Kamino states that KMNO holders have no claim to Foundation revenue.

Kamino has clarified that KMNO token holders have no claim on foundation revenue, distributions, or equity, separating those rights from the token-based compensation terms granted to CEO Michael Weisz. In a letter published on the 2nd, Weisz said most of his KMNO allocation vests only upon hitting and sustaining escalating fully diluted valuation (FDV) thresholds, set in stages across a $1 billion to $10 billion range. The disclosure matters because it defines KMNO as a governance and incentive asset rather than a revenue-sharing claim, which could reshape how investors value the token against the protocol's fundamentals. Watch next for the specific vesting ratios and maintenance requirements at each FDV tier, and for any further detail on how foundation revenue will be used or accounted for.