> ## Documentation Index > Fetch the complete documentation index at: https://docs.kamino.com/llms.txt > Use this file to discover all available pages before exploring further. # Curator Markets > Deploy and operate isolated lending markets on Kamino A Kamino market is a deployable, isolated instance of the Kamino lending program (klend). You own it, you configure its reserves, you set its risk parameters, you choose its oracles, you transfer it to a multisig, and you run it. Each market is independent. Liquidations, interest accrual, and risk surface all stay inside its boundaries — a position in your market has no exposure to any other Kamino market. ## Anatomy of a market A Kamino market is composed of three layers. The **`LendingMarket`** is the top-level account you own. It holds the configuration that applies across the market: name, owner, emergency flags, the elevation-group definitions, the close-factor and other liquidation tunables, the cosigner authority for permissioning. Every reserve underneath it inherits these settings. A **reserve** is a per-asset lending pool listed inside the market. Each reserve sets its own LTV, liquidation threshold, borrow factor, IR curve, oracle config, and deposit/borrow capacity. A market holds one reserve per token; a market that lists USDC, USDT, SOL, mSOL, and JLP has five reserves. A **`KaminoVault`** is an optional layer that sits on top. A vault accepts a single deposit token, routes capital across one or more reserves according to allocation weights, and issues a single receipt token to depositors. Vaults exist outside the market account itself; deploy a vault when your depositors should see a single-token deposit UX, with allocation across reserves handled automatically. ## Who deploys a market > [card] Institutions > > Run a lending venue with risk parameters, asset selection, and oracle configuration tuned to your mandate. Transfer ownership to a multisig and operate via signed proposals. > [card] Asset issuers > > Scale on-chain usage of your token by listing it as collateral or debt with parameters you control. Supports SPL Token and SPL Token-2022, including transfer hooks for permissioned tokens. > [card] Fintechs > > Deploy a market for the assets your app supports, surface it in your own UI, and offload program correctness, oracle integrity, and liquidator economics to klend. > [card] Curators with a thesis > > Run a market expressing a specific view on assets, leverage, and risk. Add reserves selectively, tune the IR curves, layer farms for incentives. ## What you control | Surface | Examples | | - | - | | Asset selection | Which reserves exist, mint program (SPL Token or Token-2022), transfer hook compatibility | | Risk parameters | LTV, liquidation threshold, borrow factor, deposit and borrow caps, IR curve | | Oracle configuration | Scope, TWAP guards, staleness limits, price heuristic bands | | Liquidation behavior | Close factor, max debt liquidatable per tx, bonus min/max, bad-debt bonus | | Optional features | Withdrawal queue, borrow orders, obligation orders, eMode groups, permissioning, fixed rate reserves | | Incentives | Collateral and debt farms per reserve, reward emissions | | Governance | Owner pubkey (single key or multisig), emergency council, immutability | | Operations | Updating reserves, pausing the market, withdrawing protocol fees, transferring obligations | ## What klend gives you | Layer | Provided by klend | | - | - | | Program correctness | Audited Anchor program with formal verification and fuzzing | | Interest accrual | Per-reserve compound interest, host-fixed rate optional | | Liquidator economy | Permissionless liquidations across all markets sharing the program | | Oracle plumbing | Scope aggregator, multi-source TWAP, staleness checks | | Risk safeguards | Auto-deleverage, daily withdrawal caps, eMode | | Composability | Any wallet, vault, or program can integrate with the on-chain market accounts | ## Market vs. vault Both are curator-deployed. The decision tree: | You want to... | Deploy a... | | - | - | | Create a new lending venue with your own reserve set and risk model | Market | | List an asset that doesn't exist on any market today | Market (with that reserve) | | Run a strategy that allocates capital across reserves on existing markets | Vault | | Wrap your strategy in a single-token deposit / receipt-token withdraw UX | Vault on top of one or more markets | | Provide gated access to a curated set of reserves for your users | Vault (Whitelisted Reserves feature) | A vault on top of a market is a common composition. The market does the lending mechanics; the vault does the depositor UX, allocation logic, and fee collection. See the [Create a vault](https://docs.kamino.com/curators/vaults/guides/create-a-vault.md) guide for vault-specific documentation. ## Where to go next > [card] [Lifecycle overview](https://docs.kamino.com/curators/markets/lifecycle.md) > > The full path from create → operate → migrate, in one page. > [card] [Quickstart](https://docs.kamino.com/curators/markets/quickstart.md) > > Stand up a working market on staging in \~10 minutes. > [card] [Create a market](https://docs.kamino.com/curators/markets/creating-a-market.md) > > The single CLI command and what it does on-chain. > [card] [Risk parameters](https://docs.kamino.com/curators/markets/risk-parameters.md) > > How to choose LTV, thresholds, IR curves, and caps for a new asset. > [card] [Withdrawal queue](https://docs.kamino.com/curators/markets/withdrawal-queue.md) > > FIFO redemption when reserves are fully utilized. > [card] [Fixed rate reserves](https://docs.kamino.com/curators/markets/fixed-rate-reserves.md) > > Maturity-based debt, host fixed rate, rollover windows, early-repay penalties. > [!NOTE] > > All market creation and configuration runs through the Kamino Manager CLI (`kamino-manager`). The web app at [manage.kamino.com](https://manage.kamino.com) is for managing existing vaults; market deployment is CLI-driven and signed via a [Squads](https://squads.so) multisig in production. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.