Jupiter Exchange lending deposits fall 12% as token prices slide

Jupiter Exchange lending deposits fell about 12% in less than two days. Jupiter Lend, the lending market of Jupiter Exchange ($JUP), held $892.6 million in net deposits at 20:21 UTC on Friday, according to DefiLlama. That compares with $1.01 billion at 00:00 UTC on Thursday, Oct. 29.

What happened

Most of the slide came on Thursday. DefiLlama’s reading for 00:00 UTC on Friday was $907.9 million, so Friday added a smaller loss of about 1.7%. A week earlier, on Oct. 23, the figure stood near $1.03 billion.

DefiLlama counts deposits minus loans for lending markets. So the number falls when token prices drop, when users withdraw, or when borrowing rises.

Why it moved

The biggest driver was price. Solana ($SOL) opened Thursday at $102.44 on Binance’s SOL/USDT pair and closed the day at $95.64, a 6.6% drop. At 21:41 UTC on Friday, $SOL traded at $95.50, down 2.3% in 24 hours.

Jupiter Lend holds a lot of SOL-based collateral, so its dollar value follows that move. JupSOL, Jupiter’s staked SOL token, is the clearest case. DefiLlama shows 2.08 million JupSOL in the market at the start of Thursday and 2.02 million on Friday evening, a 2.8% dip in tokens.

Their dollar value fell much harder, by 10.1%, from $258.8 million to $232.6 million. The token count barely moved, but each token was worth less.

The same pattern shows up in Jupiter’s perps liquidity pool token (JLP). Its count slipped 0.9%, while its dollar value fell 5.0% to $306.8 million. The USDe ($USDE) dollar token line, which does not track $SOL, held flat at $259.1 million.

Another staked SOL token, dfdvSOL, shows it most plainly. Its count held at about 1.07 million tokens, yet its dollar value slid 7.9%, from $120.9 million to $111.4 million.

Who’s buying and selling

Not every line was price alone. Plain SOL in the market dropped from about 426,400 tokens to 313,200, a 27% fall in tokens. That SOL either left the market or was lent out to borrowers.

USDC moved too. DefiLlama’s net USDC line, which subtracts loans from deposits, fell from $36.7 million at the start of Thursday to zero by Friday evening.

Jupiter’s own data gives a fuller view. Its USDC earn vault held $443.1 million at 21:45 UTC on Friday and paid savers a 6.7% supply rate. Taken together, the two readings suggest that dollars on the platform are almost fully lent out, rather than leaving it.

For context, total DeFi deposits on Solana stood at $5.35 billion at 21:41 UTC, per DefiLlama. Bitcoin ($BTC) traded at $76,704, down 3.4% in 24 hours, per LiveCoinWatch.

What to watch next

Watch the JupSOL and JLP token counts on DefiLlama. If they stay near 2.02 million and 71.2 million, depositors are holding, and the dollar total will keep following $SOL. A clear drop in those counts would point to real withdrawals.

The next move in $SOL matters most. Four SOL-based lines, JupSOL, dfdvSOL, INF and plain SOL, add up to about $432 million, close to half of Jupiter Exchange lending deposits.

Also watch the USDC supply rate on Jupiter Lend. A rate climbing above today’s 6.7% would signal that dollar loans are getting scarcer for borrowers on Solana.

Bottom line: Jupiter Lend’s 12% slide is mostly a story of cheaper SOL-based collateral, with token counts down only slightly and USDC almost fully put to work.

Sources

• DefiLlama: Jupiter Lend (net deposits and token breakdown, read 21:50 UTC, Oct. 30)
• Jupiter Lend Earn API (USDC vault size and supply rate, 21:45 UTC, Oct. 30)
• Binance SOL/USDT and Binance JUP/USDT (daily candles and prices, 21:41 UTC, Oct. 30)
• DefiLlama: Solana (chain DeFi deposits, 21:41 UTC, Oct. 30)
• LiveCoinWatch (Bitcoin market context, 21:41 UTC, Oct. 30)

Price data: Binance (SOL/USDT, JUP/USDT).

Not financial advice.