# DefiLlama protocol revenue — X 热门讨论 (2026-09-24 10:40 UTC)
## @Lumen0x (Lumen) · 09-24 09:02 · ♥30 ↻4 💬15 Jupiter Lend just hit $2.41B in deposits.
Around the same time, Kamino introduced a lending product offering fixed borrowing at 5.3%.
Two Solana protocols, two developments, but I think the more useful comparison is what each one tells us about the lending market.
Jupiter is attracting liquidity.
Kamino is giving borrowers more ways to use it.
And those aren’t necessarily the same business.
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@JupiterExchange announced a new deposit record on September 22, with Jupiter Lend reaching $2.41B.
A separate DeFiLlama reading puts active loans around $930M.
These figures come from different observation times, so I wouldn’t use them to calculate precise utilization. But they illustrate something lending leaderboards tend to hide.
Deposits tell you how much capital a protocol can attract.
Loans tell you how much of that capital borrowers are actually putting to work.
A $1M deposit increases available liquidity. It doesn’t automatically create another $1M in borrowing demand, interest income or protocol revenue.
Jupiter has demonstrated that it can attract capital at scale.
The lending economics depend on what happens after that capital arrives.
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@KaminoFinance is approaching the market from another angle.
Its new Fixed Rate Multiply vault, developed with Figure and HastraFi, offers borrowing against the AUTO/wYLDS strategy at a 5.3% annualized rate for a 30-day term.
I think the fixed-rate part is more important than the headline APY.
Say you’re running a leveraged strategy earning 9%, with borrowing costing 5%.
There’s positive carry before other expenses.
But if the borrowing rate jumps to 11%, the same position suddenly has negative carry.
Fixing the borrowing rate makes that financing expense predictable for the agreed period.
Not forever, though.
After 30 days, the position can roll into another term at the prevailing rate, assuming liquidity is available.
So Kamino is removing rate uncertainty during the current term, not eliminating refinancing risk.
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The collateral makes this launch a little more unusual too.
AUTO is HastraFi’s yield-bearing token backed by Figure’s tokenized auto-loan portfolio.
The Multiply strategy lets users supply that collateral, borrow against it and increase their exposure.
Kamino advertises up to 20% net APY.
But that’s a projected return, not a guaranteed one. The realized result still depends on the underlying loan yield, leverage, financing costs and collateral performance.
And fixed borrowing doesn’t remove:
➤ Collateral impairment or valuation changes ➤ Liquidation risk ➤ Insufficient liquidity at maturity ➤ Higher borrowing costs on the next rollover
You can make one part of a leveraged position predictable without making the whole position safe.
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This is why I don’t think Jupiter and Kamino should be compared on deposits alone.
They’re competing in the same lending market, but these developments demonstrate different capabilities.
Jupiter’s milestone is about supplied liquidity.
Kamino’s launch is about financing terms.
Some borrowers want flexible repayment and immediate access to credit. Others want to know their borrowing cost for the next 30 days before putting on a leveraged position.
Both are legitimate sources of demand.
And as Solana lending develops, I’d put more weight on:
➤ Active loans relative to supplied liquidity ➤ Interest actually paid by borrowers ➤ Revenue retained by protocols ➤ New credit originations ➤ Fixed-rate renewals and realized strategy yields
A growing deposit base is useful. It just isn’t the complete lending business.
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My Take
Jupiter is demonstrating how much liquidity it can attract. Kamino is expanding what borrowers can do with available credit.
Solana lending is moving beyond a competition over deposit size. The economics of the loans, and the financing products built around them, will define the market. https://x.com/Lumen0x/status/2103047478413029667