Jupiter Unveils Lend v2, Allowing Users to Earn Interest on Deposits and Borrowing Positions

Jupiter, a Solana-based decentralized lending platform, has launched Lend v2, a new service that allows users to deploy both deposits and borrowing positions as liquidity to earn interest and swap fees simultaneously.

The update centers on two optional features: Smart Collateral and Smart Debt. Smart Collateral automatically routes deposits of USDC, USDT, Solana (SOL) and JupSOL into related liquidity pools, allowing users to earn lending interest, trading fees and staking rewards from a single position.

Jupiter holds about $1.9 billion in total deposits, according to DefiLlama data, and generated about $1.6 million in fees over the past 30 days. Active loans total $822.7 million and have fluctuated between $600 million and $900 million since September 2025.

The structure does carry asymmetric risk on the collateral side, as liquidity providers bear the full loss if a collateral asset depegs. Jupiter is therefore applying the structure only to highly correlated asset pairs, such as stablecoin pairs and SOL paired with its staked versions.