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 at the moment boasts Kamino as its largest cash market protocol.
In line with 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, associate at enterprise capital fund Multicoin Capital, commented Kamino, which can also be a cash market.
Svanevik replied that Aave’s TVL is almost 10x bigger than Kamino’s, and customers would favor the previous if they might apply it to Solana. Kamino is the third-largest utility on Solana, with over $2.3 billion in TVL.
Lily Liu, president of the Solana Basis, stated:
“However kamino is a greater product
Plus metrics at the moment are usually not metrics tomorrow.”
Contemplating her position as some of the necessary figures within the Solana ecosystem, Liu’s reply offended some fans.
Mats Olsen, co-founder of Dune, prompt that opening Solana to Aave can be extra acceptable than evaluating functions. 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 previous 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” functions. She additionally referred to as Kulechov’s reply an “outburst” to his followers.
Anatoly Yakovenko, co-founder of Solana Labs, joined the dialogue evaluating the functions’ income as an alternative 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 value of you may’t squeeze income out of it.”
Kulechov said that the income distinction happens as a result of Kamino takes a “greater lower” 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 value 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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