Jupiter Lend overtook Kamino Lend as Solana's largest lending protocol on October 6, 2026, after a 28.1% monthly surge in deposits pushed its total value locked to approximately $1.411 billion, ahead of Kamino's $1.403 billion, according to DefiLlama data.

The protocol, which launched publicly in August 2025, reported a total market size above $2.5 billion, with active loans of roughly $1.043 billion. A Jupiter Earn announcement on X put deposits at $2.6 billion and loans at $1.08 billion. The two methodologies diverge because DefiLlama's TVL excludes certain collateral categories that Jupiter counts in its market-size figure.

What does the TVL race actually show?

Kamino's TVL grew 5.7% over the same 30-day window, with active loans near $1.007 billion. The gap between the two protocols was narrow enough to leave the ranking sensitive to methodology and the timing of oracle-driven mark-to-market updates.

• Jupiter Lend TVL: ~$1.411 billion
• Jupiter Lend active loans: ~$1.043 billion
• Jupiter 30-day fee revenue: $3.77 million
• Jupiter 30-day TVL growth: 28.1%
• Kamino TVL: ~$1.403 billion
• Kamino active loans: ~$1.007 billion
• Kamino 30-day fee revenue: ~$4.82 million
• Kamino 30-day TVL growth: 5.7%

Most of Jupiter's inflow came from stablecoin deposits, though both protocols support stablecoins, SOL, liquid staking tokens (LSTs), and xStocks, the tokenized equity wrappers that have become a small but growing collateral category across Solana money markets.

How did Jupiter close a year-long gap?

Distribution has been Jupiter's structural advantage. Jupiter Exchange operates as a large trading hub on Solana, and Lend sits inside that ecosystem, letting users route swaps and loans through a single interface rather than moving funds between applications. That integration funnels trading-flow liquidity into the lending book without a separate user acquisition cost.

The August 2026 Lend v2 release added two features called Smart Collateral and Smart Debt. Together they allow a single position to earn lending yield while simultaneously capturing DEX swap fees, effectively merging money-market and active-liquidity provision. Kamino's TVL previously topped $2 billion during the 2024 cycle but has not returned to that level.

What is the source of the public dispute?

Since late 2025, the two teams have argued publicly over design choices, including rehypothecation — the reuse of posted collateral — and the structure of refinancing facilities. The dispute has framed the protocol comparison as a contest between competing capital-efficiency philosophies, with Kamino positioning around a more conservative collateral framework and Jupiter around integrated leverage.

What does the revenue gap imply for Solana DeFi?

Kamino generated roughly $1.05 million more in fees over 30 days while holding slightly less TVL, which implies its loan book is currently more productive per dollar locked. The fee spread narrows when utilization, the share of deposits actively lent out, is taken into account: Kamino's higher revenue suggests its utilization sits closer to the top of its curve, while Jupiter appears to be growing supply faster than demand has caught up.

Jupiter's loan total of about $1.043 billion already edges past Kamino's $1.007 billion, indicating the lending-side gap is essentially closed. The scoreboard for now reads Jupiter by a nose on TVL and Kamino on revenue.

For Solana borrowers and lenders, the operational outcome is tighter spreads, two viable primary venues, and continued pressure on both protocols to differentiate through risk parameters and feature sets. Watch the next 30-day TVL print and the post-v2 utilization data from Jupiter for evidence of whether the distribution advantage translates into durable revenue leadership or remains a near-term deposit-magnet effect.