Collateralization under stress
Kamino Lend's assessment for RD-F-068 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
No formal curator simulation. Gov stress tests: -10% shock = $0 bad debt, -30% shock = $23–50M bad debt (~2–5% of debt). Real -21% SOL drawdown survived. Estimated net collateralization well above 110% normally.
Detail #
No curator-defined stress simulation run per methodology template. Governance risk reports provide proxy evidence. Feb 2026 stress test: at -10% shock, $0 potential bad debt; at -20% shock, $13.1M; at -30% shock, $50.5M; at -40% shock, $95.1M. Nov 2025: at -30% shock, $11.6M potential bad debt (0.89% of debt). The difference between Nov 2025 and Feb 2026 projections reflects tighter position margins post-crash (Feb 2026 report notes '+106% more collateral at risk at -10% versus January'). With total debt ~$1.06B (Feb 2026), a $50.5M bad-debt scenario at -30% represents ~4.8% of outstanding debt — below the 10% threshold for a severe rating but non-trivial. The protocol has demonstrated effective collateralization through real market stress. Yellow reflects methodology gap (no formal curator simulation) plus elevated -40% tail risk.
Sources #
- GovernanceKamino Lend Monthly Risk Insights November 2025Nov 2025 stress tests — -30% = $11.6M bad debt (0.89% of debt)retrieved 2026-04-27
- Kamino Lend Monthly Risk Insights February 2026Feb 2026 stress tests — -30% = $50.5M bad debtretrieved 2026-04-27
Methodology #
Determine whether under curator-defined stress scenario (top-3 collateral assets drop 50%), protocol net collateralization falls below 110%.
See the full factor methodology and distribution across all protocols →