> ## 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. # Create a Market > Initialize a new Kamino lending market A market is created by a single transaction. The transaction initializes a `LendingMarket` account on-chain with default settings and your wallet (or a multisig) as the owner. Reserves, oracles, and feature flags are configured in subsequent steps. The market is empty (no reserves) until you [add reserves](https://docs.kamino.com/curators/markets/adding-reserves.md), and cannot accept deposits or borrows until at least one reserve is active. > [tab] SDK > > ## Create a market via SDK > > Use `KaminoManager` from `@kamino-finance/klend-sdk` to build and submit the create-market instruction. > > **1. Import dependencies** > > ```typescript theme={"theme":"css-variables"} > import { > createSolanaRpc, > createSolanaRpcSubscriptions, > pipe, > createTransactionMessage, > setTransactionMessageFeePayerSigner, > setTransactionMessageLifetimeUsingBlockhash, > appendTransactionMessageInstructions, > signTransactionMessageWithSigners, > sendAndConfirmTransactionFactory, > } from '@solana/kit'; > import { > KaminoManager, > DEFAULT_RECENT_SLOT_DURATION_MS, > PROGRAM_ID, > } from '@kamino-finance/klend-sdk'; > import { parseKeypairFile } from '@kamino-finance/klend-sdk/dist/utils/signer.js'; > ``` > > **2. Initialize KaminoManager** > > ```typescript theme={"theme":"css-variables"} > const adminSigner = await parseKeypairFile('/path/to/admin.json'); > > const rpc = createSolanaRpc('https://api.mainnet-beta.solana.com'); > const rpcSubscriptions = createSolanaRpcSubscriptions('wss://api.mainnet-beta.solana.com'); > > const kaminoManager = new KaminoManager(rpc, DEFAULT_RECENT_SLOT_DURATION_MS, PROGRAM_ID); > ``` > > > [!NOTE] > > > > Use a private RPC endpoint for production. Public RPCs are rate-limited. > > **3. Build the create-market instructions** > > ```typescript theme={"theme":"css-variables"} > const { market: marketSigner, ixs: createMarketIxs } = await kaminoManager.createMarketIxs({ > admin: adminSigner, > }); > > console.log('New market address:', marketSigner.address); > ``` > > `createMarketIxs` returns: > > * `market`: a `TransactionSigner` for the market account; its `address` is the new market's pubkey > * `ixs`: the instructions needed to create and initialize the market > > Save the `marketSigner.address` value — every subsequent operation references it. > > **4. Sign and send the transaction** > > ```typescript theme={"theme":"css-variables"} > const { value: latestBlockhash } = await rpc > .getLatestBlockhash({ commitment: 'finalized' }) > .send(); > > const transactionMessage = pipe( > createTransactionMessage({ version: 0 }), > (tx) => setTransactionMessageFeePayerSigner(adminSigner, tx), > (tx) => setTransactionMessageLifetimeUsingBlockhash(latestBlockhash, tx), > (tx) => appendTransactionMessageInstructions(createMarketIxs, tx) > ); > > const signedTransaction = await signTransactionMessageWithSigners(transactionMessage); > > await sendAndConfirmTransactionFactory({ rpc, rpcSubscriptions })(signedTransaction, { > commitment: 'confirmed', > }); > > console.log('Market created:', marketSigner.address); > ``` > > The market signer (`marketSigner`) is automatically included as a signer because `KaminoManager.createMarketIxs` returns it as a `TransactionSigner`. > > ### Targeting staging or devnet > > Pass the staging or devnet program ID when constructing `KaminoManager`: > > ```typescript theme={"theme":"css-variables"} > import { STAGING_PROGRAM_ID } from '@kamino-finance/klend-sdk'; > > const kaminoManager = new KaminoManager(rpc, DEFAULT_RECENT_SLOT_DURATION_MS, STAGING_PROGRAM_ID); > ``` > > For devnet, point the RPC at `https://api.devnet.solana.com` and use the devnet program ID from your environment. > > ### Multisig from the start > > If you want the market owned by a multisig from inception, pass the multisig pubkey as a noop signer for `admin`: > > ```typescript theme={"theme":"css-variables"} > import { noopSigner, address } from '@kamino-finance/klend-sdk'; > > const multisigAdmin = noopSigner(address('')); > > const { market, ixs } = await kaminoManager.createMarketIxs({ > admin: multisigAdmin, > }); > > // Don't sign and send. Instead, encode the transaction as base58 and submit it > // as a Squads proposal. The multisig itself will sign and execute. > ``` > > For most curators, the simpler path is to create under a hot wallet, add reserves, validate, then [transfer to a multisig](https://docs.kamino.com/curators/markets/transfer-to-multisig.md). > [tab] API > > > [!NOTE] > > > > **Market creation is not available via the REST API.