TL;DR
- Jupiter Lend now holds more than $2.6 billion in deposits, narrowly ahead of Kamino’s $2.57 billion.
- Jupiter also leads in total loans, while institutional vaults managed by firms such as Bitwise and Sentora have become an important source of liquidity.
- The change reinforces Solana’s expanding DeFi credit market and raises the pressure on established lending platforms.
Jupiter Lend, which opened to the public in August 2025, has moved from a new entrant to Solana’s leading lending venue by deposits. Blockworks data puts Jupiter above $2.6 billion, compared with roughly $2.57 billion for Kamino. On-chain figures also show Jupiter ahead in outstanding loans, with about $1.07 billion versus $982 million for Kamino.
Jupiter Lend has overtaken Kamino in deposits.@JupiterExchange reached $2.604B on October 6 versus Kamino’s $2.578B. pic.twitter.com/IwWevfHWot
— Sam Schubert (@minnus) October 8, 2026
The growth reflects Jupiter’s broader strategy of combining multiple DeFi functions within one platform. Its ecosystem already connects users with swaps, perpetuals, lending and yield products, allowing liquidity to move between different activities without leaving the Jupiter environment.
Institutional capital has also become increasingly important. Vaults managed by Bitwise and Sentora account for more than $626 million of Jupiter Lend deposits. Kamino has a broader vault lineup, including products associated with Sentora, Steakhouse and RockawayX, but its vault deposits remain below Jupiter’s institutional total.
The broader lending market shows how significant the two protocols have become. DeFiLlama currently tracks roughly $2.85 billion in total value locked across Solana lending protocols, with Jupiter and Kamino accounting for the overwhelming share of the sector. The figures vary depending on whether deposits, supplied assets or TVL are used, so rankings can shift as utilization and market conditions change.
Project 0’s April integration of Jupiter Lend also illustrates how Solana’s lending venues are becoming more connected. The prime-broker platform said the integration brought Jupiter deposits into its unified margin system and gave it access to 98% of Solana lending TVL across venues including Jupiter, Kamino and Drift.
Kamino Keeps Pressure On Jupiter As Competition Expands
Kamino still has an important advantage in lender economics. Data cited by Blockworks shows Kamino depositors earned more than $4.2 million in interest during September, compared with about $3.7 million for Jupiter Lend. That gap suggests Kamino remains highly competitive even after losing the lead in deposits.
The competitive landscape is also expanding beyond the two largest platforms. On October 7, Orca and Loopscale announced a merger under the Formation name, combining Orca’s trading and liquidity infrastructure with Loopscale’s credit and vault products. Formation plans to connect financing, trading and investment tools, with ambitions extending into areas such as AI, energy and robotics.
