Jupiter Lend β Solana's second lending platform
SOL JupiterJupiter Lend β a second lending platform on the SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson β network. You already know KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β from lesson 3-3. Now you'll learn to compare two platforms like a professional: not "which one is better," but "what does each one give you, and what does each one cost you."
By the end of this lesson you'll be able to read a Jupiter Lend vault's parameters yourself, understand where its higher rates come from, and have a clear decision framework: KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β, Jupiter Lend, or both.
What is Jupiter Lend
SOL You already know Jupiter (jup.ag) from Module 1 β it's SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson β's main exchange and aggregator. In August 2025, Jupiter also launched a lending platform β Jupiter Lend (jup.ag/lend/borrow).
| Fact | Value |
|---|---|
| Launch | August 2025 |
| TVLTVLTotal Value Locked β the total value deposited in a DeFi protocol. An indicator of how popular a protocol is. in the first 24 hours | $500M+ |
| Total deposits (end of 2025) | ~$1.6B |
| Number of positions | ~99k |
| LiquidationLiquidationWhen LTV exceeds the threshold and the protocol automatically sells your collateral to cover the debt.Read the lesson β engine | Built by the Fluid team |
| Status | Out of beta |
The main market accepts SOLSOLSolana's native token. Used to pay gas and as collateral.Read the lesson β, mSOL, jitoSOL, bSOL, as well as USDCUSDCA USD stablecoin issued by Circle. Regulated, audited monthly. Our primary stablecoin and loan asset in the Kamino/Aave strategies.Read the lesson β and USDTUSDTTether USD stablecoin. An alternative to USDC. Liquidity on Solana has historically been smaller β most Solana DeFi liquidity is still in USDC.Read the lesson β as collateral. Our path doesn't change: SOL collateral β USDC loan β exactly like KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β.
Why get to know two platforms?
Not to pick the "best" one, but to have a choice: you can compare rates, split a position between two protocols, and avoid depending on a single platform. Professionals rarely keep everything in one place.
Kamino vs. Jupiter Lend
SOL Both platforms live on the SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson β network β speed ~0.4s, a transaction ~$0.001β0.01. What differs is architecture and rules:
Two items from this table deserve their own section: 95% LTV and rehypothecation. They're two sides of the same coin.
LTV up to 95% β a possibility, not a recommendation
Most DeFiDeFiDecentralized Finance β financial services without intermediaries, operating through smart contracts.Read the lesson β lending platforms cap out around ~75% max LTVLTVLoan-to-Value β the ratio of debt to collateral value. LTV 30% is considered safe. LTV 71%+ triggers liquidation.Read the lesson β. For KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β's SOLSOLSolana's native token. Used to pay gas and as collateral.Read the lesson β market, it's 65%. Jupiter Lend allows up to 95% for some pairs β that's its main selling point: you can borrow more against the same collateral.
But remember lesson 3-2: the closer to the limit you borrow, the smaller the price move that liquidates you. Let's run the numbers as an illustration β if a vault's liquidation threshold were 95%:
| Your starting LTV | How far SOL's price can drop before liquidation |
|---|---|
| 30% (our rule) | ~68% |
| 50% | ~47% |
| 80% | ~16% |
| 90% | ~5% |
An allowed limit is not your target
The fact that a platform ALLOWS 95% LTVLTVLoan-to-Value β the ratio of debt to collateral value. LTV 30% is considered safe. LTV 71%+ triggers liquidation.Read the lesson β doesn't mean you should use it. A high limit is a tool for specific strategies (e.g., closely correlated asset pairs), not an invitation to borrow more. Our starting limit doesn't change on any platform: ~30% LTV. SOLSOLSolana's native token. Used to pay gas and as collateral.Read the lesson β's price has historically dropped both 30% and 50% β the buffer isn't theoretical.
Isolated vaults β and where the isolation ends
Jupiter Lend's architecture is isolated vaults: each vault has its own LTVLTVLoan-to-Value β the ratio of debt to collateral value. LTV 30% is considered safe. LTV 71%+ triggers liquidation.Read the lesson β limit, its own liquidation penalty, and its own asset caps. Riskier assets (JupSOL, PYUSD, ezSOL) are held in separate isolated markets.
Sounds safe. And at the configuration level, it is. But in 2025 the community noticed an important detail, and Jupiter confirmed it:
The βzero contagionβ story β a lesson about marketing
Jupiter initially marketed its vaults as isolated with βzero contagion risk.β After community pushback, Jupiter COO Kash Dhanda publicly admitted the claim was βnot 100% accurate.β Vaults are isolated at the configuration level, but they share a common liquidity layer β a serious problem in one part of the system can affect others.
The takeaway: always check a protocol's marketing claims against its mechanics. Jupiter handled this honorably here β it acknowledged the inaccuracy. But checking is your job.
Rehypothecation β where collateral income actually comes from
The most important structural difference from KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β. Rehypothecation (reusing collateral further down the chain) means: SOLSOLSolana's native token. Used to pay gas and as collateral.Read the lesson β you deposited as collateral in one vault can, through the shared liquidity layer, be lent out elsewhere in the system.
