Automated liquidity vaults were Kamino's first product, launched in August 2022, and it remains the leading LP primitive on Solana. Kamino liquidity vaults issue kTokens to depositors, which are yield-bearing LP tokens that are accepted as collateral in K-Lend.

These kTokens form the basis of powerful DeFi strategies such as leveraged liquidity provision, or delta-neutral liquidity provision, as outlined in the kToken Collateral section.

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