Solana Lending Market Reaches About $5B as Kamino Challenges Jupiter Lend’s Contagion Risk Claims

Solana Foundation President Lily Liu has outlined a cross-market view, noting in a COINOTAG briefing that the Solana lending market sits at about $5 billion, with Ethereum roughly ten times larger. She emphasized that the collateral market in traditional finance dwarfs crypto by many multiples, framing the risk-reward calculus for DeFi lenders.

On strategy, Liu signaled that industry players may either engage in light-hearted framing or aggressively pursue share gains across the cryptocurrency ecosystem, ultimately linking activities with the broader traditional finance landscape to deepen market participation.

Separately, the industry has seen risk-moderation notes around Jupiter Lend. COINOTAG reported that Kamino temporarily blocked Jupiter Lend’s migration tool amid concerns about the risk model, after Jupiter had cited an isolated risk structure and no cross-contamination between trading pairs—claims that were later corrected. Kamino’s co-founder publicly challenged Jupiter’s risk description.