Jupiter Lend overtakes Kamino as Solana’s largest lending protocol

Jupiter Lend has become Solana’s largest lending protocol by deposits and total value locked, overtaking Kamino Lend after a sharp month of growth. The shift was driven primarily by stablecoin deposits, while Kamino remains ahead on fee generation.

Jupiter takes the TVL lead

Data from DefiLlama and announcements from Jupiter Earn put Jupiter Lend’s deposits at approximately $2.6 billion and its loans at about $1.08 billion as of October 6, 2026. The protocol launched publicly in August 2025, making its rise to the top of Solana’s lending market relatively rapid.

On DefiLlama’s TVL metric, Jupiter held approximately $1.411 billion, compared with roughly $1.403 billion for Kamino. Jupiter also reported a total market size above $2.5 billion and active loans of around $1.043 billion. Kamino’s loans stood near $1.007 billion.

The month-over-month growth comparison shows how Jupiter gained the lead:

• Jupiter Lend: TVL up 28.1% over 30 days
• Kamino Lend: TVL up 5.7% over the same period
• Jupiter loans: approximately $1.043 billion on DefiLlama
• Kamino loans: approximately $1.007 billion

Most of Jupiter’s increase came from stablecoin deposits, highlighting the importance of dollar-denominated liquidity in the competition between the two protocols.

Kamino still leads on fees

The TVL rankings do not tell the entire story. Kamino generated approximately $4.82 million in fees over the 30 days leading up to October 6, compared with $3.77 million for Jupiter Lend. That gives Kamino an advantage of about $1.05 million despite holding slightly less TVL.

The difference suggests Kamino’s lending markets are currently producing more revenue per dollar deposited. Both protocols support stablecoins, SOL, liquid staking tokens, and xStocks, tokenized equities that expand the range of collateral and borrowing assets available to users.

Jupiter’s competitive advantage is distribution. Jupiter Exchange is one of Solana’s major trading hubs, and its lending product is integrated into that broader ecosystem. Users can trade and lend without moving funds between separate applications.

The protocol’s August 2026 Lend v2 upgrade also introduced Smart Collateral and Smart Debt. Together, those features allow users to earn lending yield and DEX swap fees from the same position.

What This Means

Jupiter’s narrow TVL lead marks a significant change in Solana’s DeFi lending hierarchy, but the contest remains close. Jupiter currently leads on deposits, TVL, and loans, while Kamino leads on fees and apparent capital productivity.

The next phase of competition will likely depend on whether Jupiter can convert its distribution advantage and stablecoin growth into higher fee generation. For Solana’s lending market, the rivalry could encourage more integrated products, broader collateral support, and increasingly competitive yields.