At a glance
Euler V2 ↗ and Kamino Finance ↗ serve different ends of the lending market. Euler V2 is a modular lending platform relaunched after a 2023 exploit, offering vault customization across Ethereum, Base, Swell, and BOB with $1B TVL. Kamino Finance is a pure Solana play with $2.5B TVL, combining lending and automated liquidity provisioning on Orca and Raydium. Euler is for EVM power users who want to build bespoke lending markets; Kamino is for Solana natives who want deep liquidity and LP automation under one roof.
Key differences
TVL: Kamino Finance holds $2.5B, more than double Euler V2’s $1B, though both remain below category leaders Aave ↗ ($22B) and Morpho Blue ↗ ($6B).
Chains: Euler V2 deploys on four EVM networks — Ethereum, Base, Swell, and BOB — while Kamino Finance operates exclusively on Solana. Euler’s modular architecture allows vaults to connect across its supported chains; Kamino’s single-chain focus avoids cross-chain risk but limits user reach.
Functionality: Euler V2 centers on the Euler Vault Kit (EVK), letting anyone permissionlessly create isolated lending vaults with custom parameters and connectors. Kamino Lend offers isolated and main markets, but its differentiator is Kamino Liquidity, which automates concentrated LP positions on Orca and Raydium — a feature Euler lacks.
Incident history: Euler suffered a major exploit in 2023 but recovered all funds and relaunched as V2 with updated security. Kamino Finance has no reported incidents in its history.
Security and track record
Euler V2 has been audited by Spearbit, Certora, and ChainSecurity. The 2023 exploit, while fully remediated, remains a notable event; the V2 release incorporated lessons from that incident. Kamino Finance lists audits by Ottersec and Offside Labs — fewer firms but no history of exploits. Both protocols are battle-tested in different ways: Euler by surviving and rebuilding, Kamino by avoiding catastrophic events. Kamino’s simpler, single-chain design may reduce attack surface, but Euler’s modularity allows isolated risk per vault.
Fees and costs
Specific fee structures are not disclosed in our data for either protocol. Both use dynamic interest rates determined by utilization. Euler V2 vault creators can set their own parameters; Kamino’s lending fees follow a standard model. Check each protocol’s docs for current reserve factors and borrow/withdrawal fees.
Which should you choose
Pick Euler V2 if:
- You need a modular lending primitive to build custom vaults.
- You operate on Ethereum or EVM L2s (Base, Swell, BOB).
- You want audited code with a proven recovery from past incidents.
Pick Kamino Finance if:
- You’re a Solana user seeking the chain’s largest lending market by TVL.
- You want integrated LP automation alongside lending.
- You prioritize simplicity and a clean incident record.
Verdict
This matchup is ecosystem-dependent. Euler V2 wins for EVM-based builders who value modular, cross-chain vault infrastructure. Kamino Finance wins on Solana with higher TVL, fewer chains, and a lending+LP combo that Euler can’t match. Choose based on your chain preference and whether you want to build or deposit.