Plume's nOPAL gets its own lending market on Kamino

First Plume Vaults Market on Kamino Goes Live

@Re7Labs and @kamino have opened a dedicated lending market for nOPAL, the receipt token tied to @plumenetwork's BlackOpal (Nest) product. The market uses nOPAL as collateral with USDC on the supply side. The Plume x Re7 vault currently shows $2.61M supplied and around $506K borrowed, placing utilization at 19.4%. @plumenetwork describes it as the first Plume Vaults market on Kamino, with more to follow. $PLUME

Kamino Finance is the largest lending protocol on Solana, and the underlying asset here is Brazilian credit card receivables brought onchain. nOPAL represents a tokenized stake in the BlackOpal LiquidStone II vault, which bundles short-duration Brazilian credit card receivables into a yield-bearing instrument. The historical yield range sits between 8% and 12% APY, and since the vault's inception in late 2025, it has reported zero defaults.

Re7 Labs Curates the Risk, Kamino Provides the Rails

Re7 Labs was established as an official vault curator and risk contributor for Kamino in September 2024. The firm defines structured risk profiles for each market it curates, determining collateral parameters, loan-to-value ratios, and liquidation thresholds appropriate for a given asset.

nOPAL has expanded across several networks since its initial Plume launch. Solana joined through Plume's Nest integration announced in December 2025, and the token has also found footing on Avalanche, Ethereum via Pendle, and BNB Chain. The Kamino market is the Solana chapter of that broader multi-chain rollout.

For Kamino, adding RWA markets diversifies its yield sources beyond the crypto-native borrow-lend dynamics that dominate most DeFi lending books. The 8-12% APY range on nOPAL compares favorably to what Solana lending markets offer in low-demand environments, giving liquidity providers an alternative that does not require elevated crypto market activity to generate returns.

The launch follows a run of broader institutional momentum for the product. Bybit, the world's second-largest crypto exchange, recently expanded its RWA Earn platform by listing nOPAL, an on-chain credit product backed by Brazilian credit card receivables. The product had over $70 million in total value locked and a roughly 12% yield as of August 2026.

Sources:
Crypto Briefing: Kamino launches nOPAL, Plume Vaults' first market curated by Re7 Labs
CoinPaprika: Plume Network RWA-Native Layer 2 Explained
Crypto Times: Bybit Adds Brazilian Credit Product to RWA Earn Through Plume