Loans in Kamino's Institutional Commodity Yield vault finance physical commodity shipments that repay every 1 to 3 months. To keep most of the vault earning while giving depositors a clear exit, it pairs an Instant Liquidity buffer with an onchain withdrawal queue. Withdrawals above that buffer join an onchain queue, and as loans are repaid, the returned USDC pays the queue first before funding any new trades. That means you never have to keep checking the vault for free liquidity or race other depositors to exit - submit once, and your withdrawal fills automatically in order. Here's how it works.