Solana ecosystem is accelerating its offensive. Kamino's Chinese-speaking region lead, Cheryl, will join Solana on this China tour through Shanghai, Hangzhou, and Shenzhen, aiming to capture the Chinese market. @kamino ———— You can't tell much from the table, but judging from the token listing path and TVL, this project can almost be considered a state-owned enterprise-level project within the Solana ecosystem. Kamino is similar to AAVE, with 0 security incidents and 0 bad debts. It will follow Solana in building capital sinks, which will undoubtedly receive strong support from Solana. ———— Current MC: 352M, FDV: 604M TVL is close to 3B, with 2024 revenue at 18.5M. ———— As of now, 2025 revenue is 22.7M, ranking first among Solana ecosystem protocols. If we look at stable growth, 2025 revenue is expected to reach 27M. ———— Assuming high growth expectations in the future, calculating a reasonable valuation range based on dynamic P/E (15–25x) would be 405M–675M. (Note: Unlocking conditions need to be considered here, but this article will not elaborate further.) ———— Current MC: 352M, which means: The current valuation is on the lower end of the reasonable range (~13x P/E); If growth is maintained, there is approximately 1.5–2.5x reasonable upside potential. If growth continues, the 2026 forecasted valuation will be between 0.5B–1B. Let time prove my valuation hypothesis.