Jupiter's COO said it plainly: collateral income (supply APYAPYAnnual Percentage Yield β the annual interest rate WITH compounding. Always higher than the equivalent APR.Read the lesson β) comes precisely from rehypothecation. That's not a flaw the platform hides β it's how it works. Higher rates and a higher LTVLTVLoan-to-Value β the ratio of debt to collateral value. LTV 30% is considered safe. LTV 71%+ triggers liquidation.Read the lesson β are the reward for this extra structure.
- Collateral doesn't just sit in a vault β your SOLSOLSolana's native token. Used to pay gas and as collateral.Read the lesson β can be lent onward while you're still borrowing against it; the income is a reward for this mechanism, not a free bonus β treat the rate gap versus KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β as the price of risk, not a free extra
- Shared liquidity layer β vaults are isolated at the configuration level, but not in liquidity; a serious disruption in one segment can spread to others β treat Jupiter Lend as one single risk unit, not a set of separate drawers
- Shorter track record β the platform has run since August 2025; audits (OtterSec, Offside Labs, Mixbytes) have been done, but they didn't specifically examine rehypothecation risk management β start with a smaller share of your position, or just watch at first
- A high allowed limit β 95% LTVLTVLoan-to-Value β the ratio of debt to collateral value. LTV 30% is considered safe. LTV 71%+ triggers liquidation.Read the lesson β tempts you to borrow more β your lever is the same as always: a starting LTVLTVLoan-to-Value β the ratio of debt to collateral value. LTV 30% is considered safe. LTV 71%+ triggers liquidation.Read the lesson β of ~30%, same as KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β
None of these risks means "don't use it." They mean: know what you're being paid for, and size your position accordingly.
Opening a position β step by step
The process is almost identical to KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β β deliberately so, so you learn that lending platforms differ in their rules, not their buttons.
Connect to Jupiter Lend
Go to jup.ag/lend/borrow. Connect with Jupiter Wallet. Make sure you have SOL in your wallet.
Pick the SOL vault and read its parameters
Every vault has its own max LTV, liquidation penalty, and caps. Write them down BEFORE depositing β not after.
Deposit SOL as collateral
Click 'Deposit' on SOL. Enter the amount. Confirm in your wallet (~$0.001β0.01 fee).
Leave at least 0.05 SOL in your wallet for fees.
Borrow USDC β no more than 30% LTV
Click 'Borrow' on USDC. Enter an amount that keeps LTV around ~30%.
The platform will let you go much higher. Don't let yourself β the limit is the platform's ceiling, not your plan.
Monitor the position daily
LTV, liquidation price, borrow APR β the same metrics as Kamino. If LTV climbs above 45%, repay part of the debt.
Closing it
Repay your USDC debt ('Repay'), then withdraw your SOL ('Withdraw'). Order matters β debt first, then collateral.
Kamino, Jupiter Lend β or both?
β AUDITED Both platforms are audited. The decision depends on your situation:
| Situation | Logical choice |
|---|---|
| First lending position | KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β β longer track record (since 2023), no rehypothecation |
| Jupiter Lend offers a better rate | Compare the difference against the extra structural risk β a small rate edge doesn't cover it |
| Larger position, some experience | Split between both β protocol risk diversification |
| A SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson β network outage | Neither helps β both live on SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson β. The backup leg stays AaveAaveEthereum lending protocol (v3). In our strategy: ETH collateral to a USDC loan.Read the lesson β on a different network |
Two Solana platforms β full diversification
Splitting a position between KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β and Jupiter Lend reduces protocol risk (if one protocol has an issue, the other keeps running). But it doesn't protect you from a SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson β network outage itself β both protocols would stand still together. That's why AaveAaveEthereum lending protocol (v3). In our strategy: ETH collateral to a USDC loan.Read the lesson β ETH from lesson 3-4 stays your strategic backup plan.
Summary
- Jupiter Lend SOL β SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson β's second lending platform, part of the Jupiter (jup.ag) ecosystem, running since August 2025, ~$1.6B in deposits
- Main advantage: LTV up to 95% for some pairs β but the allowed limit isn't your target, your starting point stays ~30%
- Main structural difference: rehypothecation β collateral is lent onward, and that's where its income comes from
- Vaults are isolated at the configuration level, but share a common liquidity layer β Jupiter itself walked back its "zero contagion" claim
- AuditedAuditAn independent security review of smart-contract code. Not a guarantee, but it reduces risk.Read the lesson β (OtterSec, Offside Labs, Mixbytes), but the audits didn't specifically examine rehypothecation risk management
- KaminoKaminoSolana lending protocol. In our strategy: SOL collateral to a USDC loan.Read the lesson β Kamino stays the main platform for beginners; Jupiter Lend is a deliberate second choice or a diversification play
- Only a different network protects you from a SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson β outage β AaveAaveEthereum lending protocol (v3). In our strategy: ETH collateral to a USDC loan.Read the lesson β Aave
Time to see a second lending platform live β safely, without depositing anything. This task takes about 15 minutes.
In this task you deposit and borrow NOTHING β you only compare numbers. Double-check that the domain really is jup.ag, and don't confirm any transaction in your wallet.
This is learning, not investing β use only small amounts you treat as tuition.
You just finished the whole DeFi Lending module: you understand collateral, liquidation, two Solana platforms, Aave, and borrowing strategy. And most importantly β you know how to read a new lending platform yourself: parameters, income source, risk structure. This skill isn't something you can buy β you just earned it.