Jupiter holds 53% of weekly lending deposits, while Kamino is attempting to regain market share by expanding wallet integrations, recruiting senior executives, and developing institutional credit products.
Jupiter Lend has become Solana’s leading lending protocol, ranking first in five key metrics: total deposits, total loans, utilization rate, stablecoin deposits, and stablecoin loans. According to Blockworks data, Jupiter’s total deposits amount to $2.78 billion with $1.12 billion in outstanding loans; in comparison, Kamino has $2.17 billion in deposits and $855 million in loans. Jupiter’s utilization rate also reaches 40.34%, slightly higher than Kamino’s 39.31%.
The gap is even more pronounced in stablecoin lending. Jupiter has $1.33 billion in stablecoin deposits and $907 million in stablecoin loans. Kamino has $652 million in stablecoin deposits and $532 million in stablecoin loans.
These figures signal a significant shift in the Solana lending market. Previously, Kamino had established itself as the leading credit platform in this market.
Although Jupiter’s lead is growing, Kamino continues to secure integrations with prominent products in the Solana ecosystem. In August this year, Solana Mobile launched a USDC Earn Vault within its Seeker smartphone’s Seed Vault Wallet. This product allows users to deposit USDC into Kamino’s lending infrastructure and earn yields without leaving their wallet, with no lock-up period and no withdrawal fees.
Earlier today, Solflare launched its new product, Earn, allowing users to deposit USDC into Kamino’s lending market and earn interest directly in their wallet.
Jupiter continues to expand its DeFi product stack.
After securing a leading position in the lending market, Jupiter has not slowed its expansion. Earlier today, the platform launched the Jupiter Bridge beta, positioning itself as a "super app." This cross-chain bridge aggregator compares fees from providers such as Relay, Mayan, Circle CCTP, NEAR, and others, helping users find more competitive routes when transferring assets to and from Solana.
This release adds another service to Jupiter’s growing DeFi ecosystem, which already encompasses a wide range of different products.
As Jupiter expands from its core DEX aggregator business into lending, wallets, and other products, some observers have questioned whether the team has stretched itself too thin and risks losing focus. Its current dominance in the lending space challenges these concerns. However, its original absolute advantage in the DEX aggregator market is weakening. According to Blockworks data, its trading volume share has declined from a peak of 94% in February 2026 to approximately 60% today. In the perpetual futures market, Jupiter is also facing intense competition from platforms such as GMTrade and Pacifica.
It remains to be seen whether Solana’s “super app” can maintain its leadership in lending and reclaim its advantage as a established DEX aggregator, or whether its expanding product line will overextend its competitive edge.