Solana Ecosystem Sees Surge in Stablecoin Lending Rates and Utilization

The Solana ecosystem has been experiencing a significant shift in its DeFi landscape following the KelpDAO rsETH hack incident on April 20.

Several lending protocols within the Solana ecosystem have seen increases in stablecoin lending rates and utilization, with Jupiter Lend being one of the most notable examples.

Jupiter Lend's USDC supply stands at $421 million, with $340 million lent out. After excluding protocol reserve liquidity, utilization skyrocketed to about 99%, indicating that nearly all available liquidity has been borrowed.

The current lending rate on Jupiter Lend is 4.36%.

In comparison, Kamino Prime Market saw a total USDC supply of around $186.8 million, with approximately $178.8 million lent out, resulting in a utilization rate close to 96%. The current lending rate on this platform is 8.92%.

Kamino Main Market also reported significant increases, with a total USDC supply of about $172 million and $164 million lent out, putting the utilization rate at roughly 95.75%. The current lending rate on this platform is 10.2%.

Save Finance (formerly Solend) saw its lending utilization rise above 70%, while Marginfi reported an increase in USDC lending utilization to 88.32%, with a current lending rate of 7.65%.