Solana lending shifts as Kamino deposits fall $115 million

Solana lending saw about $115 million leave Kamino Finance between Sept. 28 and 19:01 UTC on Sept. 29, while Jupiter Lend’s DefiLlama total set a record, DefiLlama data shows.

The quick take

Trigger: Kamino Lend lost about $115 million in deposits in under two days, per DefiLlama.
Watch: Whether Jupiter Lend’s record holds once a new $48.6 million PYUSD line is explained.

What happened

Solana lending is getting more competitive. Kamino Finance ($KMNO), the largest lender on Solana ($SOL), held about $2.42 billion in deposits at 19:01 UTC on Sept. 29, according to DefiLlama. That was down from about $2.54 billion at the start of Sept. 28.

DefiLlama counts deposits as value locked plus money lent out. Kamino’s value locked fell 7.1%, to $1.37 billion from $1.47 billion. Its borrowed total slipped to $1.05 billion from $1.07 billion.

Jupiter Exchange ($JUP)‘s lending arm moved the other way on paper. Jupiter Lend showed $1.22 billion in value locked at 19:03 UTC, its highest in DefiLlama’s records. With $942 million lent out, its deposits came to about $2.17 billion.

Why it moved

The Kamino outflow was real, not a price effect. DefiLlama’s token counts show 215,000 fewer dSOL, 90,000 fewer hSOL and 47,632 fewer SOL in Kamino Lend over the period. Both dSOL and hSOL are staked SOL tokens.

Stablecoins left too. Kamino’s USDC balance, net of borrowing, fell by about $19.8 million, and its USDG balance by about $6.7 million. No source we could reach explains why these deposits moved.

Jupiter Lend’s record comes with a caveat. Nearly all of its gain came from one new line: 48.6 million PYUSD that appeared in DefiLlama’s data during Sept. 29. Without it, Jupiter Lend’s value locked would sit below its Sept. 28 level.

We could not match that PYUSD line to Jupiter’s own data. Jupiter’s Lend API lists seven earn vaults, worth about $575 million in total, and none of them is a PYUSD vault. The gap between the two sources is unexplained.

Who’s buying and selling

Outside PYUSD, Jupiter Lend also saw money leave. Its JLP collateral fell by about 1.38 million tokens and its USDe balance by about 9.2 million, DefiLlama’s token data shows. JLP is Jupiter’s perps liquidity pool token.

Over the month, the trend is clearer. Jupiter Lend’s value locked rose to $1.22 billion from $1.09 billion on Sept. 1. Kamino’s slipped to $1.37 billion from $1.40 billion over the same stretch.

Kamino is also far below its own peak. DefiLlama shows its value locked at $3.37 billion on Oct. 7, 2025, about 2.5 times today’s level.

The company is betting on new markets. On Sept. 15, CoinDesk reported that Michael Weisz, a co-founder of Yieldstreet, became Kamino’s new CEO. It is opening a New York headquarters and plans to lend against tokenized real-world assets.

One of those products is growing. Kamino said on X on Sept. 29 that its Institutional Commodity Yield Vault had passed $50 million in deposits. The vault funds fully collateralized commodity loans and targets a yield of 7% or more, Kamino said.

We could not check that figure against on-chain data, and it is unclear whether DefiLlama counts the vault in Kamino Lend. Still, it shows new money arriving at Kamino even as staked SOL left.

What to watch next

The first thing to watch is the PYUSD line. If Jupiter’s own data confirms it, Jupiter Lend’s record stands. If not, the record may be a data quirk.

The second is whether Kamino’s staked-SOL outflow continues. The dSOL and hSOL moves were large for such a short period. A repeat would shrink Kamino’s lead further.

Deposits at the two lenders are now about $250 million apart, based on DefiLlama. A few more days like Sept. 28 could close that gap. For borrowers and depositors, that means rates and collateral options at both lenders are worth comparing more often.

Bottom line: Kamino Finance still leads Solana lending, but a $115 million outflow and Jupiter Lend’s growth have narrowed the gap, with one unexplained data point in the mix.