Michael Weisz's first letter as CEO links team KMNO allocations to sustained FDV targets from $1 billion to $10 billion
Kamino’s new CEO wants the team paid when the protocol is worth a lot, and stays that way. Not when a token pumps for a weekend.
In his first letter as CEO, Michael Weisz laid out an incentive structure on November 2, 2026. It ties executive and team KMNO token incentives to sustained fully diluted valuation milestones. The targets are $1 billion, $2 billion, $3 billion, $5 billion, and $10 billion.
The pitch is alignment. If the people building Kamino only get rewarded when the token holds real value over time, their interests should look a lot like those of the people holding KMNO.
How the incentive ladder works
Fully diluted valuation, or FDV, is the price of a token multiplied by its total eventual supply. It answers a simple question: what is this project worth if every token that will ever exist were already circulating?
Kamino is using that number as a scoreboard. Team and executive token incentives unlock against five FDV tiers, starting at $1 billion and topping out at $10 billion.
The key word in the structure is “sustained.” The milestones are framed around holding a valuation, not briefly touching it.
Weisz said his own KMNO allocation sits inside this framework. So does the allocation for the broader team.
No equity side door
The Kamino Foundation keeps ownership of all intellectual property and revenue, including revenue from institutional partnerships.
There are no separate equity allocations for team members or investors. KMNO is designated as the only token that accrues value from the protocol.
Kamino’s structure echoes other protocols that house revenue and intellectual property in a foundation while routing value only through token ownership. The goal is a single class of stakeholder instead of two competing ones.
The $20 million growth commitment
Weisz also put money on the table. He committed at least $20 million in revenue over the next two years to expand the assets Kamino supports and grow its distribution channels.
The spending lines up with where Weisz says the protocol is heading. He framed tokenized assets and institutional lending as critical to Kamino’s future.
A new CEO with a fresh mandate
Weisz was appointed CEO in September 2026. KMNO’s value rose 57% around the time of that appointment.
The November letter reads like a new leader setting terms early. It defines what success looks like, how the team gets rewarded for it, and where the protocol’s money is going.
What this means for KMNO holders
For token holders, the most direct implication is structural clarity. With no equity allocations for the team or investors, KMNO holders are not competing with a separate shareholder base for the protocol’s upside.
The FDV ladder also sets public benchmarks. Anyone can check whether Kamino is approaching its $1 billion tier or drifting away from it.
The foundation model raises its own questions. Revenue and intellectual property sitting in a foundation is only as good as the governance around that foundation. Holders will want to see how the at least $20 million commitment is deployed and reported over the next two years.
