Solana decentralized-lending protocol Jupiter launched its Lend version 2 (v2) product on Monday, August 10, 2026.
Jupiter Lend v2 allows users' deposits and borrowed positions to simultaneously act as trading liquidity to earn both lending interest and swap fees.
Jupiter Lend v2 introduces an optional Smart Collateral feature that automatically pairs deposits of USDC, USDT, SOL, or JupSOL into correlated liquidity pools.
Jupiter Lend v2 introduces an optional Smart Debt feature that automatically pairs borrowed assets into correlated liquidity pools.
The Smart Collateral feature in Jupiter Lend v2 allows deposited assets to earn yield on loans while simultaneously gaining trading fees and applicable staking rewards from a single position.
The Smart Debt feature in Jupiter Lend v2 allows fees generated by a debt position to offset the borrowing costs of the loan.
Jupiter Chief Operating Officer Kash Dhanda stated that the Lend v2 design aims to offer higher deposit rates and cheaper borrowing to grow the overall market.
To limit depeg risks, Jupiter Lend v2 confines its correlated liquidity pool design to stablecoin pairs and SOL against its staked versions.
In the event of a genuine asset depeg, Jupiter Lend v2 borrowers using correlated pools are protected as the pool rebalances into the asset that holds its value.
In the event of a genuine asset depeg, Jupiter Lend v2 collateral providers bear the loss on either asset if it breaks peg.
The extra yield from Jupiter Lend v2's liquidity pools is dependent on traders routing swaps through those specific pools.
Kash Dhanda, Jupiter's Chief Operating Officer, stated that there has historically been a wall between lending and supplying liquidity to exchanges as the two primary ways to earn onchain APY.
According to DefiLlama data, Jupiter Lend holds approximately $1.9 billion in deposits and generated $1.6 million in fees over the 30 days prior to August 10, 2026.
According to Token Terminal data, active loans on Jupiter Lend stood at $822.7 million as of August 10, 2026, fluctuating between $600 million and $900 million since September 2025.
Jupiter operates Solana's largest swap router, which the company stated does not favor its own vaults and routes swaps based on the best available price.
