Not sure which fund unloaded / continues to unload $KMNO but when they are done and the token finds its footing, might be time to back the truck up. On relative basis, it would appear mkt is discounting @kamino ability to grow loan book and I don't see a good reason why. + Dominant borrow/lend on Solana (yes w/ competition from Jup Lend, Kamino executing faster/better) + Showing ability to win RWA deals (a la Morpho) + Beneficiary of L1 war. It is a knife fight between L1s to win assets (volatile + stable), I think Solana team outperforms in this war, and Kamino benefits. I think this dynamic is underappreciated by investors + Great team I am not knife-catching, but await eagerly.

Ofc there are ways this goes wrong: - I could be wrong about Solana winning stablecoin share against ETH / other L1s (Solana relative share of stables has been flat for a while, so in fact my belief runs counter to historical evidence) - KMNO unlock picture is not great and private round investors are still up enough to want to dump on your head once they are unlocked - Solana defi has historically traded at discount to ETH Defi (for good and bad reasons)