Solana’s DeFi leaderboard just got a new name at the top. Jupiter Lend has overtaken longtime leader Kamino to become the network’s largest lending market, marking a major shift in Solana’s DeFi landscape.
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The two protocols are now nearly level, with around $1.4 billion in total value locked (TVL) each. Jupiter has also passed $1 billion in active loans, and competition for Solana’s lending crown is heating up.
Jupiter Lend Takes the Lead Over Kamino
On October 6, Jupiter Earn announced on X that Jupiter Lend had surpassed $2.5 billion in Total Market Size for the first time, highlighting the rapid growth of DeFi on Solana and the platform’s expanding lending business.
Jupiter Lend and Kamino Are Nearly Tied on TVL
According to DefiLlama data from October 6, Jupiter Lend holds about $1.411 billion in TVL, compared with $1.403 billion for Kamino Lend. The gap is razor-thin, but the momentum is not. Over the past 30 days, Jupiter’s TVL jumped 28.1%, while Kamino’s grew just 5.7%.
Active loans tell a similar story. Both platforms sit near $1 billion, but Jupiter Lend, with $1.043 billion, is now ahead of Kamino’s $1.007 billion.
Kamino Leads Jupiter in Fees and Revenue
Being bigger doesn’t mean earning more. Over the same 30-day period, Kamino generated $4.82 million in fees and $623,000 in revenue. Jupiter produced $3.77 million in fees and $189,000 in revenue.
In other words, Jupiter is growing faster, while Kamino is currently better at monetizing its capital.
Jupiter Lend v2 Fuels the Protocol’s Rapid Growth
One likely catalyst was the launch of Jupiter Lend v2 in August. On August 10, Jupiter introduced “Smart Collateral” and “Smart Debt” features, which let users put their capital to work in several ways at once. Assets posted as collateral can also provide liquidity to decentralized exchanges and earn trading fees, while borrowed funds can generate additional returns the same way.
That makes Jupiter’s offering more attractive than the standard “deposit USDC and earn interest” model.
The system also uses Fluid’s liquidation technology, which sells only the amount of collateral needed to restore an unhealthy loan rather than liquidating an entire position. Backed by Fluid’s infrastructure, Jupiter Lend has surpassed $2 billion in total market size in less than a year.
Solana DeFi Boom Raises the Stakes for Jupiter and Kamino
The lending race is unfolding against a backdrop of booming onchain activity. According to The Kobeissi Letter, weekly spot DEX trades on Solana surpassed the NYSE for the first time in September.
In the week ending September 13, Solana recorded roughly 208 million spot DEX trades, compared with about 190 million on the NYSE. The gap to Nasdaq narrowed to around 47 million trades, the smallest on record.
Jupiter, Solana’s largest trading platform, was a major driver, processing over 80 million trades that month, up 38% month-over-month. Weekly spot DEX trade volumes on Solana have grown 185% since July’s lows.
Can Jupiter Lend Hold Its Lead Over Kamino?
With TVL nearly tied, the next few weeks will show whether Jupiter can sustain its growth and whether Kamino’s stronger revenue is enough to keep it in the race.
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