Kamino's new CEO wrote holders a letter. The revenue goes to the Foundation. KMNO gets the letter.
In his first note to holders (Nov. 2), Michael Weisz says KMNO is Kamino's only token, with no separate equity for him or anyone else. All of Kamino's onchain revenue, offchain revenue and IP accrue to the Kamino Foundation, which "has no shareholders, members, or beneficiaries."
The Foundation commits at least $20M over 24 months to growth. A buyback-and-burn "could" come later, form and timing to be determined. Most of Weisz's own KMNO vests only at sustained FDV milestones between $1B and $10B.
Closing the equity side door is genuinely rare. The revenue door, for now, still opens into the Foundation's office.