TLDR Tech / Crypto
Where Should Your Stablecoins Go to Earn?
Kamino, Jupiter Lend, and Loopscale control roughly 92% of Solana's tracked stablecoin lending TVL, each built on a distinct architecture. Kamino's shared pool isolates riskier collateral in separate markets, backed by 15 audits, 4 formal verifications, and no confirmed exploits since its 2023 launch. Jupiter Lend routes both depositor capital and leveraged borrowing through a single Liquidity Layer, with dynamic withdrawal ceilings throttling liquidity-shock risk. Loopscale's Credit Order Book pairs lenders and borrowers at fixed rates and durations, offering rate certainty over pool depth, though it carries the only confirmed exploit among the three: a $5.8M price feed attack in April 2025 where all funds were recovered within 48 hours via a negotiated 10% bounty. The choice maps to variable-rate liquidity depth (Kamino), combined earn-and-borrow exposure with shock controls (Jupiter), and predictable fixed rates with thinner markets (Loopscale).
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