According to the update, real-world asset (RWA) deposits on Kamino rose sharply while total protocol deposits declined, lifting RWAs to more than 40% of platform deposits.
Kamino reported that its real-world asset (RWA) deposits more than doubled in Q1 2026, increasing from $570.7 million to $1.23 billion. Over the same period, total deposits on the protocol fell 18.9%. As a result, RWA markets grew to account for more than 40% of Kamino deposits, up from 15.8% at the start of the quarter. The figures point to a notable shift in the platform’s deposit mix toward tokenized and asset-backed products.