2026-03-11 10:50:33

KMNO has a market capitalization of $77 million, an annualized fee of $66.91 million, and a P/S ratio of approximately 1x. The comparable infrastructure Morpho has a P/S ratio of 4.2x.

Kamino has a TVL of $2.33 billion and a $500 million PYUSD treasury, with zero bad debt across all markets.
Either the fee multiple is wrong, or the comparison target is incorrect. One of them will be re-priced.

KMNO8,57%

MORPHO-5,04%

PYUSD0,08%

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