Jupiter Launches Lend v2 to Combine Lending Yield and Swap Fees

Jupiter has rolled out Lend v2, a new version of its Solana lending product that allows the same capital to earn in two ways. Deposits and borrowed positions can now also function as liquidity for trades, meaning users may receive lending interest and a share of swap fees from a single position.

The launch matters because it ties lending returns more directly to trading activity on Jupiter, one of Solana’s major DeFi platforms. According to CoinDesk, Jupiter Lend has about $1.9 billion in deposits, while active loans stand at $822.7 million and have moved between $600 million and $900 million since September.

Lend v2 introduces two optional tools: Smart Collateral and Smart Debt. Smart Collateral can pair deposits such as USDC, USDT, SOL or JupSOL into correlated liquidity pools, while Smart Debt can apply a similar structure to borrowed assets so swap fees help offset borrowing costs. Users who prefer standard lending can ignore both features.

The added yield depends on whether traders route swaps through those pools. Jupiter told CoinDesk that its router does not favor its own vaults and sends swaps where pricing is best.

The structure also shifts risk differently for borrowers and depositors. Jupiter said temporary market price moves are handled using primary market oracles, but a real depeg is different: borrowers in correlated pools may be protected, while collateral suppliers can absorb losses if either paired asset breaks. For that reason, the design is limited to correlated pairs such as stablecoins and SOL against staked versions of SOL.