Jupiter Lend overtakes Kamino as Solanaās largest lending protocol
A 28.1% monthly jump in deposits, led by stablecoins, pushed Jupiter Lend past Kamino on Solana, though Kamino still earns more in fees
Solana has a new lending leader. Jupiter Lend has passed Kamino Lend to become the network’s largest lending protocol, based on DefiLlama data and announcements from Jupiter Earn as of October 6, 2026.
A post on X put Jupiter Lend at $2.6 billion in deposits and $1.08 billion in loans. For a product that launched publicly in August 2025, that is a fast climb past the protocol that used to own the category.
The numbers behind the handoff
Jupiter reported a total market size of more than $2.5 billion. On DefiLlama’s Total Value Locked metric, it showed approximately $1.411 billion, with active loans of around $1.043 billion.
Kamino came in at about $1.403 billion in TVL and around $1.007 billion in loans.
Jupiter’s TVL rose 28.1% over the 30 days leading up to October 6. Kamino grew 5.7% over the same stretch.
Most of Jupiter’s gain came from stablecoin deposits.
Kamino still leads on the metric that pays the bills. It generated approximately $4.82 million in fees over 30 days, compared with Jupiter’s $3.77 million.
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How Jupiter got here
Jupiter’s main advantage is distribution. Jupiter Exchange is a large trading hub on Solana, and Lend sits inside that ecosystem. Users can trade and lend on one platform instead of moving funds between apps.
The August 2026 Lend v2 upgrade added two features called Smart Collateral and Smart Debt. Together, they let users earn lending yield and DEX swap fees on the same position.
Kamino’s TVL once topped $2 billion, and it has not returned to that level.
A rivalry with history
Since late 2025, the two protocols have argued in public over design choices such as rehypothecation and refinancing.
Both protocols support stablecoins, SOL and liquid staking tokens (LSTs), and xStocks, which are tokenized equities. LSTs are tokens that represent staked SOL and can still be used elsewhere in DeFi while they earn staking rewards.
What this means for Solana DeFi
Kamino earning roughly $1.05 million more in 30-day fees while holding slightly less TVL suggests its book is currently more productive per dollar.
Jupiter’s loans of around $1.043 billion already edge past Kamino’s figure.
For now, the scoreboard reads Jupiter by a nose on TVL and Kamino on revenue.