Jupiter Lend Attracts $500 Million in TVL as Onchain Lending Hits All-time High

Jupiter Lend, a new lending protocol from Solana’s leading decentralized exchange (DEX) aggregator Jupiter, surpassed $500 million in total market size in less than just one day after its beta debut.

As of press time, Jupiter Lend is the second-largest lending platform on the network, trailing only Kamino Finance, which has $4.4 billion in total value locked (TVL), according to DefiLlama.

Developed in conjunction with Fluid, an EVM lending protocol, the protocol enables users to supply and borrow crypto assets with loan-to-value ratios of up to 95%.

And, like many other lending platforms, stablecoins are currently yielding the highest returns on Jupiter Lend, generating an average of around 13% APY, while Solana (SOL) yields sit at roughly 2.78%.

Hours after the beta launch, Circle’s USDC stablecoin has become the most utilized asset, with $181 million supplied and $151 million borrowed, according to the protocol.

On-chain Lending Surges

The platform’s debut coincided with Solana’s lending ecosystem hitting a new all-time high on Thursday, Aug. 28, with TVL across the network’s lending protocols reaching $3.55 billion, roughly 10% above the previous peak in January.

However, Solana isn’t the only network where lending activity is spiking. Ethereum, Arbitrum, and Base are also experiencing record inflows of liquidity into lending protocols, although some, such as BNB Chain, TRON, Avalanche, and Aptos, still remain far below their record highs.

Overall, on-chain lending is booming.

According to Token Terminal data, more than $40 billion is now borrowed across platforms, with Aave leading the sector with $28.3 billion in active loans, about two-thirds of the entire lending market. The space has grown more than 300% from around $12 billion a year ago, and Euler has seen the highest growth in active loans by over 127,100% since August 2024.