Sentora Launches USDG Vault on Kamino to Support Ethena’s Growth on Solana
Ethena’s USDe is scaling across chains, and Solana is becoming a central front in that expansion. Sentora is supporting this growth with a new USDG Earn vault on Kamino, designed to allocate capital to USDe collateral with isolated risk exposure.
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Ethena’s Solana Opportunity
Ethena has emerged as one of the most significant protocols in DeFi. USDe, its synthetic dollar, maintains its peg through a delta-neutral mechanism: user-provided collateral is paired with short perpetual futures positions across centralized exchanges, generating a market-neutral position that captures funding rate yields. This structure allows USDe to offer consistent returns without relying on direct fiat backing. Moreover, they recently expanded beyond funding rate arbitrage to further diversify and build a more resilient backing.
Yesterday, Ethena announced it is entering a strategic partnership with the Global Dollar Network, which operates USDG, a regulated stablecoin distributed across a broad base of fintech and institutional partners. USDG will be enabled as a mint and redeem asset for USDe, and will also feature as a USDe backing asset. In parallel, Ethena is joining the Global Dollar Network, and both protocols will collaborate to drive distribution growth across their respective products.
Today, Sentora is proud to share that we are introducing a USDG vault on Kamino, allowing users to borrow it against yield-bearing USDe collateral and further support Ethena’s growth on Solana.
Kamino: Solana’s Institutional Lending Layer
Kamino is Solana’s largest lending protocol, with over $1.5 billion in total value locked. Its architecture combines a modular lending market layer with curated Earn vaults, allowing risk curators to configure isolated exposure parameters for specific assets and strategies.
Kamino’s design philosophy prioritizes risk isolation. Each market operates independently, with its own collateral configuration and lending parameters. This structure, combined with the protocol’s track record of zero bad debt since inception and 20 audits, makes it the most battle-tested venue for stablecoin deployment on Solana.
The Vault
Sentora’s new USDG Earn vault on Kamino allocates to Ethena’s USDe collateral within an isolated lending market structure. Users deposit USDG into the vault, which deploys capital into a Kamino lending market where USDe serves as collateral for borrowers.
The vault is configured with isolated risk exposure, meaning its parameters are defined independently of other markets on Kamino. This design contains risk at the vault level and prevents cross-market risks.
Sentora acts as the vault curator, responsible for defining the deployment and risk parameters of the underlying market. This includes the accepted collateral asset, the loan-to-value configuration, and the conditions under which the vault operates.
Risk Management
Sentora’s approach to vault curation is grounded in systematic risk assessment. Before configuring any vault, Sentora evaluates the collateral asset’s liquidity profile, its oracle coverage, and the structural risks associated with its backing mechanism.
For this vault, that assessment is applied to USDe as collateral. USDe’s delta-neutral design introduces specific risks, including funding rate variability and centralized exchange counterparty exposure. The isolated market structure is intentional: it bounds the scope of those risks to participants who have chosen this specific exposure, rather than distributing them across a shared pool.
You can access the vault here: https://kamino.com/earn/lend/ethena-prime/vault-overview
About Sentora
Sentora is an institutional DeFi platform that provides curated vault strategies across lending protocols, combining systematic risk management with on-chain infrastructure to support capital deployment at institutional scale.
Sentora’s solutions deploy over $2 billion in DeFi and key partners include industry leaders such as Fireblocks, Kraken, and PayPal. Its approach to vault curation applies a consistent risk framework across each deployment.
