$KMNO is a gem!

$KMNO is up 73% in 30 days to a $245M market cap — so I checked what the protocol underneath actually earns.

From DefiLlama's series: $4.59M in fees and $604K in protocol revenue over the last 30 days — about a $10.1M annualized run-rate. That puts the token at ~24x annualized revenue (43x on FDV), while Holders Revenue shows $0: none of the $50.65M in cumulative revenue has ever been routed to KMNO holders.

What looks genuinely strong: utilization. $1.095B borrowed against $1.464B supplied is ~75%, versus the 25–45% range lending protocols usually run at. High utilization is why this revenue looks real rather than incentive-subsidized. The flip side: at 75% the buffer for lenders to exit is thin, and the fee trend is already softening — $4.59M over 30 days vs $1.01M over the last 7.

Timing matters here: 229M KMNO (~$10.8M, 2.81% of circulating supply) unlocks today, Sept 30, and insiders hold 55% of the 10B total supply on 12-month cliffs + 24-month linear vest, so the float keeps growing into 2027. The counterweight is the institutional pivot — fixed-rate 8% USDC borrowing against ONyc collateral went live Sept 25, the tGBP market on Sept 23, with BTC-backed credit and a New York office under the new CEO on the roadmap.

My question for the team: is there any plan to connect the ~$10M revenue to KMNO — a fee switch, a ve-model, buybacks? Right now holders price governance and seasons boosts only, and that gap is the entire bear case. A published revenue-to-token framework would give this page's metrics a real valuation floor.