Jupiter Exchange loans take the lead in Solana lending

Jupiter Exchange loans take the lead as Lend tops 5 Blockworks metrics

Jupiter Lend holds $1.12 billion in loans against Kamino Finance’s $855 million, per Blockworks data that SolanaFloor reported on Tuesday, Oct. 27.

The quick take

Price: Jupiter ($JUP) trades at $0.281, up 1.1% in 24 hours as of 5:42 p.m. ET, per CoinGecko.
Trigger: Blockworks data puts Jupiter Lend ahead of Kamino Finance on deposits, loans, utilization and stablecoin lending.
Watch: DefiLlama shows a smaller loan lead, and Jupiter’s own vault data a lower loan total.

Jupiter Exchange loans now lead Solana lending. Jupiter Lend, the lending market of Jupiter Exchange ($JUP), ranks first against Kamino Finance ($KMNO) on five metrics in Blockworks data, SolanaFloor reported on Tuesday.

What happened

In the Blockworks figures cited by SolanaFloor, Jupiter Lend holds $1.12 billion in loans, while Kamino holds $855 million. Deposits stand at $2.78 billion against $2.17 billion.

Stablecoins show the widest gap. Jupiter Lend has $1.33 billion in stablecoin deposits and $907 million in stablecoin loans, while Kamino has $652 million and $532 million. Utilization, the share of deposits lent out, is about 40% for Jupiter and 39% for Kamino.

SolanaFloor says Jupiter took the lead in weekly lending deposits in June. It now holds 53% of them, against 41% for Kamino.

Why it moved

The numbers put most of Jupiter Lend’s lead in dollar-pegged coins. Its stablecoin deposits are about twice Kamino’s, while the gap in total deposits is smaller.

Kamino is answering through wallets on Solana ($SOL). SolanaFloor reports that Solflare launched an Earn feature that supplies USDC to Kamino’s lending markets. In August, Solana Mobile added a USDC vault powered by Kamino, the outlet adds.

What to watch next

Other trackers tell a closer story. DefiLlama showed $972 million borrowed on Jupiter Lend and $858 million on Kamino Lend in its 4:08 p.m. ET reading. Jupiter’s own vault data summed about $697 million in loans across 82 vaults at 5:44 p.m. ET.

By DefiLlama’s total value locked, which leaves out loans, Kamino Lend still leads with $1.26 billion against $1.01 billion. Each tracker counts in its own way, so the size of the lead depends on the source.

SolanaFloor also notes that Jupiter Bridge, a tool that compares bridge routes, is now in beta.

Bottom line: Blockworks and DefiLlama both show Jupiter Lend with more loans than Kamino, but they disagree on how big the lead is.