Jupiter Lend vs Kamino: Fixed Rates and Market Scope
Jupiter Lend and Kamino are decentralized money market protocols deployed on the Solana blockchain. Both are decentralized lending protocols on Solana. Depositors earn yield and borrowers take out collateralized debt using Solana tokens.
Market history and loan mechanics set the two platforms apart. Founded in 2022, Kamino manages over $1.3B in total value locked, offering fixed-rate borrowing alongside variable pools, concentrated liquidity vaults, and real-world asset markets such as tokenized equities. Jupiter Lend launched in 2025 as part of the Jupiter exchange ecosystem. It holds $1.09B in total value locked. Built on a modular two-layer architecture developed with Fluid, the platform focuses on automated earning vaults and variable-rate debt integrated directly into the Jupiter Mobile app.
Quick verdict
The choice between these protocols comes down to whether you require fixed borrow costs and specialized liquidity products, or prefer lending integrated directly into the Jupiter trading environment. Kamino offers fixed-rate borrow positions and automated decentralized exchange liquidity vaults, backed by an operational history dating back to 2022. Jupiter Lend restricts borrowing to variable interest rates, but routes deposits through an automated two-layer Fluid architecture designed to optimize pool yields without manual adjustments.
Choose Jupiter Lend if you manage positions primarily through a smartphone via the Jupiter Mobile app, trade frequently within the Jupiter exchange ecosystem, and want automated rate balancing across Solana earn vaults without managing fixed-rate loan terms.
Choose Kamino if you want to lock in predictable borrowing expenses through fixed-rate contracts, deploy capital into tokenized equity markets, or supply concentrated liquidity to Solana decentralized exchanges through automated strategy vaults.
| Feature | ||
|---|---|---|
| Ratings | ||
| Our score | 4.0/5 | 4.0/5 |
| User rating | No reviews yet | No reviews yet |
| Security & track record | 4.5 | 4.0 |
| Rates | 4.0 | 4.0 |
| Market depth | 3.5 | 4.5 |
| Ease of use | 4.5 | 4.0 |
| Decentralization | 3.5 | 3.5 |
| Specs | ||
| KYC required | No | Not disclosed |
| Lending model | Pooled | Pooled |
| Chains | Solana | Solana |
| Audited | Yes | Yes |
| Governance token | JUP | KMNO |
| Rates | Variable | Variable and fixed |
| Company | ||
| Founded | 2025 | 2022 |
| Headquarters | — | United States |
| Investors | Not disclosed | Alliance, ParaFi Capital |
| Strengths and weaknesses | ||
| Pros |
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| Cons |
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| Best for | Solana DeFi yield depositors, Traders borrowing against crypto collateral, Mobile users seeking onchain lending | Solana crypto asset borrowers, DeFi liquidity providers seeking automated compounding, Traders using leveraged yield loops |
Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.
FAQ
Can you get fixed-rate borrowing on Jupiter Lend and Kamino?
Kamino supports fixed-rate borrowing, while Jupiter Lend provides only variable-rate loans. Kamino surpassed $55M in active fixed-rate loans in October 2026. Jupiter Lend calculates all borrow rates dynamically based on liquidity pool utilization.
Which protocol has more total value locked?
Kamino holds more total value locked than Jupiter Lend. As of October 2026, Kamino manages over $1.3B in TVL and $909M in active loans, compared to approximately $1.09B in TVL on Jupiter Lend.
Do Jupiter Lend or Kamino require KYC verification?
Jupiter Lend does not require KYC checks or account creation, and users access it through self-custody Web3 wallets.
Which protocol offers automated liquidity provider vaults?
Kamino provides automated liquidity management vaults. Kamino automates concentrated liquidity positions across Solana decentralized exchanges, while Jupiter Lend focuses on pooled lending and yield vaults.