From Kamino's recent actions, we can see the future evolution direction of DeFi/on chain lending. It has been discussed a long time ago that if there is more high-quality asset supply in the future, the scale of on chain lending and derivatives will expand to a huge scale, far higher than the existing scale. Kamino's actions in recent months have hinted at the embryonic form of future Defi/on chain lending. Kamino Finance is now essentially the largest lending agreement on Solana and a comprehensive super entry point for liquidity and leverage. TVL is close to 2 billion US dollars and has deep integration with almost all Solana ecosystem projects such as Raydium, Orca, Jupiter, Jito, etc. In mid December of the 25th year, @ Kamino announced the release of the Next Chapter product, expanding the platform to support institutional finance and tokenized assets as an infrastructure layer. The six new products launched are worth discussing: 1) Fixed rates lending Allowing borrowers to lock in borrowing costs for specific periods (similar to fixed rate loans in traditional finance) is the fundamental product of Onchain institutions. Resolve the issue of high volatility DeFi lending rates and provide predictability 2) Borrow Intents: Matching loan intentions The user onchain posts the desired loan terms (amount, interest rate, term, etc.), and the lender "fills" the order to achieve real price discovery. Similar to an order book style credit market, optimize matching efficiency for large/customized lending needs. 3) Off Chain Collateral: Off Chain Mortgage Institutional assets can participate in DeFi without leaving custody, allowing the use of off chain assets from qualified custody as collateral for onchain loans. It integrates with Chainlink and supports Anchorage Digital on the first day. This greatly expands the scope of collateral, bridging TradFi and DeFi 4) Private Credit: Private Credit Pool For institutional level private credit, especially for lending needs supported by high-value assets such as BTC backed. Access institutional borrowers and provide privacy/customized credit channels. 5) RWA DEX: RWA specific DEX Real world asset specific markets/exchanges with built-in support for lending and trading of tokenized assets (such as real estate credit, fund shares, bonds, etc.), now see RWA assets such as PRIME, USCC, fBTC directly integrated. This will be the core infrastructure of RWA on Solana 6）Kamino BuildKit： The developer toolkit (API/SDK allows other apps/wallets to easily integrate Kamino's yield/future features) greatly facilitates third-party dApps, wallets, and protocol integration with Kamino's products (such as embedding Multiply or Lending Vaults), making Kamino a truly composable DeFi layer Just this week, Solana Company (stock code HSDT), a US listed company, acted as a first day borrower and used its assets under Anchorage custody (mainly SOL or related digital assets) as collateral to lend stablecoins on Kamino. This case can be said to be the practical debut of Kamino's institutional strategy, starting from Solana Company (HSDT) and seamlessly bridging "asset holding, on chain lending" through Anchorage+Chainlink, efficiently utilizing treasure capital to obtain liquidity without sacrificing custody compliance. Starting from the 25th, the entire DeFi lending track is shifting from "pure crypto over collateralization, floating rates, high leverage speculation" to institutional level, hybrid on/off chain, structured credit infrastructure. Kamino's' Next Chapter 'product line (Fixed Rates, Off Chain Collateral, Private Credit, Borrow Intents, RWA DEX, BuildKit) has almost pieced together all the key pieces in this direction. Just like in the fourth quarter of last year, AAVE announced its support for new mortgage asset classes, including stocks, ETFs, and real estate, which marked Defi's entry into an institutionalized era. Previously, institutions such as a16z and Grayscale unanimously agreed in their reports that the growth engine of DeFi in 226 will shift from retail leverage to institutional funding+RWA. Is this also my previous location https://(x.com)/qinbufark/status/19696320273916545? S=20 talked about Defi, which has slightly stagnated in recent years. The core reason is that there are too few high-quality assets on the chain, and lending and derivatives have always revolved around the big cake, ether, and a few mainstream big coins. The remaining small coins cannot be used as high-quality and qualified collateral and underlying assets. The lack of qualified collateral and high-quality underlying assets has led to the stagnation of DeFi's scale. It can be imagined that if there is more high-quality asset supply in the future, the scale of on chain lending and derivatives will expand to a huge volume, far higher than the existing volume. When the connection between TradFi and DeFi becomes increasingly close in the future, and more and more high-quality real assets are put on the chain, on chain lending is no longer just a simple crypto revolving leverage, but more like a traditional credit market, with fixed interest rates, private credit, off chain collateral, and predictable returns. Of course, the past pure retail over collateralized lending (such as Aave and Compound classic pools) will not disappear and will still be the foundation layer and source of liquidity for DeFi. But the future incremental growth is likely to be in new directions such as institutional level and hybrid.