The founding father of Aave downplayed Solana’s Kamino throughout an argument with the president of the Solana Basis and the co-founder of Solana Labs about decentralized cash markets on X.
Alex Svanevik, founding father of Nansen, questioned the absence of Aave on Solana, which presently boasts Kamino as its largest cash market protocol.
In response to DefiLlama information, Aave is out there in 13 blockchains as of press time and has amassed almost $19.6 billion in complete worth locked (TVL).
Kyle Samani, accomplice at enterprise capital fund Multicoin Capital, commented Kamino, which can be a cash market.
Svanevik replied that Aave’s TVL is sort of 10x bigger than Kamino’s, and customers would like the previous if they may apply it to Solana. Kamino is the third-largest software on Solana, with over $2.3 billion in TVL.
Lily Liu, president of the Solana Basis, mentioned:
“However kamino is a greater product
Plus metrics right this moment usually are not metrics tomorrow.”
Contemplating her function as one of the vital figures within the Solana ecosystem, Liu’s reply offended some fans.
Mats Olsen, co-founder of Dune, steered that opening Solana to Aave can be extra acceptable than evaluating purposes. Svanevik agreed with Olsen’s reply.
Stani Kulechov, founding father of Aave’s mom group Avara, commented on Liu’s response:
“The state of Solana DeFi:
– Copycat Aave’s outdated tech
– Slap a half baked UI
– Prohibit additionally UK customers from utilizing it
– Solana basis president calls it a greater product
Count on individuals to purchase the bluff.”
Liu defined her potential bias because the Solana Basis cheers for “homegrown” purposes. She additionally known as Kulechov’s reply an “outburst” to his followers.
Anatoly Yakovenko, co-founder of Solana Labs, joined the dialogue evaluating the purposes’ income as a substitute of TVL.
Though Aave has over eight occasions Kamino’s TVL, the Solana-based cash market registered $52 million in annualized income in comparison with Aave’s $126.3 million.
Yakovenko added:
“TVL is a price of you’ll be able to’t squeeze income out of it.”
Kulechov said that the income distinction happens as a result of Kamino takes a “larger minimize” from customers’ charges. He in contrast the USD Coin (USDC) Reserve Issue of each platforms, with Kamino taking 5% greater than Aave.
The Aave founder added:
“I suppose there isn’t sufficient competitors but on Solana and customers are paying worth for that.”
Whereas Aave has the biggest liquidity within the cash market sector, lately processing $210 million in liquidations after the Feb. 2 crash, Kamino added instruments to its interface to assist us leverage their borrowing positions.
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