Lending protocols are the backbone of Solana DeFi. They let you earn yield on idle assets, borrow against your holdings without selling, and build leveraged positions through strategies like LST looping. With billions locked across multiple protocols, choosing the right one matters -- for your returns and for your risk exposure.
This guide breaks down the four major Solana lending protocols in 2026: Kamino Lend, MarginFi, Save (formerly Solend), and Jupiter Lend. We will cover what each does well, where they fall short, and which one fits your specific use case.
Why Lending Matters on Solana
If you are holding SOL, stablecoins, or LSTs without putting them to work, you are leaving yield on the table. Lending protocols give you three core capabilities:
- Earn yield on deposits. Supply USDC, SOL, or other tokens and earn interest from borrowers. Rates fluctuate based on utilization, but stablecoin yields on Solana consistently outperform most traditional savings options.
- Borrow without selling. Need liquidity but do not want to give up your SOL position? Deposit SOL as collateral and borrow stablecoins against it. You keep your upside exposure while accessing capital.
- Capital efficiency through leverage. Advanced users loop deposits and borrows to amplify yield -- for example, depositing JitoSOL, borrowing SOL, staking it for more JitoSOL, and repeating. This is where lending protocols really shine on Solana thanks to low transaction fees.
You can check current rates across all protocols on our lending yields page.
Protocol Overviews
Kamino Lend V2
Kamino started as a liquidity vault protocol and expanded into lending with Kamino Lend, which quickly became the dominant lending platform on Solana. With TVL consistently in the $2-3B range, it is the largest by a significant margin.
The V2 upgrade introduced two features that set it apart. eMode (efficiency mode) lets you borrow correlated assets at much higher loan-to-value ratios -- for example, borrowing SOL against JitoSOL at up to 92% LTV instead of the standard 75%. This makes LST looping strategies far more capital efficient. Isolated markets let Kamino list riskier or newer tokens without exposing the main pool to additional risk.
Kamino also has deep integrations across the Solana ecosystem. Most wallets and aggregators route lending through Kamino by default, and its SDK is well-documented for developers building on top of it.
Kamino is the go-to choice for most Solana lending activity today.
MarginFi
MarginFi was one of the first protocols to bring serious lending infrastructure to Solana. It gained massive traction during the 2024 points meta, when its points program drove billions in deposits from users farming a potential airdrop.
The protocol takes a risk-tiered approach to collateral. Assets are classified into different risk tiers, and your borrowing power depends on which tier your collateral falls into. Blue-chip assets like SOL and USDC get the best rates and highest LTV, while newer tokens are restricted.
MarginFi had a turbulent period in mid-2024 when internal disputes led to leadership changes and a temporary dip in confidence. The protocol has since stabilized, and its lending markets remain active. However, it has not kept pace with Kamino in terms of TVL or feature development.
Learn more about MarginFi on MadeOnSol.
Save (formerly Solend)
Save holds the distinction of being the oldest lending protocol on Solana, originally launched as Solend in 2021. It survived the FTX collapse, multiple market crashes, and a controversial governance vote that temporarily gave the team control over a whale's position to prevent cascading liquidations.
The rebrand to Save came with a renewed focus on stability and simplicity. It supports a solid range of collateral types and has a long track record of functioning through extreme market conditions. The codebase has been audited multiple times, and the protocol's age means its smart contracts have been battle-tested more than any competitor.
That said, Save's TVL and development velocity have fallen behind the newer protocols. It is a reliable workhorse, but it lacks the advanced features of Kamino or the ecosystem backing of Jupiter Lend.
Check out Save for more details.
Jupiter Lend
When Jupiter launched its lending product in August 2025, it accumulated $1.65 billion in TVL within the first 24 hours. That is not a typo. The Jupiter ecosystem -- including the DEX aggregator, perpetuals platform, and JUP token community -- gave it an enormous built-in user base from day one.
Jupiter Lend benefits from tight integration with the rest of Jupiter's product suite. You can swap, lend, and trade perpetuals from a single interface. The protocol launched with competitive rates, and its supply caps have been gradually increasing as it builds a track record.
The main caveat is that Jupiter Lend is the youngest protocol on this list. It has not been through a full market cycle, and its smart contracts have less real-world testing than the alternatives. That said, Jupiter's team has a strong engineering reputation, and the protocol has been audited by multiple firms.
Jupiter is already one of the most-used tools in all of Solana DeFi.
