Jupiter Flips Kamino in Deposit Value to Become Solana’s Largest Lending Market

After first opening its doors to the public in August 2025, Jupiter Lend has flipped market leader Kamino to assert itself as Solana DeFi’s biggest lending protocol by TVL.

Meanwhile, competition is mounting elsewhere in Solana’s credit markets. Loopscale has joined forces with Orca, one of Solana’s premier DEXs, forming a new rival DeFi conglomerate to challenge the incumbent leaders.

A long term favorite among Solana lenders, Kamino maintains a slim edge in interest paid to depositors. But can the OG fend off Jupiter’s rising TVL and expanding yield payouts?

Jupiter Lend Claims Lead in Solana Credit Market Race

Superapp by name, superapp by nature. Jupiter Lend, the credit and yield arm of Jupiter’s expansive DeFi product suite, has established itself as Solana’s largest lending protocol by TVL and deposits. 

According to Blockworks data, Jupiter Lend has amassed over $2.6B in deposits, edging out Kamino’s $2.57B. Onchain data suggests that Jupiter Lend is also more popular among borrowers, leading Kamino on total loans by $1.07B to $982M.

Much of Jupiter Lend’s recent deposit growth can be attributed to its institutional vaults. While Jupiter is commonly known as a retail-friendly and accessible venue, professional vaults managed by institutional names like Bitwise and Sentora represent over $626M in Jupiter Lend deposits.

Comparatively, Kamino boasts a much wider range of vault products, with 33 offerings from managers like Sentora, Steakhouse, and RockawayX. But despite a broader range of partners, the total value deposited in Kamino vaults sits at $444M, around -29% lower than its rival.

Kamino Depositors Out-Earned in September, But Will it Last?

While Jupiter may have taken top spot in sheer deposit value and TVL, Kamino maintains a narrow lead in interest paid to depositors. Blockworks data suggests that in September, Kamino depositors earned over $4.2M in interest, edging out the $3.7M earned by Jupiter Lend depositors in the same time period.

However, changes in TVL rankings and utilization rates suggest that Jupiter Lend may eclipse Kamino in terms of interest generated in the near term. Should Jupiter Lend continue its current growth trajectory, one could reasonably expect that the new market leader will overtake the incumbent in the coming weeks.

Formation Rises to Challenge Solana DeFi Titans

Kamino and Jupiter Lend may be locked in a fierce competition for credit market supremacy, but an emerging competitor is amassing more liquidity and firepower. 

On October 7th, Loopscale, a rival lending protocol, and Orca, an OG Solana DEX, announced a merger, joining forces to operate as Formation, a new DeFi conglomerate. The merger continues a trend of horizontal growth for Solana’s leading DeFi venues.

Jupiter started as a simple DEX aggregator and expanded into a wealth of other DeFi verticals, like perps, lending, a wallet, and other products. Kamino is best known for its credit layer, but also built a meta-DEX aggregator into its wider product line. Raydium has broken out into perps and launchpad infrastructure, while pump has rolled out its own AMM and social trading app.

Orca and Loopscale’s recent merger reinforces the belief that all protocols are converging into becoming their own superapps, building out a full stack product suite that answers all user needs. 

Courtesy of its industry-leading DEX aggregator, widespread userbase, and newly crowned lending market, Jupiter now commands a strong lead in the superapp race.

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