The Solana lending wars just got a lot more interesting.

Kamino has owned the money market on Solana for the better part of two years, but in the second half of 2025 something changed dramatically: Jupiter Lend (powered by Fluid) started eating market share at a terrifying pace.

The chart speaks for itself. Kamino (red) was comfortably above 80-90% for most of the year. Then blue appeared — Jupiter Lend — and in just a few months it has taken a massive chunk of the pie while the rest of the field (Save, marginfi, Loopscale) barely moved the needle.

The speed is insane.

And it’s not just TVL percentage — it’s also liquidity depth where it actually matters most for users.

The Fluid team dropped this earlier today:

Fluid/@jup_lend is now the most liquid venue on @solana to borrow USDC, it took us less than 3 months to achieve this.

Three. Months.

For context, most protocols take a year or longer (and heavy incentives) to build anything close to this kind of depth on the major collateral pairs.

Jupiter’s built-in distribution advantage is clearly working overtime. Everyone already uses Jupiter to swap; now a huge portion of that flow is rotating straight into lending vaults instead of drifting to competitors.

The result? Over $1.5B in total supply already and the deepest order books for USDC borrows on the entire chain.

This isn’t just another lending fork — it’s the first real threat to Kamino’s throne since marginfi peaked in early 2024.

And the Fluid team is apparently sitting on a laundry list of new features they literally don’t have enough stage time to announce at Solana Conf, with something big dropping this Thursday already.

If you’re trading memes on Solana, leverage just got a lot cheaper and a lot deeper.

The king is still on the throne… but the blue line is coming, and it’s moving fast.

Original thread: https://x.com/letsgetonchain/status/1993601892606259247

Live data: https://defillama.com/lending/solana
Jupiter Lend: https://jup.ag/lend