Comparison Table
| Feature | Kamino Lend V2 | MarginFi | Save | Jupiter Lend |
|---|
| TVL | $2-3B | $300-500M | $150-300M | $1.5-2B |
| Launch Date | 2023 | 2023 | 2021 (as Solend) | August 2025 |
| Key Collateral | SOL, USDC, USDT, JitoSOL, mSOL, bSOL, wBTC, wETH | SOL, USDC, USDT, JitoSOL, mSOL | SOL, USDC, USDT, mSOL, JitoSOL, RAY | SOL, USDC, USDT, JitoSOL, wBTC, wETH |
| USDC Supply APY | 4-8% | 3-7% | 3-6% | 5-9% |
| SOL Borrow APY | 2-5% | 2-6% | 2-5% | 2-5% |
| Max LTV (SOL) | 75% (92% eMode for LSTs) | 70-75% | 70-75% | 75% |
| Liquidation Threshold | 80-95% (varies by eMode) | 80-85% | 80-85% | 80-85% |
| Isolated Markets | Yes | Limited | Yes | Not yet |
| Audits | Multiple (OtterSec, others) | Multiple | Multiple (oldest codebase) | Multiple (Offside Labs, others) |
| Token | KMNO | -- | SLND | JUP |
| Points/Rewards | KMNO rewards | Points (reduced) | Minimal | JUP ecosystem rewards |
Note: APY ranges are approximate and fluctuate with market conditions. Always check current rates before depositing.
Which Protocol to Use When
Best for Stablecoin Yield
Jupiter Lend has been offering the most competitive stablecoin supply rates since launch, driven by high borrowing demand from the Jupiter perps ecosystem. Kamino is a close second, with deeper liquidity and more consistent rates over time. If you are parking stablecoins for yield, start with these two.
Best for SOL Leverage
Kamino Lend V2 wins here thanks to eMode. If you want to go leveraged long on SOL by depositing SOL, borrowing stablecoins, and buying more SOL, Kamino's higher LTV ratios mean you can achieve more leverage with less capital. The liquidation mechanics are also well-tested at this point.
Best for LST Looping
Kamino Lend V2 again, and it is not close. eMode for correlated assets lets you loop JitoSOL/SOL or mSOL/SOL at 90%+ LTV, which means you can run 5-10x leveraged staking yield strategies. Without eMode, you are limited to roughly 3-4x on other protocols.
Safest Option
Save has the longest track record and has survived more black swan events than any other Solana lending protocol. If your priority is minimizing smart contract risk and you are comfortable with lower rates, Save is the conservative choice. Kamino is also a solid option given its TVL and audit history.
Best Ecosystem Integration
Jupiter Lend if you are already a Jupiter user. Having swap, lend, and perps in one interface reduces friction and can save time. Kamino is the most broadly integrated across wallets and third-party apps.
Risks to Understand
Lending protocols are not risk-free. Before depositing meaningful capital, understand these risks:
Liquidation risk. If your collateral value drops below the liquidation threshold, your position will be partially or fully liquidated. On Solana, liquidations happen fast -- often within seconds of crossing the threshold. Always maintain a healthy buffer above your liquidation price, especially during volatile markets.
Oracle risk. Lending protocols rely on price oracles (typically Pyth or Switchboard on Solana) to determine collateral values. If an oracle reports an incorrect price, it can trigger unwarranted liquidations or allow undercollateralized borrows. All major protocols use multiple oracle sources, but the risk is never zero.
Smart contract risk. Every protocol's smart contracts could contain undiscovered bugs. Audits reduce this risk but do not eliminate it. Diversifying across protocols is one way to mitigate this -- if one protocol suffers an exploit, your entire position is not wiped out.
Utilization risk. When utilization is very high (most of the pool is borrowed), you may not be able to withdraw your deposits immediately. Protocols handle this through interest rate curves that spike borrowing costs at high utilization, incentivizing repayment, but temporary withdrawal delays can occur during market stress.
Regulatory risk. DeFi lending exists in a regulatory gray area. While Solana lending protocols are non-custodial and permissionless, future regulatory actions could affect how these protocols operate or how you interact with them.
How to Get Started
Getting into Solana lending takes about five minutes:
-
Set up a wallet. If you do not have one, Phantom or Solflare are the standard choices for Solana.
-
Fund your wallet. You need the tokens you want to lend (SOL, USDC, etc.) plus a small amount of SOL for transaction fees. On Solana, lending transactions typically cost less than $0.01.
-
Choose a protocol. Based on the comparison above, pick the protocol that matches your strategy. Start with a small amount to get comfortable with the interface.
-
Deposit and monitor. Supply your tokens, verify the transaction, and keep an eye on your position. If you are borrowing, set up alerts or check regularly to make sure your health factor stays safe.
-
Consider diversifying. Splitting deposits across two protocols reduces your exposure to any single smart contract risk. The yield difference between top protocols is often small enough that the added safety is worth it.
For more advanced strategies like leveraged staking or delta-neutral positions, Drift Protocol offers complementary features that pair well with lending positions.
Final Thoughts
Solana's lending ecosystem has matured significantly. Kamino Lend V2 leads on features and TVL, Jupiter Lend brought serious competition backed by the largest Solana ecosystem, MarginFi remains a solid option, and Save provides battle-tested reliability.
There is no single "best" protocol -- it depends on what you are optimizing for. For most users, starting with Kamino or Jupiter Lend and branching out as you get more comfortable is a reasonable approach.
Check our lending yields page for live rate comparisons, and browse the full DeFi category on MadeOnSol to discover more tools in the ecosystem.
