Kamino launches Solana lending market for GPU-linked sUSDai

Kamino has opened a lending market on Solana for sUSDai, a GPU-loan-linked token issued by USD.AI, according to The Defiant. Allez Labs curates the market, permitting holders to retain yield-bearing positions while borrowing USDC.

Launch documentation from Kamino indicates that collateral value dictates borrowing limits, capping loan-to-value at 80% and triggering liquidations at 85%. The Multiply product allows leverage to reach up to five times by cycling through additional loans and redeploying assets. Caps are fixed at 5 million sUSDai for supply, 5 million USDC for supply, and 5 million tokens for USDC borrowing.

Pre-incentive Base USDC rates stood near 1.01% APY for borrowing and 0.21% for supplying. Kamino announced that “$75K in rewards will be distributed over the next two months” for USDC suppliers and borrowers.

USD.AI documentation labels USDai as fully secured by PYUSD on the protocol side. When staking creates sUSDai, the token’s exchange rate mirrors GPU-backed loans, reserve or escrow assets, fees, and losses. This framework integrates ledger entries on the blockchain with external legal entitlements tied to computing hardware. By isolating sUSDai in a separate market, Kamino notes that deficits persisting after troubled loan settlement lower the vault’s net asset value. sUSDai holders possess a proportional share of the vault, not specific GPUs or direct contractual claims.