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Jupiter Lend, a DeFi lending platform on Solana, hit $1B in market size just 8 days after launch, offering high LTVs, low liquidation penalties, and boosted APYs.
Author: Sahil Thakur
Jupiter Lend, the new DeFi money market built on Solana, has crossed $1 billion in market size just eight days after its beta launch on August 27, 2025. Backed by the teams behind Jupiter Exchange and Fluid, the protocol is now emerging as a formidable contender in the Solana lending ecosystem.
From day one, Jupiter Lend positioned itself as a next-generation lending platform. It rolled out over 40 lending vaults and introduced $2 million worth of incentives to attract early liquidity. Users were drawn in by high loan-to-value (LTV) ratios, up to 95% and exceptionally low liquidation penalties, as low as 0.1%.
At launch, early depositors in Earn Vaults earned up to $20,000 in just 24 hours. Meanwhile, Multiply Vaults enabled leverage strategies for users chasing higher returns. Backed by Fluid’s Ethereum-proven architecture, the protocol efficiently routes borrowed capital into integrated DEXs for fee generation, enhancing overall capital efficiency.
Jupiter Lend reached $100 million in deposits within its first hour. On day two, total value locked (TVL) had exceeded $528 million, and 4,600+ borrowing positions had been created. By September 1, the platform had grown to $850 million TVL, putting it in second place on Solana behind Kamino Finance.
By September 4, Jupiter Lend surpassed the $1 billion mark. Much of this came from demand for stablecoin lending, particularly USDC, which saw $181 million supplied and $151 million borrowed. At launch, APYs on stablecoins reached as high as 18%, later stabilizing between 12%–13%. Meanwhile, SOL yields hovered around 2.8%.
The platform reported over 1.7 million connected wallets in its first week.
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DeFi users praised Jupiter Lend’s smooth onboarding, yield optimization tools, and advanced risk controls. Many described the protocol’s entrance as a defining moment for Solana DeFi.
The launch also buoyed Jupiter’s native token, JUP. It saw three price surges tied to the lending rollout:
As of launch week, JUP hovered just below $0.50, regaining much of its previous value.
Jupiter Lend’s breakout moment comes at a time of strong momentum for Solana’s DeFi sector. Lending TVL on Solana hit $3.55 billion in late August, marking a 10% increase from its prior highs.
Across all chains, DeFi lending has been resurgent. Ethereum, Arbitrum, Base, and Solana are all recording record inflows, with total on-chain lending nearing $40 billion.
Despite its rapid growth, Jupiter Lend faces the same risks as other DeFi protocols. Smart contract exploits remain a concern, and some users have flagged the UI for future improvements.
More critically, the long-term sustainability of high APYs is uncertain. Initial returns of over 100% on stablecoins dropped quickly as liquidity entered the system. The base APYs, without incentives – remain lower than rival platforms, suggesting the platform currently depends on emissions to stay competitive.
Nonetheless, Jupiter Lend’s trajectory suggests it has the potential to reshape Solana’s lending landscape. If it sustains momentum and improves UX, Kamino may soon have a true rival.
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