First-depositor / share-inflation guard
Kamino Lend's assessment for RD-F-075 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
ERC-4626 / Compound V2 seed-deposit criterion does not apply to Solana native protocol. Certora formally verified solvency invariants post precision-loss fix (March 2025). All active markets have substantial existing supply.
Detail #
RD-F-075 addresses 'first-depositor / share-inflation guard' per ERC-4626 or equivalent vault patterns. Kamino is a Solana-native protocol, not EVM. The exchange rate formula (collateral_amount * total_liquidity / total_collateral_supply) could theoretically exhibit first-depositor properties in an uninitialized state, but: (1) markets are admin-initialized (not permissionlessly from a cold state in V1); (2) Certora conducted formal verification of solvency invariants and identified/patched a precision-loss bug in the exchange rate (March 2025); (3) all active markets have non-trivial supply eliminating the zero-totalSupply scenario; (4) Sec3 and Ackee Blockchain also provided formal verification and fuzz testing. Graded not_applicable for the strict ERC-4626 criterion with a note on the analogous risk being addressed via formal verification.
Sources #
- Docs00-profile.mdProtocol profile §8 — Certora, Sec3, Ackee formal verification and fuzz testingretrieved 2026-04-27
- Certora — Securing Kamino LendingCertora — solvency invariants verified, precision-loss bug fixedretrieved 2026-04-27
Methodology #
Determine whether the vault has a first-depositor guard (seed deposit on deploy, virtual-share offset, or floor-check).
See the full factor methodology and distribution across all protocols →