In a letter dated November 2, 2026, Kamino’s newly appointed chief executive Michael Weisz detailed an incentive framework for executive and team allocations of the KMNO token. The plan ties token rewards to five fully diluted valuation (FDV) milestones: $1 billion, $2 billion, $3 billion, $5 billion and $10 billion.
Incentive structure
FDV is calculated by multiplying the token price by its total eventual supply, representing the project’s value if all tokens were in circulation. Kamino will use sustained FDV levels as the benchmark for unlocking token incentives, meaning the valuation must be maintained rather than briefly reached.
Foundation ownership
The Kamino Foundation retains ownership of all intellectual property and revenue, including income from institutional partnerships. No separate equity allocations are made to team members or investors; KMNO is the sole token that captures protocol value.
Growth commitment
Weisz announced a commitment of at least $20 million in revenue over the next two years to expand the assets supported by Kamino and to grow its distribution channels. The plan emphasizes tokenized assets and institutional lending as key growth areas.
Implications for KMNO holders
The structure provides clear benchmarks for token holders, who will be able to track progress toward each FDV tier. With no competing equity class, KMNO holders’ upside is tied directly to the token’s performance. Governance of the foundation and the deployment of the $20 million commitment will be critical factors for stakeholders.