** The Kamino API supports reading market and reserve data and building user-facing deposit/borrow transactions. Market creation is an admin operation available through the **SDK** or **Kamino CLI**. > > To create a market programmatically, use the **SDK** or **Kamino CLI** tabs. > > For reading market data after creation, see [Read market data](https://docs.kamino.com/curators/markets/market-data.md) and the [API reference](https://docs.kamino.com/build/api-reference/introduction.md). > [tab] Kamino CLI > > ## Create a market via CLI > > A market is created by a single CLI call. The command initializes a `LendingMarket` account on-chain and prints the new market's address. > > > [!NOTE] > > > > Before running the command, complete the [CLI installation & setup](https://docs.kamino.com/build/cli/installation-setup.md). The CLI requires `ADMIN`, `RPC`, `KLEND_PROGRAM_ID_MAINNET`, and `KLEND_PROGRAM_ID_STAGING` in `.env`. > > ### Command > > ```bash theme={"theme":"css-variables"} > yarn kamino-manager create-market --mode execute > ``` > > That's it. The market is created against mainnet by default. Save the address from the output. > > ### Network selection > > | Flag | Target | Notes | > | - | - | - | > | (no flag) | Mainnet | Production deployment | > | `--staging` | Staging program on Solana mainnet | Real prices, real oracles, isolated program ID | > | `--devnet` | Solana devnet | Fully isolated sandbox | > > ### Execution modes > > Every CLI command supports four `--mode` values. Use them to validate before committing. > > | Mode | What it does | > | - | - | > | `inspect` | Prints a Solana Explorer URL where you can simulate the transaction | > | `simulate` | Runs simulation server-side and prints the result | > | `execute` | Signs with the admin keypair and lands the transaction | > | `multisig` | Outputs a base58-encoded transaction for submission to a Squads proposal | > > A standard production rhythm is `inspect` → `execute` (or `multisig` for production-owned markets). > > ### Multisig from the start > > ```bash theme={"theme":"css-variables"} > yarn kamino-manager create-market \ > --mode multisig \ > --multisig > ``` > > Submit the printed base58 transaction as a Squads proposal. The multisig owns the market once the proposal executes. ## What happens on-chain The instruction initializes a `LendingMarket` account with: * `lending_market_owner` set to your admin * `quote_currency` set to a default (override later via `update-lending-market-from-config`) * All feature flags (`borrow_disabled`, `emergency_mode`, `withdraw_ticket_*`, `borrow_order_*`, `obligation_order_*`, `autodeleverage_enabled`, `immutable`) initialized to `0` * All elevation groups empty * Default values for liquidation tunables and minimum deposit thresholds Every default is overridable post-creation via [Market settings](https://docs.kamino.com/curators/markets/market-settings.md). ## What's next > [card] [Add reserves](https://docs.kamino.com/curators/markets/adding-reserves.md) > > Add the first asset to your market with a reserve config. > [card] [Configure oracles](https://docs.kamino.com/curators/markets/configuring-oracles.md) > > Wire each reserve to a Scope price feed. ## Reference * [Market config reference](https://docs.kamino.com/curators/markets/market-config-reference.md) — every editable `LendingMarket` field * [CLI command index](https://docs.kamino.com/curators/markets/cli-command-index.md) — every market-related kamino-manager command * [`market-operations` CLI reference](https://docs.kamino.com/build/cli/market-operations) — full flag detail This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.