Jup Lend’s First Two Weeks: Onchain Data Shows $1.02B in Deposits
Early activity includes $682M in borrowing, still behind Kamino
- Published: Sep 9, 2025 at 17:51
- Edited: Sep 9, 2025 at 17:51
When Jupiter unveiled Jup Lend on August 27, the Solana lending market was already crowded with established players such as Kamino and Marginfi. Just two weeks in, however, the protocol has attracted significant onchain activity, giving us an early look at how it might position itself in Solana’s competitive DeFi landscape.
Jup Lend is designed around three core components: Earn, Borrow, and Multiply. While Multiply remains in its early stages, most of the initial traction has come from Earn and Borrow. Onchain data offers a clear picture of how users have interacted with these two segments since launch.
Earn: Deposits Cross $344 Million
According to Dune Analytics, net deposits into Jup Lend vaults reached $1.02B over the first two weeks, with the Earn section contributing more than $344M. Activity peaked on the launch date itself, when over $130M was deposited into Earn vaults.
Stablecoins dominate the deposit mix:
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$USDC leads with $260M, accounting for 75.7% of Earn deposits.
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$USDG follows with $26.6M (7.7%), continuing its strong run in recent months.
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$USDT sits at $20.9M (6.1%).
$USDG in particular has emerged as a notable player in Solana’s stablecoin ecosystem, now holding a market cap above $342M and ranking third overall.
From a user behavior perspective, 13.6K wallets deposited into Earn vaults across 27.5K transactions in the first two weeks. Deposits were highly concentrated on launch day (5.5K wallets), before settling to around 1.5K per day. Withdrawals currently average about 900 transactions daily, while the 7-day average of active depositors stands at roughly 1,100 wallets.
Transaction sizes skew small:
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79% of deposits are under $1,000, with most falling in the $100–$1,000 range.
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Withdrawals are generally larger, with the majority between $1,000 and $10,000.
This split suggests that while retail users dominate the transaction count, whales provide the bulk of supply.
Borrow: Vault Activity Reaches $682 Million
The Borrow side has also shown rapid growth. In the first two weeks, deposits into Borrow vaults exceeded $682M, spread across 6.2K wallets and 29.2K+ transactions. Currently, active borrow volume stands at $459M, sourced from 5.6K wallets and 22.4K loans.
Vault-level data highlights where activity is concentrated:
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JupSOL/SOL is the largest vault, holding $168M in supply (24.6% of total), with $139.2M in active borrows (30.3%).
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SOL/USDC ranks second with $121M in supply and $64.2M in borrows.
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The top four vaults combined capture more than 70% of total supply.
Borrow distribution mirrors deposits, with 76% of loans under $10K and half under $1K. Still, larger users are present: about 5% of loans exceed $100K.
Early Signs Compared to Kamino
It is too early to suggest that Jup Lend can challenge Kamino’s dominance. Kamino continues to lead the market with a Borrow market size above $4.5B, far ahead of Jup Lend’s $682M.
That said, Jup Lend’s early progress is notable. Its $344M in Earn deposits already surpasses Kamino’s $321M, despite Kamino’s longer presence. This signals that Jupiter’s entry is resonating with depositors, even if the borrowing side has a long way to catch up.
Final Thoughts
Jup Lend’s first two weeks show a strong start, particularly on the Earn side, where stablecoins like $USDC and $USDG are driving adoption. Borrow activity is building momentum, but competition in this segment remains steep, with Kamino holding a substantial lead.
For now, the data suggests that Jup Lend has quickly found product–market fit among users. The bigger question is whether it can scale its borrowing side and carve out a sustainable niche in Solana’s lending ecosystem, which remains one of the most competitive arenas in DeFi.
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