My thoughts on the Kamino fake liquidations data scandal. There are two possible explanations:

1. Kamino team truly did not understand what liquidation means. The way liquidations are treated is literally the *most* important risk parameter in a lending protocol. If they don't understand this core tenant of lending markets, what else don't they understand? Are they competent enough to trust with your deposits?

Not understanding what liquidation means is completely unforgivable for a lending protocol, so maybe there is an alternative explanation:

2. The alternative to incompetence is that the Kamino team was actively misrepresenting a core part of their protocol in order to mislead users and attract deposits.

Which is worse?

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