Short answer
- Deepest liquidity: Kamino, with about $1.27 billion deposited on Solana, 18 external audits and 4 formal verifications.
- Close second, built on Fluid: Jupiter Lend from Jupiter, about $1.02 billion, with Earn, Borrow, Multiply and Smart Vaults that earn DEX fees on deposits.
- Fixed rates and terms: Loopscale matches lenders and borrowers in an order book instead of a shared pool.
- Simple fee schedule: Save, formerly Solend: 20% interest spread and 0.1% origination on most pools.
- No deposit, withdrawal or flash loan fees: Project 0, formerly marginfi, which adds one margin account across Kamino, Drift and Jupiter.
At a glance
| Protocol | Deposits on Solana | Model | Fees stated | Audits |
|---|---|---|---|---|
| Kamino | ~$1.27B | Pooled markets with curators | Per reserve: interest take rate, optional origination and flash loan fees | 18 audits, 4 formal verifications |
| Jupiter Lend | ~$1.02B | Shared liquidity layer (Fluid), isolated markets | Not listed as a single schedule | Zenith, Offside Labs, MixBytes, OtterSec, Code4rena, Certora |
| Loopscale | ~$88M | Order book, fixed rate and term | Set by the order book and vault curators | sec3, Highland Security, Adevar Labs |
| Save | ~$80M | Pooled | 20% of interest; 0.1% origination on most pools | Kudelski |
| Project 0 | ~$60M | Pooled banks plus cross-venue margin | No deposit, withdraw, repay or flash loan fees; small interest share | OtterSec, sec3, Hashlock, Ackee, Accretion |
Deposits are each protocol's Solana total value locked on DefiLlama, late October 2026. Interest rates move with utilisation, so check live rates in each app.
How Solana lending works
Lenders deposit tokens into a market and earn the interest borrowers pay. Borrowers lock collateral worth more than the loan; if the collateral's value falls too far, a liquidator repays part of the debt and takes collateral plus a penalty. Rates rise as more of a pool is borrowed, which pulls in lenders and pushes out borrowers.
Protocol fees usually come out of interest, not your deposit: a share of what borrowers pay is kept by the protocol or the market's curator. That's why the yield you see is already net of the take rate, and why "no fees" rarely means the protocol earns nothing.
The real risks
- Smart contracts and oracles. A bug or a bad price feed can drain a market. Audits and formal verification reduce, not remove, that risk.
- Liquidation. Borrowers can lose a slice of collateral in a sharp move. Keep a buffer well above the liquidation threshold.
- Withdrawal queues. When a pool is nearly fully borrowed, lenders may have to wait to withdraw until borrowers repay or rates pull in new deposits.
- Looping. Multiply and loop strategies borrow against the same asset repeatedly. They boost yield and liquidation risk together.
- Curated markets. Newer protocols let third parties curate markets. Check who curates a vault and what collateral it accepts.
How to choose
- Size of deposit. Larger, deeper markets let you exit faster. TVL is a rough proxy for that.
- Fixed or variable. Pooled markets pay variable rates; Loopscale offers fixed terms.
- Collateral you hold. Check the protocol accepts your token and what loan-to-value it allows.
- Read the market, not the brand. In multi-market protocols, risk differs between the main market and curated ones.
The protocols
Kamino
The largest lending market on Solana, with Earn vaults, borrowing, Multiply and liquidity vaults. Fees are set per reserve: a take rate on interest, optional origination and flash loan fees, and a share of liquidations. 18 external audits, 4 formal verifications and a Sherlock bug bounty up to 1,000,000 USDC.
Jupiter Lend
Jupiter's lending protocol on Fluid's liquidity layer, with Earn, Borrow, Multiply, Smart Vaults (positions that double as DEX liquidity) and one-click strategies. Each market is isolated with its own curator. Audited by Zenith, Offside Labs, MixBytes and OtterSec, with Certora formal verification and a Code4rena contest.
Loopscale
Order-book lending that matches lenders and borrowers directly, enabling fixed-rate, fixed-term loans. Curated vaults place deposits into those markets; Yield Loops lever yield-bearing assets. Audited by sec3, Highland Security and Adevar Labs.
Save
Formerly Solend, built from the audited SPL token-lending program. Keeps 20% of borrow interest, charges 0.1% origination on most pools and 30% of liquidation penalties. Audited by Kudelski.
Project 0
Formerly marginfi. No fees to deposit, withdraw, repay or flash loan; a small share of borrow interest goes to the bank administrator and an insurance fund. Its prime-broker layer lets one account use margin across Kamino, Drift and Jupiter. Audited by OtterSec, sec3, Hashlock, Ackee and Accretion.
How we ranked
Protocols are ordered by deposits on Solana (DefiLlama total value locked, late October 2026), because deeper markets are easier to exit and have been tested by more capital. Fees and audits are from each protocol's own docs, checked the same month. This page isn't financial advice. Editorial policy.