
| Main collateral assets | Not disclosed | SUI, USDC, USDT, wETH, wBTC, USDY, LBTC, XAUm |
| Flash loans | Not disclosed | Yes |
| Audited | Yes | Yes |
| Bug bounty | Not disclosed | Yes |
| Governance token | KMNO | NAVX |
| Isolated markets | Not disclosed | Yes |
| Real-world-asset collateral | Not disclosed | Yes |
| Own stablecoin | Not disclosed | No |
| Rates | Variable and fixed | Variable |
| Company | ||
| Founded | 2022 | 2023 |
| Headquarters | United States | — |
| Investors | Alliance, ParaFi Capital | Hashed, OKX Ventures, dao5 |
| Strengths and weaknesses | ||
| Pros |
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| Cons |
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| Best for | Solana crypto asset borrowers, DeFi liquidity providers seeking automated compounding, Traders using leveraged yield loops | Sui token holders earning yield, Borrowers needing non-custodial stablecoin loans, DeFi traders collateralizing wrapped Bitcoin |
Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.
FAQ
Does Kamino or NAVI Protocol support fixed interest rates?
Kamino supports fixed-rate borrowing alongside variable pools, with over $55M in active fixed-rate loans. NAVI Protocol uses strictly variable interest rates across its Sui markets.
Which blockchains do Kamino and NAVI Protocol run on?
Kamino runs exclusively on Solana, while NAVI Protocol is deployed natively on the Sui blockchain. Neither protocol maintains multichain deployments across other networks.
What assets can be used as collateral on NAVI Protocol?
NAVI Protocol accepts SUI, USDC, USDT, wETH, and wBTC, as well as tokenized assets like XAUm gold, USDY, and LBTC. Kamino accepts Solana-native tokens and supports tokenized equity and real-world-asset markets.
Do either Kamino or NAVI Protocol require identity verification?
NAVI Protocol does not require KYC verification or centralized registration to open positions.