Aave founder downplays Kamino amid discussion with key Solana figures
The founder of Aave downplayed Solanas Kamino during an argument with the president of the Solana Foundation and the co-founder of Solana Labs about decentralized money markets on X.
Alex Svanevik, founder of Nansen, questioned the absence of Aave on Solana, which currently boasts Kamino as its largest money market protocol.
According to DefiLlama data, Aave is available in 13 blockchains as of press time and has amassed nearly $19.6 billion in total value locked (TVL).
Kyle Samani, partner at venture capital fund Multicoin Capital, commented Kamino, which is also a money market.
Svanevik replied that Aaves TVL is nearly 10x larger than Kaminos, and users would prefer the former if they could use it on Solana. Kamino is the third-largest application on Solana, with over $2.3 billion in TVL.
Lily Liu, president of the Solana Foundation, said:
But kamino is a better product
Plus metrics today are not metrics tomorrow.
Considering her role as one of the most important figures in the Solana ecosystem, Lius reply offended some enthusiasts.
Mats Olsen, co-founder of Dune, suggested that opening Solana to Aave would be more appropriate than comparing applications. Svanevik agreed with Olsens reply.
Stani Kulechov, founder of Aaves mother group Avara, commented on Lius response:
The state of Solana DeFi:
Copycat Aaves old tech
Slap a half baked UI
Restrict also UK users from using it
Solana foundation president calls it a better product
Expect people to buy the bluff.
Liu explained her potential bias as the Solana Foundation cheers for homegrown applications. She also called Kulechovs answer an outburst to his followers.
Anatoly Yakovenko, co-founder of Solana Labs, joined the discussion comparing the applications revenue instead of TVL.
Although Aave has over eight times Kaminos TVL, the Solana-based money market registered $52 million in annualized revenue compared to Aaves $126.3 million.
Yakovenko added:
TVL is a cost of you cant squeeze revenue out of it.
Kulechov stated that the revenue difference occurs because Kamino takes a bigger cut from users fees. He compared the USD Coin (USDC) Reserve Factor of both platforms, with Kamino taking 5% more than Aave.
The Aave founder added:
I guess there isnt enough competition yet on Solana and users are paying price for that.
While Aave has the largest liquidity in the money market sector, recently processing $210 million in liquidations after the Feb. 2 crash, Kamino added tools to its interface to help us leverage their borrowing positions.
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