At a glance
Spark Protocol ↗ is the lending arm of the Sky (formerly MakerDAO) ecosystem, managing $4B in TVL across Ethereum, Gnosis, and Base. It is a fork of Aave v3, optimized for DAI/USDS lending with rates set by Sky governance. Kamino Finance ↗ is the leading lending protocol on Solana, holding $2.5B in TVL and offering both isolated lending markets and automated liquidity provisioning for Orca and Raydium positions. This comparison focuses on the core lending products—the primary interface for most users—while acknowledging that each protocol inhabits a distinct blockchain ecosystem.
Key differences
Chain ecosystem – Spark operates on Ethereum, Gnosis, and Base; all three are EVM chains with deep integrations into the Ethereum ecosystem. Kamino is Solana-only, giving it a speed and cost advantage on that network but leaving it absent elsewhere. This is the most decisive split: the choice of protocol is almost synonymous with choice of blockchain.
TVL and liquidity – Spark’s $4B TVL tops Kamino’s $2.5B, but the numbers aren’t directly comparable because they draw from different user bases. Within their respective chains, both are top-tier: Spark is the second-largest lending protocol on Ethereum after Aave ↗; Kamino is the largest on Solana by a wide margin.
Product focus – Spark is a pure lending market, concentrating on overcollateralized borrowing of DAI and USDS with predictable rates governed by Sky/Spark DAO. Its Spark Liquidity Layer routes capital across the Sky ecosystem. Kamino offers lending plus liquidity automation, allowing users to deploy assets into concentrated liquidity positions on Orca and Raydium. This dual functionality gives Kamino a broader product scope on Solana.
Audits and codebase – Spark’s core is derived from the extensively audited Aave v3 codebase. Its own audits come from ChainSecurity and Cantina. Kamino has been audited by Ottersec and Offside Labs. Neither protocol has a known exploit or incident in our records.
Security and track record
Both protocols have clean incident histories as of May 2026. Spark benefits from inheriting the battle-tested logic of Aave v3, which has secured billions since 2020. Its additional audits by ChainSecurity and Cantina cover the specific modifications for DAI/USDS rate control. Kamino’s audits from Ottersec and Offside Labs are well-regarded on Solana, and its operational tenure since 2022 without an exploit demonstrates resilience. The key risk distinction is ecosystem: Spark’s Ethereum base shares the broader risk profile of mainnet and its L2s, while Kamino relies entirely on Solana’s network security and liveness. Neither protocol has disclosed insurance or safety module coverage in our data.
Fees and costs
Neither protocol publishes a fixed fee schedule in our data. Lending costs are determined by utilization-based interest rates, which fluctuate with market demand. On Spark, DAI/USDS borrow rates are influenced by Sky governance parameters, while Kamino’s rates are market-driven across its isolated and main markets. Users should check each protocol’s dashboard for current rates and factor in network transaction fees—Ethereum L1 can be expensive, though Gnosis and Base offer cheaper alternatives for Spark, while Solana typically provides sub-cent costs.
Which should you choose
Pick Spark if you primarily interact with the Ethereum ecosystem, need deep liquidity for DAI or USDS, value predictable borrowing rates set by Sky governance, or want access across multiple EVM chains. Its tight integration with the Sky ecosystem also gives it utility for users of Sky’s savings and stability products.
Pick Kamino if you are a Solana-native DeFi user, want lending alongside automated liquidity strategies on Orca and Raydium, or prefer Solana’s low fees and fast finality. Its combined offering of lend + automated LP management is unique among Solana protocols and can serve as a one-stop tool for yield generation.
Verdict
There is no universal winner. Spark is the superior lending protocol for the Ethereum ecosystem, while Kamino dominates on Solana. The deciding factor is your preferred blockchain. If you operate on both, the protocols can be complementary: Spark for DAI/USDS borrowing, Kamino for Solana-native yield strategies.