Last updated: July 2026
Compare · Solana lending
Kamino vs Jupiter Lend, MarginFi, Save, Drift, Loopscale and Lulo — the protocols where Solana lends and borrows, compared on lending model, leverage, relative size and tokens. No vanity TVL or APY numbers (they move daily) — just how each one actually works.
Independently researched · model, audit and token facts cross-verified against each protocol's docs
The lineup
Counted from the live comparison data.
Lenders + 1 aggregator
Isolated · global · order-book
One-click Multiply
KMNO · JUP · SAVE · DRIFT
The table
Lending model, leverage loops, relative size and token. Click any name for the full review and live health score.
Solana's largest DeFi protocol and lending leader: lend, borrow, one-click Multiply leverage, and automated concentrated-liquidity vaults. Heavily audited (OtterSec, Sec3, Certora and more).
Jupiter's money market, built on Fluid's liquidity engine and wired into the Jupiter super-app. High LTVs (up to ~90%), low fees, and flash-loan Multiply vaults — the fastest-growing money market at launch.
Non-custodial money market built around a global cross-collateral account (any deposit backs your borrows), plus isolated markets for riskier assets. No live token yet — acquired by Project 0 with a TGE pending.
One of Solana's oldest lenders, rebranded from Solend — strong long-tail asset coverage plus an sUSD stablecoin and saveSOL LST. SLND converts 1:1 to SAVE.
Borrow-lend pools that double as cross-margin collateral for Solana's leading perps DEX — suppliers earn yield paid by leveraged traders. Best if you also trade derivatives.
Fixed-rate, fixed-term loans matched order-book style, with broad and exotic collateral support. Recovered fully from an April-2025 oracle exploit. No live token yet.
How to read this
How the protocol structures risk. Isolated markets (Kamino, Save) ring-fence each asset; a global account (MarginFi) lets any deposit back any borrow; order-book (Loopscale) matches fixed-rate loans; Drift's pools double as trading margin; Lulo is an aggregator that routes to others.
One-click 'multiply' that borrows against a deposit and redeploys to amplify yield — and liquidation risk. Kamino, Jupiter Lend, MarginFi, Drift and Loopscale all offer a version.
A relative tier, not a live number. Kamino and Jupiter Lend are the large top-two; MarginFi and Drift are mid; Save and Loopscale are smaller; Lulo is an aggregator. TVL and APY change daily — always check current figures.
The protocol's token where one is live: KMNO, JUP (Jupiter Lend), SAVE, DRIFT. MarginFi (Project 0 TGE pending), Loopscale and Lulo have no live token yet — ignore any 'airdrop' claims until official.
If your collateral falls past a threshold relative to your loan, the protocol sells part of it to repay lenders. Looping magnifies this — borrow conservatively and watch your health factor.
Kamino for the deepest all-in-one suite, Jupiter Lend for high LTVs inside the Jupiter app, MarginFi for cross-collateral, Drift if you also trade perps, Save for long-tail assets, Lulo to auto-optimize yield across them.
How it works
Every protocol above is a non-custodial, over-collateralized money market. These four mechanics decide your yield, your borrowing power and when you get liquidated.
You always deposit collateral worth more than you borrow. Each market sets a loan-to-value (LTV) limit and a liquidation threshold; the gap between your loan and that threshold is your safety buffer. Borrow below the max to survive volatility.
Rates aren't fixed — they follow an interest-rate curve based on utilization (how much of the supplied pool is borrowed). As utilization climbs, borrow APY rises to attract suppliers and ration liquidity; suppliers earn the spread, minus a protocol reserve cut.
Protocols value your collateral and debt using price oracles. If a price move pushes your position past the liquidation threshold, a liquidator repays part of your debt and seizes collateral (plus a bonus) to make lenders whole. Oracle accuracy is a core risk.
Isolated markets ring-fence each asset so a bad listing can't drain the rest. Cross-collateral or global accounts (MarginFi) let any deposit back any borrow for flexibility, but link your positions' risk together. Most protocols mix both.
Recommendations
Deepest all-in-one suite
Kamino is the market leader — lend, borrow, one-click Multiply leverage and automated vaults, heavily audited. Jupiter Lend is the fast-rising top-two with high LTVs inside the Jupiter app.
Cross-collateral borrowing
A global account where any deposit backs any borrow — flexible for managing multiple positions. Token still pending after the Project 0 acquisition.
Trading with margin
Borrow-lend pools that double as cross-margin for Solana's leading perps DEX — best if you also trade derivatives.
Auto-optimize yield
Not a lender itself — it routes your deposits to the best-yielding Solana lenders and rebalances, with optional risk cover via Lulo Protect.
Track live lending yields, staking APYs, and liquidity-pool returns, compare liquid-staking protocols and DEXs, or browse the full tool directory.
FAQ
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