Ethena’s USDe market on Kamino went live on May 13, 2026, following official posts from Ethena and Kamino. Ethena confirmed the Solana rollout and referenced bridge access through Stargate, while Kamino introduced the USDe Growth Initiative and a dedicated Ethena Multiply vault. The main visible references are the Ethena launch post, the Kamino USDe Growth Initiative post, the Kamino APY post, and the Kamino Multiply vault page. Kamino’s launch materials describe the vault as a USDe/USDG leverage loop in which users deposit USDe, borrow USDG, swap back into USDe and repeat the process up to 10x leverage.
Kamino reports rapid USDe supply growth after launch
Kamino said the new Ethena market crossed $50 million in USDe supply on May 13, 2026, only hours after launch. A later Kamino update said the same market had crossed $75 million. These figures refer specifically to the Ethena market on Kamino, not to total USDe TVL across Solana. Any broader Solana-wide TVL figure remains an aggregate interpretation unless Ethena, Kamino or a cited dashboard publishes that number directly.
— Kamino (@kamino) May 13, 2026
The vault was promoted with more than 20% Net APY at launch, auto-compounded yield and liquidation protection. That APY is a promotional launch metric, not an expected, fixed or guaranteed return. The final yield depends on the live spread between collateral yield and borrow costs, market utilization, incentives, leverage level and execution conditions. Kamino’s public product page presents the USDe oracle as configured to protect users from liquidation in cases of depegs or price volatility, but that wording refers to specific market-design protections, not a blanket removal of risk.
Users on Kamino will be able to deposit USDe, borrow against it, and run leveraged USDe strategies on @Solana for the first time at scale.
USDe is bridgeable to Solana via @StargateFinance, with rate limits increased to 30m an hour for the time being.
USDe promotional rewards…
— Ethena (@ethena) May 13, 2026
Liquidation protection mitigates specific risks, not all risks
Kamino’s isolated market design and hardcoded USDe oracle setup mitigate specific liquidation triggers linked to temporary depegs or price volatility. They do not eliminate general liquidation risk. Leveraged USDe loops can still be exposed to borrow-rate changes, utilization spikes, oracle configuration risk, liquidity constraints, smart-contract risk, negative yield spread and broader market stress. Ethena’s own documentation separately explains that liquidation risk exists when collateral is no longer sufficient to meet margin requirements, even if the protocol frames such events as unlikely under its assumptions.
Ethena’s Solana expansion also includes a separate USDe-focused market on Jupiter Lend, curated with Bitwise and powered by Fluid. That market is distinct from Kamino’s Ethena market and does not roll into Kamino’s reported supply figures. Based on the visible official material, the confirmed facts are the May 13 launch, Kamino’s market-specific supply milestones, the 20%+ Net APY at-launch promotional claim, the vault’s USDe/USDG leveraged structure and the existence of separate USDe venues on Kamino and Jupiter Lend.