Jupiter Lend TVL Breaks Through $1.5 Billion

After its first public launch in August 2025, Jupiter Lend has surpassed the market leader Kamino, and according to TVL, it has become the largest lending protocol in the Solana DeFi sector.

At the same time, competition in other areas of the Solana credit market is also intensifying. Loopscale has joined forces with Solana, one of the leading DEX, to form a new DeFi group in order to challenge the existing leaders.

As one of the platforms that Solana borrowers have long preferred, Kamino still maintains a slight advantage in terms of interest payments to depositors. However, whether this established protocol can withstand the continuously rising TVL and the expanding income payments from Jupiter remains to be seen.

Jupiter Lend has taken the lead in the competition of the Solana credit market.

Called a super app, it is indeed developing in that direction. As part of the vast product matrix of Jupiter, DeFi, the credit and income business of Jupiter Lend has become the largest lending agreement in terms of TVL and deposit scale.

According to Blockworks data, the deposit scale of Jupiter Lend has exceeded $2.6 billion, slightly higher than Kamino's $2.57 billion. On-chain data shows that Jupiter Lend also seems to be more popular among borrowers, with a total loan scale of $1.07 billion, leading Kamino's $982 million.

A large portion of the recent deposit growth of Jupiter Lend can be attributed to its institutional vault products. Although Jupiter is usually known for being user-friendly and targeted at retail customers, professional vaults managed by Bitwise and Sentora, among others, account for over $626 million of the deposits in Jupiter Lend.

In contrast, Kamino has a broader range of treasury products, offering 33 products, with managers including Sentora, Steakhouse, and RockawayX. However, despite having a wider range of partners, the total amount deposited in Kamino's treasury is 444 million US dollars, which is about 29% lower than that of its competitors.

Kamino Depositors made more money in September, but can this situation continue?

Although Jupiter has topped in terms of deposit scale and TVL, Kamino still maintains a slight lead in paying interest to depositors. Blockworks data shows that in September, Kamino depositors received more than $4.2 million in interest, slightly higher than the $3.7 million received by depositors of Jupiter Lend during the same period.

However, the changes in rankings and capital utilization rate of TVL indicate that Jupiter Lend may soon surpass Kamino in terms of interest generation. If Jupiter Lend continues to maintain its current growth trajectory, it is reasonable to expect that this new market leader will overtake the existing leader in the coming weeks.

Rise and challenge the Solana DeFi giants.

Kamino and Jupiter Lend may be engaged in fierce competition for dominance in the credit market, but an emerging competitor is also accumulating more liquidity and strength.

On October 7th, the competitive lending protocols Loopscale and Solana announced a merger with the established platform DEX Orca. The two parties will operate jointly under the name of Formation to form a new DeFi group. This merger continues the trend of horizontal expansion of the leading DeFi platform.

Jupiter initially started as a simple DEX aggregator, and later expanded to include multiple DeFi tracks, such as perpetual contracts, lending, wallets, and other products. Kamino is most famously known for its credit layer business, but it has also built a meta-DEX aggregator within a broader product line. Raydium has expanded to include perpetual contracts and Launchpad infrastructure, while pump has also launched its own AMM and social trading applications.

The recent merger between Orca and Loopscale further reinforces the notion that all protocols are converging, striving to become their own super-apps and build complete product stacks to meet all the needs of users.

Leveraging its industry-leading DEX aggregator, a vast user base, and its recently dominating lending market, Jupiter currently holds a clear leading position in the super-app competition.