Kamino launches nOPAL, Plume Vaults’ first market curated by Re7 Labs

Kamino Finance, the largest lending protocol on Solana, has gone live with a dedicated market for nOPAL, the receipt token for Plume’s BlackOpal (Nest) product. The underlying asset is Brazilian credit card receivables, which is exactly as traditional-finance as it sounds, now living onchain.

The market is the first Plume Vaults integration on Kamino, curated by Re7 Labs, a DeFi risk and strategy firm that has been working with Kamino on permissionless lending vaults since September 2024.

What nOPAL actually is

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, driven by the interest rates embedded in those underlying receivables. Since the vault’s inception in late 2025, it has reported zero defaults.

nOPAL has expanded across several networks since its initial Plume launch: Solana joined the picture 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.

Re7 Labs and the curation model

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

The nOPAL market has accumulated approximately $1.2M in TVL since launch, modest relative to Kamino’s overall $1.3B stack but meaningful as an early signal of demand for this type of collateral on Solana.

Why this matters for DeFi’s real-world asset push

When nOPAL sits in a Kamino lending market, holders can potentially borrow against it, use it as part of broader yield strategies, or access liquidity without fully exiting the position.

For Kamino specifically, 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 destination that doesn’t require elevated crypto market activity to generate returns.

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