Jupiter Lend has become the largest lending protocol on the Solana network, surpassing Kamino. As of October 6, 2026, Jupiter Lend reported $2.6 billion in deposits and $1.08 billion in loans. The protocol, which launched in August 2025, saw its total value locked (TVL) increase by 28.1% over the preceding 30 days.
Data from DefiLlama shows Jupiter Lend with a TVL of approximately $1.411 billion and active loans of $1.043 billion. In comparison, Kamino holds about $1.403 billion in TVL and $1.007 billion in loans, having grown by 5.7% over the same period.
Despite the shift in TVL, Kamino remains ahead in revenue generation. It earned approximately $4.82 million in fees over 30 days, while Jupiter Lend generated $3.77 million. This indicates that Kamino currently maintains higher productivity per dollar of assets.
Jupiter Lend benefits from its integration into the Jupiter Exchange ecosystem, allowing users to trade and lend on a single platform. The August 2026 Lend v2 update introduced Smart Collateral and Smart Debt features, enabling users to earn both lending yield and DEX swap fees simultaneously.
Both protocols support stablecoins, SOL, liquid staking tokens, and tokenized equities known as xStocks. The two platforms have been in a public dispute since late 2025 regarding design choices, specifically concerning refinancing and rehypothecation practices.
